August 2024 housing trends in Chester, Delaware, and Montgomery counties

In August 2024, the housing markets in Chester, Delaware, and Montgomery counties experienced notable growth compared to the previous year. Total new listings rose to 1,888, marking a 1.51% increase from August 2023, while total closings increased by 2.64%, reaching 1,986. This uptick in activity indicates a sustained interest from buyers in the region, despite the competitive nature of the market. The average median sold price across the three counties reached $455,833, reflecting a 3.01% increase from the previous year. This growth in home values suggests that the demand for housing remains strong, contributing to the overall stability of the market. Additionally, properties spent an average of 19 days on the market, a slight increase from 18.33 days in August 2023, indicating that while homes are selling, the pace may be moderating slightly. Chester County saw a decrease in new listings and closings compared to the previous year, with median sold prices remaining relatively stable. In contrast, Delaware County experienced a significant rise in median sold prices, indicating a growing demand for homes in that area. Montgomery County also reported an increase in both new listings and closings, with a slight rise in median sold prices, further emphasizing the competitive nature of the market. As the fall season approaches, the data suggests that the housing market in these counties remains robust, providing opportunities for both buyers and sellers. The slight increases in listings and closings, along with rising home prices, indicate a healthy market environment, although sellers continue to hold an advantage in negotiations.