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:

In July, we really saw the evidence of the shift in the real estate market: Only 665 homes went up for sale, which is down 21.2% from in June and 20.2% down from last year. Unsurprisingly, closed sales were also down by 12.1% from in June (646 total), which was 24.3% down from last year. Here’s the interesting bit: Median sold home prices went up 1.8%. Coming to $497,843 this is 15.1% higher than this time last year. The list to sold ratio dropped slighting to 103.2%. The homes that were listed in July went under contract on an average of 15 days.

DELAWARE COUNTY MARKET UPDATE:

In Delaware County, inventory also dropped 20.9%, which was 9.0% lower than last year, totaling 721 listings. The number of homes that sold in July came to 629, which is down 14.5% from in June and 22.2% down from last year. The Median Sold Price came to $315,000, which was 7.2% lower than in June but 6.9% higher than the year before. These homes were on the market for an average of 12 days just like in June. The list to sold ratio went down slightly to 102.8%.

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/