Based on the feedback from my last post, I thought it may be helpful to shed a little more light on the home pricing and activity in different areas in Delaware County by showing a quick comparison. I chose two townships basically on either end of West Chester Pike (aka RT 3, the main east-west artery between Philadelphia and West Chester in Chester County).
Newtown Square (Newtown) is located at the intersection of Rt3 and Rt 252 in the upper west side of the county next to Chester County and has predominately single family homes. Upper Darby is adjacent to Philadelphia to the east and has a broad variety of single family homes, rows, and twins.
Delaware County statistics as reported from the TrendMLS system (information believed accurate but not guaranteed - subject to errors & omissions)
As you can see:
-Activity and prices were down significantly in Newtown Square
-Activity was also down in Upper Darby
-Prices up slightly in Upper Darby
-Days on market down in Newtown, up in Upper Darby
This follows the pattern that we have seen in several areas. While activity is down almost everywhere and prices in the upper price ranges have also often decreased, we have seen price strength at the lower price points. It appears that this strength is being fueled by both first time home buyer demand and investors continuing to take advantage of the historically low interest rates.
One troublesome note seen in this case is the increase in days on the market in Upper Darby. This could indicate price decreases to come.
As usual, all real estate is local. You should always check the actual activity in your neighborhood to confirm any assumptions you may make before making a move to buy or sell.
I hope this helps to clarify the pricing in the area. Click here for some additional stats on Delaware County as a whole or let me know if you have any insights.
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