If you are contemplating buying or selling a home, then you are probably wondering what the market is like. 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:

There were 754 new listings in the month of May, which is a significant increase from April but still less than compared to this time last year. That has a lot to do with the misgivings that many have about the current market due to COVID-19. However, take a look at the media sold price: it’s $393,500, which is not only an increase since April but higher than last year. That shows that even though the inventory is low the prices of the homes that are selling is on the rise. And don’t let the closed sales number scare you, that has less to do with whether the homes on the market are having successful sales and more about the lack of inventory. If you are thinking about selling, this is the market you want to be a part of!

DELAWARE COUNTY MARKET UPDATE:

664 homes were put on the market in Delaware County during the month of May, which is again higher than in April of this year but less than last year at this time. This is a trend that you should see for a bit as the market was delayed a bit with COVID. However, the homes that did sell had a median sales price of $259,450 - higher than last year! This is the same as in Chester County where the inventory is lower but the homes are selling at a higher value. This is the seller’s market that we are in and will probably see for a bit thanks to the low home loan rates designed to encourage home buyers. The time is now for buying or selling a home so don’t wait!

Cite: The above statistics all brought to you by Suburban West Realtors Association: http://www.suburbanwestrealtors.com/industry-info-expertise/local-market-statistics/