GARNET VALLEY HOME VALUES

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LOCATION IS A KEY PART OF GARNET VALLEY HOME VALUES

Garnet Valley is a suburban community located in southeastern Pennsylvania, primarily within Delaware County. It is part of the larger Concord Township and is known for its scenic landscapes, family-friendly neighborhoods, and strong sense of community. Garnet Valley is situated in a convenient location near several major highways, making it accessible to surrounding areas. U.S. Route 202 runs just to the north of Garnet Valley, providing a direct connection to West Chester and Wilmington, Delaware. Additionally, Interstate 95 is a short drive away, offering quick access to Philadelphia to the northeast and Baltimore to the southwest. This strategic location makes commuting to major cities in the region easy for residents.

Garnet Valley is bordered by several neighboring communities that contribute to its suburban appeal. To the east, it is adjacent to the town of Aston, known for its parks and recreational facilities. To the north, you’ll find the historic town of Chadds Ford, which offers cultural attractions such as the Brandywine River Museum of Art and historic sites. The community is also close to Glen Mills, which is to the west and features shopping centers, restaurants, and golf courses. To the south, Garnet Valley borders the state of Delaware, providing residents with convenient access to tax-free shopping and additional employment opportunities. This location, combined with the area’s suburban charm and proximity to both urban and rural amenities, makes Garnet Valley an attractive place to live for families and professionals alike.

LIFESTYLE

Moving to Garnet Valley offers a perfect blend of suburban tranquility and modern convenience, making it an ideal choice for families, professionals, and retirees alike. The community is known for its excellent school district, Garnet Valley School District, which consistently ranks highly for academic performance and student engagement. The area is characterized by well-maintained neighborhoods, spacious homes, and a strong sense of community, making it a welcoming environment for raising a family. Garnet Valley’s scenic surroundings, with plenty of green spaces, parks, and recreational facilities, provide residents with opportunities for outdoor activities and a healthy, active lifestyle.

In addition to its family-friendly atmosphere, Garnet Valley is ideally situated for those who value convenience and accessibility. The community is just a short drive from major highways like U.S. Route 202 and Interstate 95, allowing for easy commutes to nearby cities such as Philadelphia, Wilmington, and West Chester. This strategic location provides residents with access to a wide range of employment opportunities, shopping centers, dining options, and cultural attractions, all while enjoying the peace and quiet of suburban living. With its excellent schools, strong community spirit, and prime location, Garnet Valley offers a high quality of life that appeals to those seeking both comfort and convenience.

OUTSTANDING SCHOOLS SUPPORT GARNET VALLEY HOME VALUES

The schools in Garnet Valley are a significant draw for families considering moving to the area, as they are part of the highly regarded Garnet Valley School District. The district is known for its strong academic programs, dedicated faculty, and comprehensive extracurricular offerings, providing students with a well-rounded education. Garnet Valley High School, the district’s flagship, consistently ranks among the top schools in Pennsylvania, offering a variety of Advanced Placement (AP) courses, a robust arts program, and competitive athletic teams. The district places a strong emphasis on preparing students for higher education and future careers, with many graduates going on to attend prestigious colleges and universities.

In addition to academic excellence, Garnet Valley schools prioritize creating a supportive and inclusive environment for all students. The district offers a range of services for students with diverse learning needs, ensuring that every child has the opportunity to succeed. Elementary and middle schools within the district are known for their engaging and nurturing atmospheres, where younger students are encouraged to explore their interests and develop a love for learning. The schools also benefit from strong community involvement, with parents and local organizations playing an active role in supporting educational initiatives and school events. This combination of high academic standards, comprehensive support, and community engagement makes the Garnet Valley School District a key factor in the area’s appeal to families.

ENTERTAINMENT

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Garnet Valley offers a variety of entertainment options that cater to both families and individuals seeking leisure activities in a suburban setting. While the community itself is more residential and peaceful, its proximity to neighboring towns and cities provides residents with access to a broader range of entertainment opportunities. The nearby Concordville Town Centre is a popular spot for shopping, dining, and catching the latest movies at the local cinema. Additionally, Garnet Valley is just a short drive from the bustling areas of Media and Glen Mills, where you can find a variety of restaurants, boutique shops, and cultural venues, including the historic Hedgerow Theatre in Media, which offers live performances throughout the year.

