The housing market continues to favor sellers, with home prices in Chester County and the entire Philadelphia region reaching new heights in May, writes Ryan Mulligan for the Philadelphia Business Journal.
Prices across the 11-county region went up by 8.7 percent compared to the same time last year, with suburban counties recording a growth of over ten percent.
And while inventory has slightly increased, it has not been enough to slow down the rise of prices as the majority of available homes are still receiving multiple offers. The currently available supply of homes is just 40 percent of pre-pandemic levels.
“Chester and Montgomery counties are almost 10 percent higher than they were a year ago,” said Suzanne Kunda, owner of Freestyle Real Estate and the past chair of the Tri-County Suburban Realtors organization. “Who thought that could happen again? I remember saying 12 months ago, you’re not going to see that kind of increase again. And here we are, we just saw it.”
Chester County remains the most expensive area in the region. It recorded a 9.3 percent year-over-year price jump, with a median sale price reaching $549,120.
Read more about home prices in Chester County in the Philadelphia Business Journal.
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