Market Report & Homes Sales: Chalfont PA 18914 -- April 2015
The median sales price for homes in Chalfont PA for January 15 to April 15 was $278,500. This represents a decline of 7%, or $20,900, compared to the prior quarter and a decrease of 12.4% compared to the prior year.
Sales prices have depreciated 7.4% over the last 5 years in Chalfont. The average listing price for Chalfont homes for sale was $366,477 for the week ending April 15, which represents a decline of 2.9%, or $10,945, compared to the prior week and a decline of 0.8%, or $2,841, compared to the week ending March 25.
Average price per square foot for Chalfont PA was $147, a decrease of 12% compared to the same period last year.
The median sales price for homes in Chalfont PA for January 15 to April 15 was $278,500 based on 26 home sales. Compared to the same period one year ago, the median home sales price decreased 12.4%, or $39,468, and the number of home sales decreased 21.2%.
There are currently 111 resale and new homes in Chalfont including 10 open houses, as well as 43 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process.
The average listing price for homes for sale in Chalfont PA was $366,477 for the week ending April 15, which represents a decrease of 2.9%, or $10,945, 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