Is Chester County, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Chester County was a Seller's Market.
Key Takeaway
Chester County is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Chester County, PA
How much do homes in Chester County, PA cost?
Median Sold Price
$500,278
$223/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Chester County have sold for 7.2% more than they did a year ago.
Summary: The median home sold price in Chester County was $500,278 in March 2024, up 7.2% from last year, and the median price per square foot was $223.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $215.5K | $228K | +5.8% |
| 2 Bedrooms | $319.9K | $336K | +5.0% |
| 3 Bedrooms | $395K | $427.6K | +8.3% |
| 4 Bedrooms | $579.8K | $625K | +7.8% |
| 5+ Bedrooms | $857K | $887K | +3.5% |
Summary: Chester County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.8%, 2 bedroom homes increased by 5%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 7.8%, and 5+ bedroom homes increased by 3.5%.
Median Sold Price Compared To Nearby Counties
| Lancaster County | $295.7K | $324.9K | +9.9% |
| Chester County | $466.5K | $500.2K | +7.2% |
| New Castle County | $327.6K | $341.3K | +4.2% |
| Delaware County | $319.2K | $331.8K | +3.9% |
| Montgomery County | $408.5K | $424.4K | +3.9% |
Housing Supply in Chester County, PA
How many homes are available in Chester County, PA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1,529 | 1,680 | +9.9% |
Summary: The Chester County real estate market had 1,680 homes for sale in March 2024, a 9.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 14 | 19 | +35.7% |
| 2 Bedrooms | 137 | 147 | +7.3% |
| 3 Bedrooms | 556 | 632 | +13.7% |
| 4 Bedrooms | 565 | 596 | +5.5% |
| 5+ Bedrooms | 257 | 286 | +11.3% |
Summary: The Chester County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 35.7%, 2 bedroom homes increased by 7.3%, 3 bedroom homes increased by 13.7%, 4 bedroom homes increased by 5.5%, and 5+ bedroom homes increased by 11.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 215 | 248 | +15.3% |
Asking Price vs. Sold Price
72 Homes Were Sold
Under Asking
44 Homes Were Sold
At Asking
132 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Chester County, you could pay more than the asking price. 53.2% of homes here sold above asking price last month.
Summary: A total of 248 homes were sold or pending in Chester County in March 2024, up by 15.3% month-over-month. Of the 248 sold homes, 29% were sold under asking, 18% were sold at asking, and 53% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 23 Days | 18 Days | -18.6% |
Summary: Homes in Chester County had an average of 18 days on market in Mar 2024, down by 18.6% compared to last year.
Breakdown of Home Sale Times
203 Homes Were Sold
Under 30 Days
32 Homes Were Sold
In 30 - 90 Days
13 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Chester County are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 248 homes were sold in Chester County; 82% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
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