Market Report & Homes Sales:
Doylestown PA 18901 18902 -- April 2015
The median sales price for homes in Doylestown PA for January 15 to April 15 was $330,000. This represents a decline of 13.2%, or $50,000, compared to the prior quarter and a decrease of 2% compared to the prior year.
Sales prices have depreciated 11.8% over the last 5 years in Doylestown. The average listing price for Doylestown homes for sale was $624,598 for the week ending April 15, which represents an increase of 0.7%, or $4,584, compared to the prior week and a decline of 4.4%, or $28,596, compared to the week ending March 25.
Average price per square foot for Doylestown PA was $177, a decrease of 1.1% compared to the same period last year.
The median sales price for homes in Doylestown PA for January 15 to April 15 was $330,000 based on 59 home sales. Compared to the same period one year ago, the median home sales price decreased 2%, or $6,750, and the number of home sales decreased 26.2%.
There are currently 434 resale and new homes in Doylestown including 31 open houses, as well as 84 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 $624,598 for the week ending April 15, which represents an increase of 0.7%, or $4,584, 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