Market Report & Homes Sales: Doylestown PA 18901 18902 for August 2014
The median sales price for homes in Doylestown PA for April 14 to July 14 was $422,950. This represents an increase of 19.1%, or $67,950, compared to the prior quarter and an increase of 1.9% compared to the prior year.
Sales prices have appreciated 18.3% over the last 5 years in Doylestown. The average listing price for Doylestown homes for sale was $638,213 for the week ending July 23, which represents a decline of 0.9%, or $6,010, compared to the prior week and an increase of 0%, or $76, compared to the week ending July 2.
Average price per square foot for Doylestown PA was $194, an increase of 6.6% compared to the same period last year.
Doylestown Summary
The median sales price for homes in Doylestown PA for April 14 to July 14 was $422,950 based on 132 home sales. Compared to the same period one year ago, the median home sales price increased 1.9%, or $7,950, and the number of home sales decreased 25%.
There are currently 463 resale and new homes in Doylestown including 22 open houses, as well as 128 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
The average listing price for homes for sale in Doylestown PA was $638,213 for the week ending July 23, which represents a decrease of 0.9%, or $6,010, compared to the prior week.
Buying vs. Renting?
AND THE WINNER IS . . .
Is it better to buy or rent? Whether renting is better than buying depends on many factors. Low mortgage rates are helping to keep home buying more affordable. According to one analysis homeownership is 38% cheaper than renting in the 100 largest metro areas.
Assuming the following:
- Buy a home with 20% down, borrowing the rest over 30 years at a fixed rate of 4.5%.
- Itemize your federal tax deductions and are in the 25% tax bracket
- Stay in your home for at least seven years
- Home prices appreciate at a fairly conservative 2% annual rate
Source: Trend MLS and Realtor.com
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