For those who enjoy outdoor entertainment, Garnet Valley’s scenic surroundings provide opportunities for recreational activities. The area is close to several parks and nature reserves, such as the Brandywine Creek State Park and the First State National Historical Park, both of which are perfect for hiking, picnicking, and enjoying the outdoors. Golf enthusiasts will appreciate the nearby courses like the Concord Country Club and the Golf Course at Glen Mills, which offer beautiful settings for a round of golf. Additionally, the community frequently hosts local events and festivals, which bring neighbors together and add to the vibrant community spirit. Whether you’re looking for a quiet evening out or an outdoor adventure, Garnet Valley’s location ensures that a variety of entertainment options are always within reach.

ATTRACTIVE RECREATION OPTIONS HELP GARNET VALLEY HOME VALUES

Garnet Valley offers a wealth of recreational opportunities that appeal to residents of all ages, making it an ideal location for those who enjoy an active and balanced lifestyle. The area is surrounded by beautiful natural landscapes, providing plenty of options for outdoor activities. The nearby Brandywine Creek State Park is a favorite among locals for hiking, birdwatching, and picnicking, offering scenic trails and picturesque views. Additionally, the First State National Historical Park, located just across the state line in Delaware, provides even more opportunities for outdoor recreation, including historical tours, horseback riding, and fishing. These natural areas are easily accessible, allowing Garnet Valley residents to enjoy the great outdoors without venturing far from home.

For those who prefer organized sports and fitness activities, Garnet Valley has several facilities that cater to various interests. The community is home to the Garnet Valley Sports Complex, which features fields for soccer, baseball, and lacrosse, as well as playgrounds and walking paths. Local residents can also take advantage of nearby golf courses like the Concord Country Club and the Golf Course at Glen Mills, both offering well-maintained greens and a challenging game in a beautiful setting. Additionally, the area’s recreational programs, often organized through local schools and community centers, provide opportunities for children and adults to participate in team sports, fitness classes, and other group activities. Whether you’re looking for a peaceful walk in the park or a more structured athletic experience, Garnet Valley’s diverse recreational options ensure that there’s something for everyone to enjoy.

BUSINESS

Garnet Valley, while primarily a residential community, offers a variety of local employment opportunities, particularly in the fields of education, retail, and healthcare. The Garnet Valley School District is one of the area’s largest employers, providing jobs in teaching, administration, and support services. Additionally, the community benefits from a number of retail centers, such as the Concordville Town Centre, where residents can find employment in retail, food service, and management roles. Healthcare facilities in and around Garnet Valley, including nearby medical practices and specialty clinics, also offer job opportunities in nursing, administration, and patient care.

For those seeking broader employment options, Garnet Valley’s proximity to larger neighboring cities such as Wilmington, Delaware, and Philadelphia, Pennsylvania, significantly expands job prospects. Wilmington, located just a short drive south of Garnet Valley, is a major hub for finance, legal services, and corporate headquarters, offering numerous jobs in banking, law, and corporate management. Philadelphia, easily accessible via major highways and public transportation, provides a vast array of employment opportunities across various industries, including healthcare, education, technology, and the arts. The presence of several major companies and organizations in these neighboring cities allows Garnet Valley residents to enjoy the peace of suburban living while having access to diverse and thriving job markets just a short commute away.

EXTENSIVE VARIETY OF HOMES PROMOTES GARNET VALLEY HOME VALUES

Garnet Valley offers a diverse range of housing options, making it an attractive community for a variety of homebuyers. The area is known for its spacious single-family homes, which are often situated on large lots with plenty of privacy. These homes typically feature modern designs with multiple bedrooms, expansive kitchens, and amenities such as finished basements, home offices, and outdoor living spaces. Many of the houses in Garnet Valley are relatively new, reflecting the community’s growth over the past few decades. The neighborhoods are well-maintained, with manicured lawns and tree-lined streets, providing a peaceful and picturesque setting for families and individuals alike.

