For the first half of 2022, the Chester County PA housing market continues to be strong but appears to be constrained by very limited inventory.
Currently, there are only 672 properties on the market compared to 852 properties in 2021 - down 22%. Active inventory is also down 46% from 2020 and 73% from 5 years ago in 2017.
As seen on the attached chart, overall sales and pending sales have been much more consistent. Even with the drop in inventory, there has only been a 5% drop in sales and 23% drop in pending sales.
Overall, we are continuing to see strong demand throughout the area. The recent increase in housing prices and interest rates are having an impact but demand continues to outstrip supply. Multiple offers, limited inspections, and all cash offers continue to be common.
As always, please feel to reach out if you have any questions or are considering a move.
Long & Foster Real Estate Inc – Wilmington, DE/Devon, PA
Office: 610-225-7400/Direct: 610-618-0808