Runnymede Farms Home Values

Get the latest Runnymede Farms Home Values from your local expert. Contact us for an accurate Home Value Report 484-574-4088

Home Search
Home Value
Contact Us

Outstanding Location Drives Runnymede Farms Home Values

Runnymede Farms is located in Edgmont Township, a scenic and semi-rural area in Delaware County, Pennsylvania. Nestled between the larger suburban cities of West Chester to the west and Media to the east, it enjoys a quiet countryside feel while still being within reach of more urban amenities. The farm is surrounded by the lush greenery typical of the township, with rolling hills and open spaces offering a serene atmosphere. Edgmont Township itself is part of the western suburbs of Philadelphia, placing Runnymede Farms in close proximity to major local towns like Newtown Square and Glen Mills.

Despite its peaceful setting, Runnymede Farms is conveniently located near several key highways. It is roughly a 15–20-minute drive from Interstate 476 (the Blue Route), which provides easy access to Philadelphia and the surrounding suburbs. Additionally, U.S. Route 1 and Pennsylvania Route 3 are nearby, offering further connections to nearby towns and cities. This makes the farm easily accessible while still feeling remote from the hustle and bustle of more densely populated areas.

Runnymede Farms offers an ideal blend of serene countryside living and convenient access to urban amenities, making it an attractive place to call home. The peaceful, scenic environment is perfect for those who enjoy a quieter lifestyle surrounded by nature. With rolling hills, open spaces, and a strong sense of community, it’s a place where you can truly relax and enjoy the beauty of the outdoors. The Edgmont Township area is known for its excellent schools, low crime rates, and family-friendly atmosphere, making it a great choice for those looking to raise a family or simply escape the busyness of city life.

Why People Move to Runnymede Farms

Despite its tranquil setting, Runnymede Farms is not far from modern conveniences. Its close proximity to major highways such as I-476 and U.S. Route 1 makes commuting to Philadelphia, Media, or nearby towns like West Chester a breeze. Whether you’re looking for shopping, dining, or cultural attractions, you’re just a short drive away from everything you need. The balance of privacy, community, and accessibility makes Runnymede Farms a perfect choice for those who want the best of both worlds – peaceful living without sacrificing the perks of suburban and urban proximity.

Strong Schools are a Major Factor in Runnymede Farms Home Values

The Rose Tree Media School District, serving the residents of Runnymede Farms, is widely recognized for its high academic standards and strong sense of community involvement. The district includes a range of well-regarded schools, from elementary through high school, all known for their commitment to student success and development. With small class sizes and dedicated teachers, the schools foster an environment where students receive personalized attention and are encouraged to reach their full potential. The district emphasizes a well-rounded education, offering not only rigorous academics but also robust programs in the arts, athletics, and extracurricular activities, ensuring that students are prepared for both college and life beyond.

In addition to its academic strengths, the Rose Tree Media School District is known for its active parent-teacher associations and community involvement, making it a central part of life for families in the Runnymede Farms area. The district regularly ranks among the top in Pennsylvania, thanks to its high graduation rates, advanced placement opportunities, and well-maintained facilities. Families in the Runnymede Farms community can rest assured that their children will be part of a supportive and challenging educational environment, set within a district that prioritizes the needs of its students and takes pride in fostering their growth.

Home Search
Home Value
Contact Us

Entertainment Available in Runnymede Farms

Residents of Runnymede Farms enjoy access to a wide range of entertainment options that cater to diverse interests, all within a short distance of their peaceful community. For those who appreciate arts and culture, the nearby town of Media offers vibrant local theater productions at the Media Theatre, art galleries, and live music events. The town frequently hosts seasonal festivals, farmers’ markets, and community events, providing plenty of opportunities for residents to enjoy the local arts scene. In addition, Media’s charming downtown area is lined with unique restaurants, boutique shops, and cafes, perfect for a casual evening out or a day of exploring.

For outdoor enthusiasts, Runnymede Farms is ideally situated near several parks and recreation areas. Ridley Creek State Park, just a few minutes away, offers hiking trails, fishing spots, and scenic picnic areas, making it a favorite destination for nature lovers. Residents can also take advantage of golf courses, equestrian centers, and other outdoor activities in the area. If you’re seeking a more urban experience, Philadelphia is only a short drive away, where residents can enjoy world-class museums, sports events, and a bustling nightlife. The combination of nearby outdoor recreation and cultural offerings ensures that there’s always something to do for residents of Runnymede Farms.