In addition to single-family homes, Garnet Valley also offers a selection of townhomes and condominiums, which appeal to those seeking a low-maintenance lifestyle. These properties are often part of well-planned communities that include amenities like swimming pools, fitness centers, and walking trails. Townhomes and condos in Garnet Valley provide a more affordable option compared to single-family homes, making them an attractive choice for first-time homebuyers, retirees, or those looking to downsize. Whether you’re looking for a spacious family home or a more compact, maintenance-free property, Garnet Valley’s real estate market offers a variety of options to suit diverse needs and preferences.

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REAL ESTATE IN WEST CHESTER, ZIP CODE 19382

REAL ESTATE IN WEST CHESTER, ZIP CODE 19382

So, what does this article really mean for buyers and sellers. Two main take aways:

  • For the first time buyer, granted the higher mortgage interest rates have made it more expensive for you to buy that first home. However, if you have or can get the financial wherewithal to do it, real estate still represents your most attractive investment alternative.
  • For the move up buyer, in this strong market, you can be confident that your home can be sold for a  price that you will feel good about, and in a short amount of time.
  • Now lets go through the data and see why that is true.

As we look at the key market indicators, they all point to a strong real estate market that has rewarded home owners and will contnue to do so in the future.

The most important statistic to buyers and sellers is the price trend of single family homes in West Chester, zip code 19382. In 2023 this stood at a robust $725,500. This metric represents the middle point of all the sold prices in the market, providing a snapshot of the overall price range. With a median sold price of $725,500  and a string of steady price increases, this is solid evidence of a very good real estate market. Further evidence of this is the comparison listing price to sold price.

As seen in the below graph, the actual selling price has been over the listing price for the last three years. That is evidence of a very high demand for residential homes in West Chester.  This is not normal. Usually selling prices in a strong market are 96% to 98% of the listing price. Forecasts are, however, that we will continue to see steady price increases into the future.

Why this strong market at the present time and why the forecast that this will continue? The biggest driver is the relatively small number of homes for sale.

The below graph shows that we have only 2 to 3 months of inventory on hand. Any time we have under 5 months of inventory, that means that the number of buyers is bigger than the number of sellers. That always means that prices go up.

More evidence of the strength of the current market is the number of days it takes to sell a house. The below graph shows that the median days on market have been about a week for the last two years+.That means if you put your house on the market and it is well priced and well marketed, you will have an agreement of sale in about a week.

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.  Prices are still going up and I see lots of reasons why that will continue.
  • One option is to 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.
  • Interested in what recent clients think of my service? Click here to read what they say.
  • 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.
  • There are clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, I believe that it is and I suggest we connect soon.  There are plenty of buyers out there right now trying to find a home that fits their needs.
  • 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.

REAL ESTATE IN WEST CHESTER, ZIP CODE 19380

REAL ESTATE IN WEST CHESTER, ZIP CODE 19380

So, what does this article really mean for buyers and sellers. Two main take aways:

  • For the first time buyer, granted the higher mortgage interest rates have made it more expensive for you to buy that first home. However, if you have or can get the financial wherewithal to do it, real estate still represents your most attractive investment alternative.
  • For the move up buyer, in this strong market, you can be confident that your home can be sold for a  price that you will feel good about, and in a short amount of time.
  • Now lets go through the data and see why that is true.

 

As we look at the key market indicators, they all point to a strong real estate market that has rewarded home owners and will contnue to do so in the future.

The most important statistic to buyers and sellers is the price trend of single family homes in West Chester, zip code 19380. In 2023 this stood at a robust $700,500. This metric represents the middle point of all the sold prices in the market, providing a snapshot of the overall price range. With a median sold price of $700,500  and a string of steady price increases, this is solid evidence of a very good real estate market. Further evidence of this is the comparison listing price to sold price.

As seen in the below graph, the actual selling price has been over the listing price for the last three years. That is evidence of a very high demand for residential homes in West Chester.  This is not normal. Usually selling prices in a strong market are 96% to 98% of the listing price. Forecasts are, however, tha we will continue to see steady price increases into the future.

Why this strong market at the present time and why the forecast that this will continue. The biggest driver is the relatively small number of homes for sale.

