Steady Growth Amid Seasonality: West Chester, PA Home Prices Continue Upward Trend
As residents of West Chester, PA search for clarity amid conflicting reports on home prices, it’s essential to cut through the noise and understand the real trends at play. The narrative that home prices are plummeting is a misinterpretation of the current market dynamics. In truth, the West Chester area is experiencing a healthy progression in home values.
Understanding the Seasonal Nature of Home Prices
West Chester’s real estate market, like many others, experiences its own seasonal rhythms. Springtime blooms not just with flowers but with heightened home-buying activity, propelling prices upward. The momentum usually carries into the summer before calming down with the arrival of autumn’s cooler winds. This pattern is a dance of supply and demand, with prices naturally appreciating most during the high-demand spring and summer months.
However, month over month sales prices are an unreliable guide to the actual market trend. A much better lnger term indicator is year over year which compares data for this month with the same month for last year. Please check the below chart.
MEDIAN SALES PRICES, WEST CHESTER AREA, SINGLE FAMILY DETACHED, 2021 THRU 10/2023 |
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| Month | Sale Price | Sale Price | Sale Price |
| 2021 | 2022 | 2023 | |
| Jan | $525,000 | $565,000 | $636,500 |
| Feb | $577,000 | $554,000 | $620,000 |
| Mar | $557,188 | $635,000 | $671,500 |
| Apr | $557,500 | $685,600 | $660,750 |
| May | $591,820 | $657,000 | $705,500 |
| Jun | $575,000 | $687,977 | $731,750 |
| Jul | $642,500 | $675,000 | $711,000 |
| Aug | $604,000 | $647,500 | $702,000 |
| Sep | $575,000 | $637,401 | $700,000 |
| Oct | $580,000 | $605,000 | $684,500 |
| Nov | $550,000 | $599,500 | |
| Dec | $610,000 | $590,000 | |
| Annual Average | $578,751 | $628,248 | |
| Difference | $49,498 | ||
| % Difference | 8.6% | ||
| Annual Thru October | $584,445 | $642,720 | $687,444 |
| Difference | $58,274 | $44,725 | |
| % Difference | 10.0% | 7.0% | |
| Year over Year Positive, 10 of 12 months from 2021 to 2022 | |||
| Year over Year Positive, 9 of 10 months from 2022 to 2023, Year to Date | |||
| Overall assessment, strong selling price growth is continuing. | |||
Dispelling Misconceptions and Media Misinterpretations
National headlines, or sometimes even local stories may sometimes paint a picture of declining prices, but this is a misreading of a market that is simply recalibrating to a more regular rhythm of growth. As West Chester residents, it’s prudent to look beyond sensational headlines and seek insights from local real estate professionals who understand the nuances of our community’s market.
For example, in 2022, month over month home sales prices were lower in four of the last five months. But the longer term more reliable data was the annual figures which showed robust growth. A similar pattern is developing in 2023 but the year over year figures show solid growth.
The Reality of Home Prices in West Chester, PA.
As the year progresses, it’s normal for the rate of home price growth to decelerate, or even go down a little bit. But this is not indicative of an overall downturn. In West Chester, homes are continuing to appreciate in value, just at a rate that reflects the natural seasonal cycle.
here is what you need to do to make the right decision for you
- Buyers: If you’ve been holding off on buying because you were worried the value of your home would go down, knowing home prices are stable and increasing is reasuring. It also gives you the opportunity to own something that usually becomes more valuable as time goes on.
- Sellers: If you’ve been waiting to sell your house because you were concerned about how changing home prices would affect its value, this should also reassure you. Even with the recent increase in mortgage rates, teaming with a real estate agent and getting your house on the market is the logical and smartest thing to do.
- It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the market in your area if you’re planning to make a move. I would like to become that real estate expert upon whom you can lean.
- Let’s connect on the computer and have a virtual meeting. That is a great way to learn and see if I am the person you would like to do business with. Just call or text to 484-574-4088 or email to john@johnherreid.com
- Do I think that now is a good time to buy that first house or to sell and make that move up buy? Again, absolutely yes.
- To get a quick update of what is new in real estate, click here to check out our new videos.
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- Interested to know what your house is worth? Click here to get the most extensive and accurate estimate of home value that is available on the Internet. No cost or obligation of course.
- No doubt, the housing market is changing, and it can be a confusing place right now. I suggest that we connect so that I can help you make confident and informed decisions about what’s happening.
- If you’re looking to make that move up buy this year, I believe now is a good time to do it. The best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect. I would like to interview for the job of becoming your trusted real estate advisor. Again we can do that in person or on the computer.
- One of the biggest benefits of owning a home, regardless of your income level, is that it provides financial stability and an avenue to build wealth. By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
- There are clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, let’s connect today.
- There are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. To put your house on the market and get in on the action, let’s connect on Zoom, in person or on the phone at 484 574 4088.