Available Recreation is Another Reason that Runnymede Farms Home Values Continue to Increase.

Residents of Runnymede Farms have access to a variety of recreational activities that cater to both outdoor enthusiasts and those seeking leisurely pastimes. The nearby Ridley Creek State Park offers an abundance of outdoor opportunities, including hiking, biking, and horseback riding along its scenic trails. With over 2,600 acres of woodlands, meadows, and streams, the park is a go-to destination for residents looking to enjoy nature, whether for a peaceful walk or a weekend picnic. Additionally, the park provides fishing spots, picnic areas, and open fields for recreational sports, making it a versatile outdoor space for families and individuals alike.

For those who prefer more structured recreational activities, the Edgmont and surrounding areas feature several golf courses, including the popular Paxon Holllow Country Club and Aronimink Golf Club, which provide top-notch golfing experiences. Residents can also find fitness centers, tennis courts, and community sports leagues nearby. Equine enthusiasts will appreciate the proximity to local stables and riding facilities, where horseback riding lessons and trail riding are available. Whether you’re into individual sports, group activities, or simply enjoying the natural beauty of the area, Runnymede Farms offers a wealth of recreational opportunities for all ages and interests.

Employment Opportunities for Residents of Runnymede Farms

Residents of Runnymede Farms benefit from a strategic location that offers access to a wide range of employment opportunities in both the immediate area and the neighboring cities. The nearby town of Media serves as a local hub for professional services, healthcare, education, and small business operations. Media’s downtown area is home to law firms, real estate agencies, and tech startups, while Riddle Hospital and nearby healthcare facilities provide a steady stream of job opportunities in the medical field. Additionally, Newtown Square, just a short drive away, hosts several corporate headquarters, including companies like SAP America and Sunoco, making it a convenient destination for professionals in technology, finance, and corporate management.

Beyond the local job market, residents of Runnymede Farms are also well-positioned for employment in the greater Philadelphia metropolitan area. Philadelphia is only about a 30-45 minute commute via major highways like I-476 and U.S. Route 1, offering access to a diverse range of industries, including finance, healthcare, education, and manufacturing. The city is home to major employers such as Comcast, the University of Pennsylvania, and Jefferson Health, providing numerous career paths for those willing to commute. Additionally, the King of Prussia business district and West Chester’s growing corporate scene are both within a reasonable distance, further expanding job opportunities for Runnymede Farms residents. This mix of local and regional employment prospects makes the area attractive for professionals across various industries.

Homes Available in Runnymede Farms

Runnymede Farms offers a selection of beautiful, high-quality homes, catering to buyers looking for upscale residences in a serene setting. The neighborhood is primarily known for its spacious single-family homes, many of which sit on large lots that provide privacy and a sense of openness. The architecture in Runnymede Farms reflects a variety of styles, including colonial, contemporary, and traditional, often featuring stone or brick facades that blend harmoniously with the natural surroundings. Many of these homes come with luxurious amenities such as large gourmet kitchens, expansive living areas, and beautiful outdoor spaces, perfect for families or those who love to entertain.

In addition to single-family homes, Runnymede Farms also offers properties that appeal to equestrian enthusiasts, with several homes featuring stables or direct access to nearby riding trails. The community’s layout and amenities are designed to cater to a lifestyle of comfort and tranquility, with meticulously landscaped properties and tree-lined streets that enhance its charm. Homes in Runnymede Farms often come with premium features like swimming pools, large patios, and even home offices, catering to the modern needs of residents. This combination of variety, luxury, and a peaceful country setting makes the housing options at Runnymede Farms particularly desirable for those seeking a refined, yet relaxed, lifestyle.

Home Search
Home Value
Contact Us

Marple Township Home Values

Location

Marple Township Home ValuesGet the latest Marple Township Home Values from your local expert. Contact us for an accurate Home Value Report 484-574-4088

Marple Township is a scenic and suburban area located in Delaware County, Pennsylvania. It is situated approximately 15 miles west of Philadelphia. Therefore it is a convenient location for commuters. As a result, It is also a match for people who want a suburban lifestyle. The township is bordered by several other communities like Springfield, Haverford and Radnor. For that reason, Marple Township is within easy reach of various local amenities and regional attractions.