The below graph shows that we have only 2 to 3 months of inventory on hand. Any time we have under 5 months of inventory, that means that the number of buyers is bigger than the number of sellers. That always means that prices go up.

The big bump in February of 2023 is a mistake, but the other months are accurate.

More evidence of the strength of the current market is the number of days it takes to sell a house. The below graph shows that the median days on market have been about a week for the last two years+. (Again, apologies for February, 2023 which is a mistake). That means if you put your house on the market and it is well priced and well marketed, you will have an agreement of sale in about a week.

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.  Prices are still going up and I see lots of reasons why that will continue.
  • One option is to 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.
  • Interested in what recent clients think of my service? Click here to read what they say.
  • 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.
  • There are clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, I believe that it is and I suggest we connect soon.  There are plenty of buyers out there right now trying to find a home that fits their needs.
  • 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.

MEDIA AND WEST CHESTER AREAS: 2024 FORECAST

Media Area and West Chester Areas: 2024 Forecast

What is Going to Happen in 2024?

As we edge closer to 2024, the question on everyone’s mind in the Media Area and West Chester is: What does the housing market hold in store for us? With a year that’s been full of uncertainties, it’s more crucial than ever to arm yourself with knowledge directly from the experts. The upcoming year presents opportunities that might just sway in your favor, and here’s the lowdown on why.

Continued Growth in Home Values Expected The buzz around the Media Area and West Chester housing markets is palpable as predictions from top industry bodies like Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors point towards a positive trend. The forecast? A robust 2.8% growth in home prices as we close this year, with an additional 1.5% increase by the end of 2024. Contrary to the doomsayers’ predictions of a price crash, the reality paints a far rosier picture. The simple principle of supply and demand has kept the prices afloat due to a persistent inventory shortage against a backdrop of eager buyers. For proof, just consider these:

In the Media Area (Wallingford Swarthmore, Rose Tree Media, Radnor, Garnet Valley) the average annual value increase from 2014 through 2023 has been 5.7%. Actual values went from $429,900 to $705,000.

West Chester Area (West Chester, Downingtown, Great Valley,  the average annual value increase from for the last two years has been 8.7% and 7.7% . Actual values went from $579,000 to $682,000

A Closer Look at Sales Trends for 2024 The current year has been slow in terms of home sales, down about 40% in both areas. But the projections for 2024 hint at an increase, albeit modest. This anticipated rise in sales bodes well for the local real estate landscape, offering an even more solid foundation for buyers and sellers in the Media Area and West Chester. Life’s constants—new jobs, expanding families, and other pivotal moments—drive people to move, keeping the market buoyant.

The Big Picture for Buyers and Sellers Whether you’re considering purchasing a new abode or putting your property on the market, understanding these forecasts can significantly impact your decision-making process. A more active market awaits in 2024, potentially energized further by decreasing mortgage rates. Recent rising price trends are predicted to continue in both areas, reassuring buyers that the value of their purchase will continue to increase and reassuring sellers that they will be able to sell their house quickly for a price that will make them happy.

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.
  • Interested in what recent clients think of my service? Click here to read what they say.
  • 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.

WALLINGFORD, SWARTHMORE, MEDIA AREA, ARE HOME PRICES GOING UP OR DOWN?

Media coverage about what’s happening with home prices can be confusing. A large part of that is due to the type of data being used and what they’re choosing to draw attention to. For home prices, there are two different methods used to compare home prices over different time periods: year-over-year (Y-O-Y) and month-over-month (M-O-M). Here’s an explanation of each.

YEAR-OVER-YEAR (Y-O-Y):
  • This comparison measures the change in home prices from the same month or quarter in the previous year. For example, if you’re comparing Y-O-Y home prices for April 2023, you would compare them to the home prices for April 2022.
  • Y-O-Y comparisons focus on changes over a one-year period, providing a more comprehensive view of long-term trends. They are usually useful for evaluating annual growth rates and determining if the market is generally appreciating or depreciating.
MONTH-OVER-MONTH (M-O-M):
  • This comparison measures the change in home prices from one month to the next. For instance, if you’re comparing M-O-M home prices for April 2023, you would compare them to the home prices for March 2023.
  • Meanwhile, M-O-M comparisons analyze changes within a single month, giving a more immediate snapshot of short-term movements and price fluctuations. They are often used to track immediate shifts in demand and supply, seasonal trends, or the impact of specific events on the housing market.

