Yesterday, we reviewed the numbers in New Castle County, Delaware. Now let's cross the state line and go up into Southern Chester County, Pennsylvania. Market conditions always vary in this more rural area which places a high value on open space. As a matter of fact, Kennett Twp. recently purchased land for open space. And the purchase was indeed substantial: 63.8 acres of woodlands between Burnt Mill and Old Kennett roads, to be preserved forever as open space through a conservation easement to be held by the Land Conservancy for Southern Chester County (TLC).
So, does this have an effect on real estate prices? We know that between the open space fees and higher school taxes, Southern Chester county has higher expenses for
property owners. But yes, buyers are willing to pay more for the privilege of being surrounded by beautiful countryside. We can see by the June 2018 figures that the median sales price was up from $370,000 to $375,000 the previous month. Compare this to the median sales price in June in New Castle County, Delaware, which was $236,750 (given the smaller lot sizes, this is not surprising). Inventory, however, was around 20% lower in both localities, no surprise to anyone looking for a home.
Looking for the latest on older and historic homes? Contact Carolyn Roland, Your Older and Historic Homes Resource in Delaware and Southern Chester County, Pennsylvania.
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