Below is a concise summary of the local market in both Chester and Delaware County for July 2022. Do you have a specific township or neighborhood in mind? Contact us today and ask for our Market Snapshot of your desired area!

CHESTER COUNTY MARKET UPDATE:

We are seeing the turn of the market: Only 586 homes went up for sale, which is down 11.9% from in July and 25.9% down from last year. 681 sales closed, which is actually 5.4% higher than in July but still down 24.8% compared to last year. It’s most likely that the uptick in sales is related to the number of homes pending in July versus homes selling right away. Median sold home prices went down 5.4%, coming to $470,837, which is still 9.5% higher than this time last year. The list to sold ratio dropped again in August, coming to 101.4% but homes were on the market for about the same amount of time (14 days to be exact).

DELAWARE COUNTY MARKET UPDATE:

In Delaware County, experienced similar trends in the market: Inventory dropped 15.1%, which was 23.7% lower than last year, totaling 612 listings. The number of homes that sold in August came to 702, which is up 11.6% from in July and 5.5% down from last year. The Median Sold Price came to $328,000, which was actually 4.0% higher than in July and 13.1% higher than the year before. These homes were on the market for an average of 16 days, meaning they are on the market longer than in past months. The list to sold ratio trending down as well, coming to 100.7%.

It’s important to team up with real estate experts no matter if you are buying or selling. Allow our team to guide you through the process and ensure no details get missed.

Cite: The above statistics all brought to you by Suburban West Realtors Association: https://tcsr.realtor/industry-info-expertise/local-market-statistics/