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John HerreidJohn Herreid

Media, PA Homes for Sale and Media, PA Real Estate

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WEST CHESTER, PA WHAT’S REALLY HAPPENING WITH HOME PRICES? AND WHAT DOES IT MEAN FOR YOU?

WEST CHESTER, PA What’s Really Happening with Home Prices?

What’s Really Happening with Home Prices? [INFOGRAPHIC] | MyKCM

CONCLUSIONS:

  • Home prices in Chester county are not only maintaining their previous levels, they are still strongly accelerating
  • If you are thinking about buying or selling a home, you can be assured that prices will be stable or increasing for the foreseeable future.
  • Numbers of sales are down a lot, but
  • Houses are still selling quickly.
  • Stated differently, you can buy or sell without fear that prices will go down.

DISCUSSION

  • If you’re thinking about selling your house, recent headlines about home prices falling month-over-month may have you second guessing your decision—but perspective matters.
  • While home prices are down slightly month-over-month in some markets, home values are still up almost 10% nationally on a year-over-year basis. A nearly 10% gain is still dramatic compared to the more normal level of appreciation, which is 3-4%.
  • 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’S REALLY GOING ON FOR CHESTER COUNTY

Like the fellow says, all politics is local. Same is true for real estate. The only factors that really matter are those that are happening in our neighborhoods.

Here is a snapshot of Sales Prices in Chester county over the last 2 years +

WEST CHESTER PENNSYLVANIA, MEDIAN SALES PRICES, 2021 THROUGH JANUARY 2023
Month     Sale Price     Sale Price Difference  % Diff Sale Price
Median 2021 Median 2022 Median 2022
Jan $590,000 $615,000 $25,000 4.2% $680,000
Feb $629,000 $625,000 ($4,000) -0.6%
Mar $585,000 $687,800 $102,800 17.6%
Apr $565,000 $730,000 $165,000 29.2%
May $646,300 $730,000 $83,700 13.0%
Jun $575,000 $758,750 $183,750 32.0%
Jul $689,450 $676,000 ($13,450) -2.0%
Aug $649,817 $675,000 $25,183 3.9%
Sep $618,000 $710,000 $92,000 14.9%
Oct $612,500 $655,000 $42,500 6.9%
Nov $630,000 $564,500 ($65,500) -10.4%
Dec $610,000 $685,000 $75,000 12.3%
Totals $616,672 $676,004 $59,332 9.6%

 

As you can see the price realization in West Chester is real and robust.  The entire year from 2021 to 2022 showed a 9.6% gain. The trend continues through January 2023. That is too real and robust to continue as the long term average is about 3.5%. However these data show that the local market is healthy with a strong demand.

What about the scare  headlines that say, THE REAL ESTATE MARKET HAS COLLAPSED. If we only look at numbers of sales, that is true. But if you are a seller or a buyer, what matters to you is can I sell or can I buy and what are the prices. Below is a chart of the numbers of sales in West Chester over the past 2 years +

WEST CHESTER, PA; NUMBERS OF SALES, SINGLE FAMILY HOMES,
Month Sales Sales Diff % Diff Sales Diff % Diff
2021 2022 2023
Jan 53 51 (2) -4% 23 (28) -55%
Feb 34 33 (1) -3%
Mar 67 56 (11) -16%
Apr 51 51 0 0%
May 70 56 (14) -20%
Jun 101 94 (7) -7%
Jul 80 69 (11) -14%
Aug 100 64 (36) -36%
Sep 76 59 (17) -22%
Oct 78 49 (29) -37%
Nov 65 40 (25) -38%
Dec 68 43 (25) -37%
Totals 843 665 (178) -21%

 

Numbers of sales are down a lot. -21% in 2022 and -55% in January, 2023. But that is only part of the story. As we saw above prices are still holding very steady and increasing.  Now how about another huge indicator, how long does it take to get a house sold? Below are the numbers that tell the tale. Homes are still selling rapidly in Chester County. That says there iare still more buyers than sellers. As long as that is true, prices will still be stable or rising, homes will sell quickly and both buyers and sellers can be assured that the market is not collapsing like it did in 2008/9.

CHESTER COUNTY, SINGLE FAMILY HOMES, DAYS ON MARKET
 JAN 2021 THRU JAN 2023
Month CDOM CDOM CDOM
Median 2021 Median 2022 Median 2023
Jan 8 7 15
Feb 9 8
Mar 7 6
Apr 6 5
May 5 6
Jun 6 6
Jul 6 6
Aug 6 7
Sep 7 7
Oct 6 7
Nov 8 7
Dec 7 12

 

RECOMMENDATIONS

  • 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.
  • 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.

Posted in: Best Deal for You, Build Wealth, Buyers, Forecast for 2023, Home Equity, Home Prices, Sellers

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Resources

  • Sellers
  • Buyers
  • Blog
  • Meet the Team
  • Client Reviews
  • Dad And Daughter Radio Talk Show

School Districts

  • Garnet Valley School District
  • Marple Newtown School District
  • Rose Tree Media School District
  • Springfield School District
  • Wallingford-Swarthmore School District
  • West Chester School District

 

Each office is independently owned and operated. Keller Williams Realty, Inc. is an Equal Opportunity Employer and supports the Fair Housing Act.

John Herreid
204 Plush Mill Road
Wallingford, PA 19086

484-574-4088