The key difference between Y-O-Y and M-O-M comparisons lies in the time frame being assessed. Both approaches have their own merits and serve different purposes depending on the specific analysis required.

WHY IS THIS DISTINCTION SO IMPORTANT RIGHT NOW?

We’re about to enter a few months when home prices could possibly be lower than they were the same month last year. April, May, and June of 2022 were three of the best months for home prices in the history of the American housing market. Those same months this year might not measure up. That means, the Y-O-Y comparison will probably show values are depreciating. The numbers for April seem to suggest that’s what we’ll see in the months ahead (see graph below):

That’ll generate troubling headlines that say home values are falling. That’ll be accurate on a Y-O-Y basis. And, those headlines will lead many consumers to believe that home values are currently cascading downward.

However, on a closer look at M-O-M home prices, we can see prices have actually been appreciating for the last several months. Those M-O-M numbers more accurately reflect what’s truly happening with home values: after several months of depreciation, it appears we’ve hit bottom and are bouncing back.

Here’s an example of M-O-M home price movements for the last 16 months from the CoreLogic Home Price Insights report (see graph below):

SO WHAT IS REALLY HAPPENING AROUND THE MEDIA, WALLINGFORD AND SWARTHMORE AREAS ?

The below chart shows the actual median sales price  history for these areas.

MEDIAN SALES PRICE, ROSE TREE MEDIA, WALL-SWARTH, RADNOR, MARPLE NEWTOWN, SPRINGFIELD
Month Sale Price Sale Price Difference % Diff Sale Price Difference % Diff
2021 2022 2022-2021 2022-2021 2023
Jan $490,000 $567,000 $77,000 15.7% $616,376 $49,376 8.7%
Feb $498,000 $500,000 $2,000 0.4% $718,000 $218,000 43.6%
Mar $549,500 $561,519 $12,019 2.2% $545,000 ($16,519) -2.9%
Apr $526,750 $517,500 ($9,250) -1.8% $555,000 $37,500 7.2%
May $547,500 $621,000 $73,500 13.4% $587,000 ($34,000) -5.5%
Jun $580,000 $572,500 ($7,500) -1.3% $575,000 $2,500 0.4%
Jul $580,000 $554,000 ($26,000) -4.5%
Aug $534,118 $620,000 $85,882 16.1%
Sep $550,000 $556,000 $6,000 1.1%
Oct $535,000 $535,000 $0 0.0%
Nov $522,000 $615,000 $93,000 17.8%
Dec $500,000 $500,000 $0 0.0%
Annual $534,406 $559,960 $25,554 4.8%
Year To Date $556,587 $599,396 $42,810 7.7%
Highlights: Year over Year Sales Prices Higher in 9 of 12 months in 2022
Year over Year Sales Prices Higher in 4 of 6  months in 2023
Real Estate Prices still very strong in Media Area

From a sales price perspective, the real estate market in the Media, Wallingford Swarthmore, Radnor, Marple Newton and Springfield Area is VERY STRONG!!!

WHY DOES THIS MATTER TO YOU?

So, if you’re hearing negative headlines about home prices, remember they may not be painting the full picture as it applies to our area. The most credible comparisons are Year over Year trends for at least a few months.  Doing it that way,  we can see home prices are actually on the way  up.

For a first time home buyer, you can be assured that the value of your new house will probably be going up from here.

For the move up buyer, the same holds true. Even with the much higher mortgage rates , home prices are still going up. I expect that trend to continue.