Transportation access is a key feature of Marple Township. Several major highways are nearby. Specifically, U.S. Route 1 provides direct access to Philadelphia and Media to the west. Additionally, Interstate 476 offers north-south connections to areas like Plymouth Meeting and Chester. Summing up, this network of roads facilitates easy travel and also supports local commuting and business operations.

Home Search
Home Value
Contact Us

Lifestyle

Marple Township offers a compelling blend of suburban tranquility and accessibility. Combined, these features make it an attractive location for potential residents. The area boasts a strong sense of community and safety. Particularly it ranks well in terms of low crime rates and community engagement. Furthermore, the public schools in Marple Township provide excellent educational opportunities which are crucial for families. The township also features numerous parks and recreational facilities. Additionally this includes the popular Marple Sports Arena. Equally important, this is augmented by several well-maintained parks, which provide ample space for outdoor activity.

Marple Township is also close to Philadelphia. This is another significant benefit. This combination allows the perks of suburban life along with easy access to the amenities of a major city. Summing up, the local infrastructure supports easy commuting, with efficient roads and public transportation. Correspondingly, the real estate market in Marple Township offers a range of housing options, from charming single-family homes to more modern developments. This caters to various preferences and budgets. Overall, this combination of lifestyle benefits, accessibility, and community features makes Marple Township an excellent relocation choice.

Schools

Marple Township is served by the Marple Newtown School District. The district is recognized for its commitment to educational excellence and student achievement. The district comprises several elementary schools, a middle school, and Marple Newtown High School. Collectively, they are all known for their robust academic programs and supportive learning environments. The schools here offer a diverse array of activities. This ensures that students have ample opportunities to explore their interests and develop a well-rounded education. Additionally, the district’s teachers foster a nurturing environment that promotes intellectual and personal growth.

The high academic standards and strong performance on state assessments highlight the quality of education. Marple Newtown High Schoolis noted for its high graduation rates and the significant numbers who attend college. The school also offers advanced placement courses and enrichment programs. These challenge students and prepare them for higher education and future careers. Schools in Marple Township emphasize the importance of community involvement and character building. This prepares students also to become responsible and engaged citizens. Altogeher, these attributes sum up to an outstanding education system.

Entertainment

Marple Township offers a variety of entertainment options for residents of all ages. This makes it an enjoyable place to live for both families and individuals. The Marple Sports Arena provides a hub for recreational activities including roller skating, indoor soccer, and a large play area for children. The township also features several well-maintained parks and recreational fields. These are ideal for picnics, sports, and outdoor gatherings. AMC Marple 10 Theater is a popular destination, offering the latest film releases in a comfortable setting. Additionally, the community often hosts seasonal festivals and markets. These add a vibrant touch to the local social scene and offer residents the opportunity to enjoy unique shopping and entertainment.

Beyond these local offerings, Marple Township is close to Philadelphia. This greatly expands the entertainment possibilities. Residents can easily access the rich cultural, historical, and recreational attractions of the city. These include world-class museums, theaters, and dining. Day trips or evening outings are convenietn to enjoy concerts, art exhibitions, and professional sports events. Moreover, the township itself is enriched with local eateries and shops. These providing a pleasant mix of small-town charm and urban accessibility. Marple Township offers a diverse and engaging entertainment landscape. To put it another way, the combination of entertainment factors in Marple Township provide great options for almost everybody.

Recreation

Marple Township provides ample recreational opportunities that enhance the quality of life for its residents. The township boasts a variety of parks and open spaces, including the expansive Veterans Park and the Marple Gardens Park. These provide venues for outdoor activities such as hiking, biking, and picnicking. These parks also host several community sports leagues for all ages. Soccer, baseball, and basketball teams abound which foster a strong community spirit and healthy lifestyles. Additionally, the New Ardmore Avenue Community Center in the township offers a range of programs and activities. These include yoga classes, arts and crafts sessions, and educational workshops.

For golf enthusiasts, Marple Township is home to the Paxon Hollow Country Club. This is a well-maintained golf course known for its challenging layout and scenic views. This club provides a venue for golf and also serves as a gathering place for social events and family activities. Additionally, Marple also organizes various seasonal events and festivals that bring residents together to provide entertainment and fun for families. These often include live music, food vendors, and activities for children. Overall, the recreational offerings in Marple Township are both varied and abundant.This ensures that residents have many options to enjoy and engage with their local environment.

