Chester County Housing Market Trends & Outlook for September
Lower rates and more inventory could fuel a busy fall market in Chester County.
As mortgage rates have come down, more buyers appear ready to get into the market. In September, there were 488 new pending sales across Chester County, which was up 10.4% compared to a year ago. Closed sales were also slightly above last year’s total at 457.
The region’s housing market is still constrained by low inventory. While the number of active listings has increased for six months in a row, supply is still less than half of what it was in 2019. This low supply is fueling consistently strong price growth in the region. The median sold price in September was $530,000, which is up 9.3% from last September.
Inventory may be constrained for a while. Year-to-date, new listing activity is slightly lower than it was in 2023 and is still low by historical standards.
Market Outlook
Mortgage rates started falling this summer and reached a 20-month low in September. Declining rates will bring more buyers into the market, which could lead to a busy 4th quarter in Chester County. Affordability is the biggest constraint to home sales activity, although markets with large numbers of repeat buyers (i.e., buyers who are also selling a home) will fare better than markets that tend to attract more first-time buyers.
September Chester County Stats (Compared to Sept. ‘23)
Closed Sales – 457 (+5.1%)
Median Sales Price - $ 530,000 (+9.3%)
Median Days on Market – 7 days ( +1 day)
New Pending Sales – 488 (+10.4%)
New Listings – 252 (-1.9%)
Showings – 7,757 (-16.8%)
Active Listings – 373 (+7.9%)
Months of Supply – 1.63 (.68months supply)
