Chester County, along with neighboring Montgomery and Bucks counties, ranks among the strongest seller’s markets in the nation, writes Ryan Mulligan for the Philadelphia Business Journal.
Recent reports from Redfin and Zillow indicate that suburban buyers are at a significant disadvantage, and real estate experts do not expect that imbalance to ease in the near future.
Among the 50 largest housing markets in the country, Chester, Montgomery, and Bucks counties stand out as one of only five seller’s markets. In March, the suburbs saw 26 percent more buyers than sellers, the third-largest gap favoring sellers nationwide.
“It’s an inventory story,” said John Bilek, the national head of sales management for Compass. “The Main Line, we are churning inventory in three weeks, literally less than a month of supply. That is a drastically undersupplied market.”
One reason inventory remains tight is that many homeowners are reluctant to give up their low mortgage rates secured during the pandemic.
As a result, the typical home went pending in just nine days in March, well below the national median of 19 days. Deals were also more likely to hold together, with only 5.7 percent of homes that went under contract failing to close.
Read more about the housing market in Chester County as inventory remains limited in the Philadelphia Business Journal.
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