Business

Marple Township is primarily residential, and also offers various employment opportunities within its borders. Sectors such as retail, education, and healthcare are all represented. The presence of local businesses, including shops and restaurants, provides employment for those in the service industry. Marple Newtown School District is one of the major employers in the area. The district offers numerous positions ranging from teaching and administration to support and maintenance roles. The healthcare sector also contributes to local employment. Bryn Mawr Hospital and various clinics offer roles for healthcare professionals and administrative staff.

The employment landscape expands significantly when considering the neighboring cities and the greater Philadelphia area. Philadelphia, just a short drive away, is a hub for a wide range of industries. This provides a plethora of job opportunities for Marple Township residents willing to commute. Major institutions such as the University of Pennsylvania, Comcast, and the Children’s Hospital of Philadelphia are top employers. Proximity to major highways and public transportation enhances accessibility to these jobs This makes Marple Township an ideal location for professionals seeking diverse career opportunities. To summarize, the location of Marple offers residential options for people employed in a lot of diverse sectors.

Types of Homes

Marple Township offers a diverse range of housing options. This caters to various preferences and budgets, making it a desirable place for potential homeowners. The residential landscape in the township is characterized by a mix of charming single-family homes, townhouses, and apartments. These homes vary in style from traditional Colonial and Cape Cod designs to more modern constructions. Many of the single-family homes come with spacious yards and are situated on quiet, tree-lined streets. Additionally, the township has several developments featuring townhomes and condominiums. These are popular among those looking for lower maintenance living or more affordable entry points.

The real estate market in Marple Township is dynamic. Options ranging from more modest, starter homes to larger, upscale properties. This variety ensures that both first-time homebuyers and those looking to upgrade or downsize can find something suitable. The township has seen steady growth, leading to the development of new residential areas like condominiums and town houses. These newer constructions often include community features such as pools, clubhouses, and common green spaces, enhancing the appeal for residents. Marple Township continues to attract a diverse population, contributing to a vibrant and growing community.

Home Search
Home Value
Contact Us

WHY TODAY’S HOUSING MARKET ISN’T HEADED FOR A CRASH

Why Today’s Housing Market Isn’t Headed for a Crash

Why Today’s Housing Market Isn’t Headed for a Crash | MyKCM

CONCLUSIONS

  • 67% of Americans say a housing market crash is imminent in the next three years. With all the talk in the media lately about shifts in the housing market, it makes sense why so many people feel this way.
  • But I disagree.  Current data shows today’s market is nothing like it was before the housing crash in 2008.
  • Especially with regards to mortgage lending standards

Back Then, Mortgage Standards Were Less Strict

During the lead-up to the housing crisis, it was much easier to get a home loan than it is today. Fannie Mae the Government Sponsored Entity (and to a lesser degree, Freddy Mac) created artificial demand by lowering lending standards and making it easy for just about anyone to qualify for a home loan or refinance an existing one. Shocking to realize that this was done at the direction of our federal government in a misguided attempt to increase home ownership

As a result,  much greater risk was not only tolerated but encouraged,  in both the person and the mortgage products offered. That led to mass defaults, foreclosures, and falling prices. Today, things are different, and purchasers face much higher standards from Fannie and Freddy.

The graph below uses data from the Mortgage Bankers Association (MBA) to help tell this story. In this index, the higher the number, the easier it is to get a mortgage. The lower the number, the harder it is.

This graph also shows just how different things are today compared to the spike in credit availability leading up to the crash. Tighter lending standards have helped prevent a situation that could lead to a wave of foreclosures like the last time.

Foreclosure Volume Has Declined a Lot Since the Crash

Another difference is the number of homeowners that were facing foreclosure when the housing bubble burst. Foreclosure activity has been lower since the crash, largely because buyers today are more qualified and less likely to default on their loans. The graph below uses data from ATTOM to show the difference between last time and now:

So even as foreclosures tick up, the total number is still very low. And on top of that, most experts don’t expect foreclosures to go up drastically like they did following the crash in 2008. Bill McBride, Founder of Calculated Risk, explains the impact a large increase in foreclosures had on home prices back then – and how that’s unlikely this time.

“The bottom line is there will be an increase in foreclosures over the next year (from record level lows), but there will not be a huge wave of distressed sales as happened following the housing bubble. The distressed sales during the housing bust led to cascading price declines, and that will not happen this time.”