SUGGESTED NEXT STEPS FOR YOU TO MAKE SURE YOU HAVE THE INFORMATION YOU NEED TO MAKE THE RIGHT DECISION

  • 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.
  • 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.
  • Interested in what recent clients think of my service? Click here to read what they say.
  • 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 shifting, 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. Minimize the fear or uncertainty that could change your plans. If you’re unsure about how to make sense of what’s going on in today’s housing market, text or call me at 484-574-4088 or go to my web site, (johnherreid.com) and lets set up a time to meet, either on line or in person. I have the software so that we can meet virtually and make the best use of your time.
  • 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.
  • 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 still clear opportunities for sellers this spring. 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
  • There will be very unsettling headlines around the housing market this year. Most will come from inappropriate comparisons to the ‘unicorn’ years. Let’s connect so you have an expert on your side to help you keep everything in proper perspective.
  • If you would rather listen to our 14 minute podcast on this blog post, please just click on the blue hyperlink.  Chesco and Delco Home Prices

DELAWARE COUNTY, ARE LOWER HOME PRICES COMING?

DELAWARE COUNTY, ARE Lower Home Prices COMING?

As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that’s not the best strategy.

A recent survey from Zonda shows 53% of millennials are still renting right now because they’re waiting for home prices to come down. But here’s the thing: the most recent data shows that home prices appear to have bottomed out and are now on the rise again. Selma Hepp, Chief Economist at CoreLogic, reports:

“U.S. home prices rose by 0.8% in February . . . indicating that prices in most markets have already bottomed out.”

And the latest data from Black Knight shows the same shift. The graph below compares home price trends in November to those in February:

So, should you keep waiting to buy a home until prices come down? If you factor in what the experts are saying, you probably shouldn’t. The data shows prices are increasing in much of the country, not decreasing. And the latest data from the Home Price Expectation Survey indicates that experts project home prices will rise steadily and return to more normal levels of appreciation after 2023. The best way to understand what home values are doing in your area is to work with a local real estate professional who can give you the latest insights and expert advice.

ARE PRICES GOING TO GO UP OR DOWN IN DELAWARE COUNTY?

This is really one of the most central questions for buyers and sellers.

  • First time buyers want to know if prices are going to go lower right after they buy. If they are it would make sense to wait.
  • Move up buyers with a house to sell need to know if they can get a fair price for their present house and if their next house is going to be worth more or less in the next months and years.

My recommendation to both groups is to BUY NOW.  Here is why.

The below chart shows,  month by month,  year over year median sales price in Chesco.

The year over year median sales price was up in 10 of 12 months in 2022.  Up a very healthy 4.8% for the year. The trend continues in 3 of 4 months in 2023. YTD, through April 23 is up 3.1% in 2023

DELAWARE COUNTY, MEDIAN HOME PRICES, SINGLE FAMILY DETACHED, 2021 THROUGH APRIL 20, 2023
Month Sale Price, Median 2021 Sale Price, Median 2022 Sale Price, Median 2023
Jan $359,000 $360,000 $375,000
Feb $335,450 $376,000 $390,000
Mar $369,500 $403,500 $400,000
Apr $400,000 $415,000 $437,500
May $400,000 $427,000
Jun $410,000 $451,500
Jul $425,000 $420,000
Aug $415,000 $430,000
Sep $385,000 $385,000
Oct $400,000 $390,000
Nov $384,900 $410,000
Dec $380,000 $420,000
Annual $388,654 $407,333
Annual Difference $18,679
 % Difference 4.8%
YTD, thru 0420 $388,625 $400,625
Price Difference, YTD thru 4/20/23 $12,000
 % Difference 3.1%

 

I expect this to continue into the forseeable future. Why?  Because we still have very low inventory of houses for sale. To have a balanced market with about the same number of buyers and sellers we need 6 months of inventory. Right now we have only between 2 and 3 months. That says that we have more buyers than sellers. And what always happens when there is more demand than supply?  Prices go up. Stated differently, we are still in a very strong Sellers’ Market.

I expect prices to continue to increase in Delaware county. Stated differently, I see little chance that we will have any sigificant price decline in the forseeable future.

Bottom Line

If you’re waiting to buy a home until prices come down, you may want to reconsider. Let’s connect to make sure you understand what’s happening in our local housing market.

