Average sales prices in Newtown Township Delaware County continue to rise as inventory remains tight.
In the first half of 2023, the average sales price In Newtown Square reached an impressive $822,000. This represents an increase of 16% from 2022 ($707,000) and an even larger increase of 36% from our last pre-pandemic year of 2019.
A key item driving this increase is the decreasing inventory. In the first six months of 2023, there were only 114 new listings, down 14% from the 133 listings in 2022 and 40% from the 190 listings in 2019 during the same period. The reduction in available properties has increased the competition among buyers resulting in continued multiple offers and rising prices.
The number of closed sales has also declined in the first half with 88 transactions compared to 98 in 2022. Overall yearly sales in 2022 reached 188 properties showing the continued strong demand for homes in Newtown Square. Between 2016 and 2021, the annual sales ranged from 200 to 252 properties indicating the consistent popularity of the area.
The robust Newtown Square market can be attributed to two key factors. As already mentioned, the reduced inventory of resale properties has continued to attract strong buyer interest and multiple offers. In addition, the introduction of new upscale construction has contributed to the overall increase in average prices for the area.
For a seller in Newtown Square, this may be a perfect time to take advantage of the high demand and rising prices. For buyers, it is important to keep attuned to the market and have your finances in order to secure any new properties as they come on the market.
Long & Foster Real Estate Inc – Wilmington, DE/Devon, PA
Office: 610-225-7400/Direct: 610-618-0808
(All statistics per the BrightMLS System and believed accurate but not guaranteed)