The Supply of Homes for Sale Today Is More Limited

For historical context, there were too many homes for sale during the housing crisis (many of which were short sales and foreclosures), and that caused prices to fall dramatically. Supply has increased since the start of this year, but there’s still a shortage of inventory available overall, primarily due to years of underbuilding homes.

The graph below uses data from the National Association of Realtors (NAR) to show how the months’ supply of homes available now compares to the crash. Today, unsold inventory sits at just 2.7-months’ supply at the current sales pace, which is significantly lower than the last time. There just isn’t enough inventory on the market for home prices to come crashing down like they did last time, even though some overheated markets may experience slight declines.

Bottom Line

As shown above, housing supply increased dramatically during the 2006 through 2011. That was because investors thought the golden goose would continue laying eggs indefinitely and they kept building more and more houses on speculation. That all came crashing down in 2008 and almost bankrupted the country.

If recent headlines have you worried we’re headed for another housing crash, the data above should help ease those fears. Expert insights and the most current data clearly show that today’s market is nothing like it was last time.

RECOMMENDATIONS FOR YOU

  • 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.
  • 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. 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.

WHAT EVERY SELLER IN CHESTER COUNTY SHOULD KNOW ABOUT HOME PRICES

What Every Seller in chester county Should Know About Home Prices

What Every Seller Should Know About Home Prices | MyKCM

If you’re trying to decide whether or not to sell your house, recent headlines about home prices may be top of mind. And if those stories have you wondering what that means for your home’s value, here’s what you really need to know.

What’s Really Happening with Home Prices?

It’s possible you’ve seen news stories mentioning a drop in home values or home price depreciation, but it’s important to remember those headlines are designed to make a big impression in just a few words. But what headlines aren’t always great at is painting the full picture.

First, lets take a look at national trends in home price appreciation. While home prices are down slightly month-over-month in some markets, it’s also true that home values are up nationally on a year-over-year basis. The graph below uses the latest data from S&P Case-Shiller to help tell the story of what’s actually happening in the housing market today:

What Every Seller Should Know About Home Prices | MyKCM

As the graph shows, it’s true home price growth has moderated in recent months (shown in green) as buyer demand has pulled back in response to higher mortgage rates. This is what the headlines are drawing attention to today.

Like politics, all real estate is local. Lets take a look at the local price trends in Chester county.

CHESTER COUNTY, SINGLE      FAMILY HOMES
MEDIAN SALES PRICE FOR 2021 AND 2022
Month    Price    Price      % Change
    2021    2022
Jan $452,500 $484,900 7.2%
Feb $441,700 $510,000 15.5%
Mar $495,000 $526,821 6.4%
Apr $481,250 $545,000 13.2%
May $512,021 $531,055 3.7%
Jun $515,000 $600,000 16.5%
Jul $531,000 $575,000 8.3%
Aug $498,000 $550,000 10.4%
Sep $479,900 $537,500 12.0%
Oct $494,075 $549,500 11.2%
Nov $499,000 $545,000 9.2%
Dec $508,961 $500,000 -1.8%
Year $492,367 $537,898 9.2%

 

As you can see,  we in Chester County had robust year over year price growth in every month except December. I expect price growth to continue, but at a lower rate than the 9.2% we saw in 2022.

But what’s important to notice, on the national picture, is the bigger, longer-term picture. While home price growth is moderating month-over-month, the percent of appreciation year-over-year is still well above the home price change we saw during more normal years in the market.

The bars for January 2019 through mid-2020 show home price appreciation around 3-4% a year was more typical (see bars for January 2019 through mid-2020). But even the latest data for this year shows prices have still climbed by roughly 10% over last year. 3-4% a year is normal for home price changes in the United States.

What Does This Mean for Your Home’s Equity?

While you may not be able to capitalize on the 9+% appreciation we saw in 2022, we should still see price increases through 2023.

The big takeaway? Don’t let the headlines get in the way of your plans to sell. Over the past two years alone, you’ve likely gained a substantial amount of equity in your home as home prices climbed. Even though home price moderation will vary by market moving forward, you can still use the boost your equity got to help power your move.

As Mark Fleming, Chief Economist at First American, says:

“Potential home sellers gained significant amounts of equity over the pandemic, so even as affordability-constrained buyer demand spurs price declines in some markets, potential sellers are unlikely to lose all that they have gained.”