SUGGESTED NEXT STEPS FOR YOU TO MAKE SURE YOU HAVE THE INFORMATION YOU NEED TO MAKE THE RIGHT DECISION

  • 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 this spring.
  • Do I think that now is a good time 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.
  • Interested in what recent clients think of my service? Click here to read what they say.
  • 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 shifting, 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. Minimize the fear or uncertainty that could change your plans. If you’re unsure about how to make sense of what’s going on in today’s housing market, text or call me at 484-574-4088 or go to my web site, (johnherreid.com) and lets set up a time to meet, either on line or in person. I have the software so that we can meet virtually and make the best use of your time.
  • 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.
  • 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 still clear opportunities for sellers this spring. If you’re wondering if it’s the right time to make a move, let’s connect today.
  • And if you would like to listen to our 12 minute podcast on this topic, please click on https://bit.ly/Are_Lower_Home_Prices_Coming

CHESTER COUNTY, ARE LOWER HOME PRICES COMING?

CHESTER COUNTY, ARE Lower Home Prices COMING?

As the housing market continues to change, you may be wondering where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that’s not the best strategy.

A recent survey from Zonda shows 53% of millennials are still renting right now because they’re waiting for home prices to come down. But here’s the thing: the most recent data shows that home prices appear to have bottomed out and are now on the rise again. Selma Hepp, Chief Economist at CoreLogic, reports:

“U.S. home prices rose by 0.8% in February . . . indicating that prices in most markets have already bottomed out.”

And the latest data from Black Knight shows the same shift. The graph below compares home price trends in November to those in February:

So, should you keep waiting to buy a home until prices come down? If you factor in what the experts are saying, you probably shouldn’t. The data shows prices are increasing in much of the country, not decreasing. And the latest data from the Home Price Expectation Survey indicates that experts project home prices will rise steadily and return to more normal levels of appreciation after 2023. The best way to understand what home values are doing in your area is to work with a local real estate professional who can give you the latest insights and expert advice.

ARE PRICES GOING TO GO UP OR DOWN IN CHESTER COUNTY?

This is really one of the most central questions for buyers and sellers.

  • First time buyers want to know if prices are going to go lower right after they buy. If they are it would make sense to wait.
  • Move up buyers with a house to sell need to know if they can get a fair price for their present house and if their next house is going to be worth more or less in the next months and years.

My recommendation to both groups is to BUY NOW.  Here is why.

The below chart shows,  month by month,  year over year median sales price in Chesco.

The year over year median sales price was up in 11 of 12 months in 2022.  Up a very healthy 9.2% for the year. The trend continues in 2 of 4 months in 2023. YTD, through April 23 is up 1.2% in 2023

CHESCO, MEDIAN SALES PRICE, SINGLE FAMILY, DETACHED,2021 THRU 2023 YTD
Month Sale Price, Median 2021 Sale Price, Median 2022 Sale Price, Median 2023
Jan $452,500 $484,900 $527,500
Feb $441,700 $510,000 $507,500
Mar $495,000 $525,000 $545,000
Apr $481,250 $540,000 $505,000
May $512,021 $531,055
Jun $515,000 $600,000
Jul $531,000 $575,000
Aug $498,000 $550,000
Sep $479,900 $540,000
Oct $494,075 $549,500
Nov $499,000 $545,000
Dec $508,961 $500,000
Annual $492,367 $537,538
Annual Price Difference $45,171
Annual % 9.2%
Jan-Apr $514,975 $521,250
Jan-Apr Price Difference $6,275
% Difference 1.2%

 

I expect this to continue into the forseeable future. Why?  Because we still have very low inventory of houses for sale. To have a balanced market with about the same number of buyers and sellers we need 6 months of inventory. Right now we have only 3 months. That says that we have more buyers than sellers. And what always happens when there is more demand than supply?  Prices go up. Stated differently, we are still in a very strong Sellers’ Market.

I expect prices to continue to increase in Chester county. Stated differently, I see little chance that we will have any sigificant price decline in the forseeable future.

Bottom Line

If you’re waiting to buy a home until prices come down, you may want to reconsider. Let’s connect to make sure you understand what’s happening in our local housing market.

