Chester County May Real Estate Report
$549,120. That was the median home sale price in Chester County in May, up 9.3% from a year ago.
Homes continue to hit record prices each month in Chester County and we are not alone. Home prices rose across the Philadelphia region, with the strongest price appreciation in the suburbs. However, Chester County is certainly the hottest market in the suburbs. The next highest median home sale price belongs to Berks County at $485,000, over $64,000 lower than Chester County in May.
At the end of May, there were 627 active listings in Chester County, up 12.6% compared to May 2023. Despite the recent increase, supply is still way below pre-pandemic levels. The limited inventory is why home prices are still rising.
However, some prospective homebuyers could be reaching their affordability ceiling. The number of closed sales in May was just 1.5% higher than last year while the number of pending sales was actually down 6.6% YOY.
More inventory in the Philadelphia metro area is a welcome sign for home shoppers. So far, the increase in supply has not eased price growth, but as more new listings come onto the market this summer, buyers may find they have more leverage on price.