NEXT STEPS FOR YOU:

If you have questions about home prices or how much equity you have in your current home, let’s connect so you have an expert’s advice. And I would like to interview for the job of becoming your trusted real estate expert.

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.

WHAT IS GOING TO HAPPEN WITH HOUSING PRICES IN DELAWARE COUNTY?

WHAT IS GOING TO HAPPEN WITH HOUSING PRICES IN DELAWARE COUNTY?

CONFUSED ABOUT HOUSING PRICES IN dELAWARE COUNTY?  LET ME BE YOUR RESOURCE AND CLEAR AWAY THE CONFUSION!!!

L.Confused About What’s Going on in the Housing Market? Lean on a Professional. | MyKCM

 

If you’re thinking about buying or selling a home, you probably want to know what’s really happening with home prices, mortgage rates, housing supply, and more. That’s not an easy task considering how sensationalized headlines are today. Jay Thompson, Real Estate Industry Consultant, explains:

“Housing market headlines are everywhere. Many are quite sensational, ending with exclamation points or predicting impending doom for the industry. Clickbait, the sensationalizing of headlines and content, has been an issue since the dawn of the internet, and housing news is not immune to it.”

Unfortunately, when information in the media isn’t clear, it can generate a lot of fear and uncertainty in the market. As Jason Lewris, Cofounder and Chief Data Officer at Parcl, says:

“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.”

But it doesn’t have to be that way. Buying or selling a home is a big decision, and it should be one you feel confident making. To help you separate fact from fiction and get the answers you need, lean on a local real estate advisor.

A trusted expert is your best resource to understand what’s happening at the national and local levels.  I would appreciate a chance to interview for the job as your trusted expert.  No cost or obligation of course. I will debunk the headlines using data you can trust. And I will  provide context so you know how current trends compare to the normal ebbs and flows in the industry, historical data and more.

Together, we will use all of that information to make the best possible decision for you.

Here are some of the data points that can help you to make your decision,

After all, making a move is a potentially life-changing milestone. It should be something you feel ready for and excited about. And that’s where I can come in.

BOTTOM LINE

Is now a good time to either buy or sell a single family detached house in Delaware county? My answer is yes.

Here are data points about the Delaware county market which explain why I feel that way.

Delaware County, PA
Median Sales Price, 2022
Month Sale Price
Jan $360,000
Feb $376,000
Mar $404,200
Apr $415,000
May $427,000
Jun $451,500
Jul $420,000
Aug $430,000
Sep $385,000
Oct $390,000
Nov $410,000
Dec $419,500

 

Recent price trends: Median sales price peaked at $451,500 in June. Since then prices are down to a median of $419,500 in December, decline of $32,000 or 7%. Cause for panic? Not in my opinion.  Sales prices typically peak in mid Summer when most buyers want to get their deals done before the kids go back to school. A typical decline from Juneish to Decemberish is about 5 to 10%.  This year follows that pattern.

Further, Year to date, median selling price is $410,000, up 5.1% from 2021 at $390,000. This compares very favorably with a long term trend of single family house appreciation in the United States for 3-4%.

Housing Inventory: Delaware county  inventory has been mostly between 2 and 4 months for the last two years. Below six months indicates there are more buyers than sellers which is bullish for prices.  December inventory was only 2 months. This is very bullish for prices.

Median Days on Market: This indicates how long it will probably take to get an acceptable offer on your house, once you get it on the market. 30 days is about right for a normal market. For the last two years it has been about 6-10 days. That indicates very high demand and that is bullish for prices. In December, it went up to 10 days which is still speedy and indicates high demand.

Active Listings; In December, 2021 there were 853 active listings for sale.  In December 2022, there were 379, a drop of 56%.  Not sure why this happened.

Number of Sales: December 2022 we had 222 sales, compared to 345 in December 2021. That is a drop of 36% and indicates a much slower market.

Sales Price as a % of Original Price: For the last two years, most sales prices have been above the asking price. Median ratio was 100% or higher.  In December, that dipped below 100% for the first time since at least 2020. Ratio was 98.4% which still indicates a strong buyer demand.

Why is this a good time to buy? A cross section of the key market variables tells me that price increases will still happen, but they are slowing down. That gives buyers a little more leverage.

Why is this a good time to sell? If you are needing a bigger house in a different area, I think you can still be confident that prices will continue to increase, but at a slower rate. This is not 2008 and chances of losing a lot of your equity are very small.

NEXT STEPS FOR YOU:

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.