SUGGESTED NEXT STEPS FOR YOU TO MAKE SURE YOU HAVE THE INFORMATION YOU NEED TO MAKE THE RIGHT DECISION

  • 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 this spring.
  • Do I think that now is a good time 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.
  • Interested in what recent clients think of my service? Click here to read what they say.
  • 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 shifting, 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. Minimize the fear or uncertainty that could change your plans. If you’re unsure about how to make sense of what’s going on in today’s housing market, text or call me at 484-574-4088 or go to my web site, (johnherreid.com) and lets set up a time to meet, either on line or in person. I have the software so that we can meet virtually and make the best use of your time.
  • 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.
  • 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 still clear opportunities for sellers this spring. If you’re wondering if it’s the right time to make a move, let’s connect today.
  • And if you would like to listen to our 12 minute podcast on this topic, please click on https://bit.ly/Are_Lower_Home_Prices_Coming

WEST CHESTER, PA. WHAT’S GOING ON WITH HOME PRICES?

WEST CHESTER, PA. What’s Going on with Home Prices?

What’s Going on with Home Prices? Ask a Professional. | MyKCM

If you’re thinking about buying or selling a home this year, you may have questions about what’s happening with home prices today as the market cools. In the simplest sense, nationally, experts don’t expect prices to come crashing down, but the level of home price moderation will depend on factors like supply and demand in each local market.

I will cover three areas in  this blog.

  • What is going on in the local West Chester real estate market.
  • What some National Experts are saying about the real estate market.
  • Share my feelings about where we headed as local sellers and buyers decide what to do.

What is going on in the local West Chester real estate market?

Price is almost always the most important variable for almost everybody. Here is what has happened since January 2021.

Median sales price is up by a lot, from $625,000 in 2021 to $700,000 in 2022, Year to Date through November, That is a very hefty 12% increase.

Median Sales Price by Year, Single Family Homes, West Chester, PA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One of the huge factors that drives price changes is months of inventory. Six months of inventory is needed for a “Balanced Market”, one where the numbers of people who want to buy and people who want to sell is about equal. Under this scenario, prices will increase but only at about the rate of inflation. Under six months means there are more buyers than sellers (higher demand, lower supply). That indicates prices will increase faster than the rate of inflation.

For the last two years, inventories have generally been in the 2-4 month range. Again that indicates a market with strong price appreciation.

Another good indicator is how long is it taking for houses to sell.  A “normal” market generally takes about 30 days. Again for the last two years, days on market has been at or under one week. That also indicates strong upcoming price appreciation.

That means, moving forward, home price appreciation will continue to vary by location, with more significant changes happening in overheated areas. Here’s a quick snapshot of what the experts are saying: Danielle Hale, Chief Economist at realtor.com, says:

“The major question on the minds of homeowners and aspiring buyers alike is what will happen to home prices. . . Soaring prices were propelled by all-time low mortgage rates which are a thing of the past. As a result, home price growth is expected to continue slowing, dipping below its pre-pandemic average to 5.4% for 2023, as a whole.”

Mark Fleming, Chief Economist at First American, says:

“House price appreciation has slowed in all 50 markets we track, but the deceleration is generally more dramatic in areas that experienced the strongest peak appreciation rates.”

Taylor Marr, Deputy Chief Economist at Redfin, says:

“For those bearish folks eagerly awaiting the home price crash, you’ll have to keep waiting. As much as demand is pulling back supply is as well reducing downward pressure on prices in the short run.”

John Paulson, Founder of Paulson & Co., says:

“It’s true – housing may be a little frothy. So housing prices may come down or they may plateau . . .”

What Does This Mean for You?

With conflicting indicators (interest rates up, low inventories, houses selling quickly, prices still increasing), forecasts are more uncertain than normal. My opinion is that for our area, the combination of high demand and low inventory will continue to drive price increases, albeit at a lower rate than the last couple of years.

The best way to get the answers you need is to lean me and I would like to be your local real estate advisor. I can explain  the latest trends in your specific market so you can make a confident and informed decision on your next step toward buying or selling a home.

Bottom LineS

To get a quick update of what is new in real estate, click here to check out our new videos.

Interested in what recent clients think of my service? Click here to read what they say. 

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 shifting, 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. Minimize the fear or uncertainty that could change your plans. If you’re unsure about how to make sense of what’s going on in today’s housing market, text or call me at 484-574-4088 or go to my web site, (johnherreid.com) and lets set up a time to meet, either on line or in person. I have the software so that we can meet virtually and make the best use of your time.