Below is a concise summary of the local market in both Chester and Delaware County. 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:

Stats in December were down all around, with the minor exceptions. A total of 365 homes went up for sale, which is 39.7% lower than in November (but that was to be expected considering the holidays). The number of closings totaled 662, which is up by 0.2% from November but slightly down from the year before (9.4%). Home values are an interesting exception: The median sold price came to $421,000, which is 9.4% higher than in 2020 but slightly down from November (3.2%). Homes are also still selling fast with the average days on market coming to 22 days.

Experts predict that the seller’s market we have been experiencing will continue throughout 2022 with home values still on the rise but not as high as the past year or so since demand will be decreasing a bit due to the rise of interest rates. December’s data seems to back these predictions. The same can be said for Delaware County (see below).

DELAWARE COUNTY MARKET UPDATE:

In Delaware County, there was a similar trend to the statistics as was found in Chester County: Inventory went down 34.9% from November, totaling 410 listings; however, this is 2.5% higher than the year before. A total of 694 homes sold (2.3%% lower than in November and 7.1% lower than in 2020) at a median sales price of $270,000- which is 3.4% lower than in November but 9.5% higher than the year before. In addition, the average days on market was 27 days.

Clearly the market is showing signs of changes on the horizon. This is why it’s important to team up with real estate experts when buying or selling so that way these changes don’t take you by surprise.

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