Local Home Prices Rise
Bucks, Montgomery, and Chester Counties all saw a rise in average home sale prices during the first quarter of 2020 compared with the first quarter of 2019, according to the Industry Watch report from the multiple listing system (BrightMLS). Montgomery County’s rise was the most significant:
- Montgomery County 13.0%
- Bucks County 4.4%
- Chester County 4.4%
The Industry Watch report also shows a large drop in the number of homes for sale in these counties, reflecting COVID-19’s negative effect on the volume of homes coming onto the market during part of March. The number of homes for sale in the first quarter of 2020 dropped by the following percentages compared with the first quarter of 2019:
- Bucks County - 48.8%
- Montgomery County - 45.1%
- Chester County -37.9%
It remains to be seen whether pent-up demand from buyers will result in similar increases in home prices once the governor’s stay-at-home order is lifted. We don’t yet know whether job losses due to the shutdown may reduce demand and result in smaller price increases or even price declines, but the hope is that the housing market will rebound.
Statistics from BrightMLS.
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If you’re planning to buy or sell a home, contact Annette Nelson at (610) 247-7892 or firstname.lastname@example.org
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