Is Chester County, PA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Chester County is a buyer's market

Buyer's
Market

Difference Since February 2023

Since last year, Chester County has remained a Buyer's Market.

Key Takeaway

Chester County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Chester County, PA

How much do homes in Chester County, PA cost?

Median Sold Price

$500,236

$223/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$37,178(+8.0%)

Key Takeaway

Homes in Chester County have sold for 8% more than they did a year ago.

Summary: The median home sold price in Chester County was $500,236 in February 2024, up 8% from last year, and the median price per square foot was $223.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $210K$227K
+8.1%
2 $315K$336K
+6.7%
3 $389.2K$425.1K
+9.2%
4 $584.1K$622K
+6.5%
5+ $840.8K$899.7K
+7.0%

Summary: Chester County housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.1%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 9.2%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 7%.

Median Sold Price Compared To Nearby Counties

Lancaster County
+9.7%
Chester County
+8.0%
New Castle County
+4.6%
Montgomery County
+4.3%
Delaware County
+3.1%

Housing Supply in Chester County, PA

How many homes are available in Chester County, PA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
1,4651,4710.4%

Summary: The Chester County real estate market had 1,471 homes for sale in February 2024, a 0.4% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 1514
-6.7%
2 122129
+5.7%
3 531532
0.2%
4 549548
-0.2%
5+ 248248
0.0%

Summary: The Chester County housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 6.7%, 2 bedroom homes increased by 5.7%, 3 bedroom homes increased by 0.2%, 4 bedroom homes decreased by 0.2%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
261199-23.8%

Asking Price vs. Sold Price

77 Homes Were Sold
Under Asking

33 Homes Were Sold
At Asking

89 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Chester County, you could pay more than the asking price. 44.7% of homes here sold above asking price last month.

Summary: A total of 199 homes were sold or pending in Chester County in February 2024, down by 23.8% month-over-month. Of the 199 sold homes, 39% were sold under asking, 17% were sold at asking, and 45% were sold over asking.

Days on Market for Chester County, PA

How long does it take to sell a home in Chester County, PA?

Average Sale Time

Feb 2023Feb 2024CHANGE
33 Days36 Days+8.7%

Summary: Homes in Chester County had an average of 36 days on market in Feb 2024, up by 8.7% compared to last year.

Breakdown of Home Sale Times

132 Homes Were Sold
Under 30 Days

44 Homes Were Sold
In 30 - 90 Days

23 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Chester County are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 199 homes were sold in Chester County; 66% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

Newest Listings in Chester County, PA

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