Chester County, PA February Market Report
How much do you think the average home sale price has increased in one year in Chester County? Do you think it’s by $20,000, $40,000, or over $60,000?
The answer is over $60,000!
The average median price increased by $61,500 from $445,000 in Feb. 2023 to $506,500 in Feb. 2024.
After reviewing the West Chester borough, Downingtown Area School District (DASD), and West Chester Area School District (WCASD), I reviewed the February Market Report from BrightMLS that dissects Chester County as a whole. Below are the highlights:
Chester County Trends (Feb 2024)
Buyers find a very competitive market, despite elevated mortgage rates. Here are some of the contributing factors:
Low inventory continues to keep home prices rising. In February, the median sold price in the region was $506,500, which was up 13.8% compared to a year ago.
Sales activity is tracking below last year’s levels. The number of new pending sales was down 7.2% compared to a year ago, which reflects higher mortgage rates in February.
Demand is still strong, with homes in Chester County only staying on the market for an average of 11 days, which is 4 days longer than last year.
Market Outlook
Mortgage rates should fall slightly this spring, though will likely remain above 6% this year.
Inventory is expected to increase. New listings are already on the upswing, up 7.2% year-over-year. With more listings, expect more sales this spring.
February 2024 vs February 2023 in Chester County, PA
372 pending sales (-7.2% compared to ’23)
421 new listings (-.2% compared to ’23)
482 active listings (1.9% compared to ’23)
1.1 months supply ( up .19 compared to ’23)
11 days on market (+4 days from last year)
