Is Germantown / Chestnut Hill, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Germantown / Chestnut Hill was a Seller's Market.
Key Takeaway
Germantown / Chestnut Hill is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Germantown / Chestnut Hill, PA
How much do homes in Germantown / Chestnut Hill, PA cost?
Median Sold Price
$294,980
$196/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Germantown / Chestnut Hill have sold for 1.8% less than they did a year ago.
Summary: The median home sold price in Germantown / Chestnut Hill was $294,980 in May 2024, down 1.8% from last year, and the median price per square foot was $196.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $240K | $250K | +4.2% |
| 2 Bedrooms | $235K | $241.5K | +2.8% |
| 3 Bedrooms | $240K | $265K | +10.4% |
| 4 Bedrooms | $365K | $300K | -17.8% |
| 5+ Bedrooms | $520K | $595K | +14.4% |
Summary: Germantown / Chestnut Hill housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.2%, 2 bedroom homes increased by 2.8%, 3 bedroom homes increased by 10.4%, 4 bedroom homes decreased by 17.8%, and 5+ bedroom homes increased by 14.4%.
Median Sold Price Compared To Nearby Neighborhoods
| Mount Airy | $377.9K | $395K | +4.5% |
| Roxborough | $350K | $365K | +4.3% |
| Wissahickon | $334K | $340K | +1.8% |
| Germantown | $189.9K | $190K | 0.1% |
| Germantown / Chestnut Hill | $300.5K | $294.9K | -1.8% |
Housing Supply in Germantown / Chestnut Hill, PA
How many homes are available in Germantown / Chestnut Hill, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 369 | 402 | +8.9% |
Summary: The Germantown / Chestnut Hill real estate market had 402 homes for sale in May 2024, a 8.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 9 | 10 | +11.1% |
| 2 Bedrooms | 42 | 42 | 0.0% |
| 3 Bedrooms | 170 | 176 | +3.5% |
| 4 Bedrooms | 80 | 95 | +18.8% |
| 5+ Bedrooms | 68 | 79 | +16.2% |
Summary: The Germantown / Chestnut Hill housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.1%, 2 bedroom homes remained the same, 3 bedroom homes increased by 3.5%, 4 bedroom homes increased by 18.8%, and 5+ bedroom homes increased by 16.2%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 60 | 49 | -18.3% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
20 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Germantown / Chestnut Hill, you could pay more than the asking price. 40.8% of homes here sold above asking price last month.
Summary: A total of 49 homes were sold or pending in Germantown / Chestnut Hill in May 2024, down by 18.3% month-over-month. Of the 49 sold homes, 33% were sold under asking, 27% were sold at asking, and 41% were sold over asking.
Days on Market for Germantown / Chestnut Hill, PA
How long does it take to sell a home in Germantown / Chestnut Hill, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 43 Days | 32 Days | -25.3% |
Summary: Homes in Germantown / Chestnut Hill had an average of 32 days on market in May 2024, down by 25.3% compared to last year.
Breakdown of Home Sale Times
36 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Germantown / Chestnut Hill are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 49 homes were sold in Germantown / Chestnut Hill; 73% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
