December 2024 Housing Market Update: Chester and Delaware County
As we reach the end of 2024, the housing market in Chester and Delaware County is showcasing some intriguing trends that both buyers and sellers should know. Here’s a snapshot of the latest data and insights to help you navigate the real estate market this December and into the New Year.
Chester County: A Balanced Market
Chester County continues to hold strong as a desirable location for families, professionals, and retirees alike. With excellent schools, abundant green spaces, and a mix of urban and suburban neighborhoods, it remains a hotspot for buyers. Here are some key stats for December 2024:
Median Home Price: $522,875, reflecting a 4% increase from December 2023.
Average Days on Market (DOM): 31 days, up from 23 days in December 2023, indicating a slight slowdown in sales pace.
Inventory: 501 active listings in December 2024, a 21% decrease compared to 632 in December 2023, suggesting a tightening market.
Trends to Watch:
Increased Buyer Competition: Lower inventory levels have led to bidding wars in certain neighborhoods, particularly in Downingtown and West Chester.
Seasonal Price Stability: Despite the holiday season, sellers are holding firm on pricing due to steady demand.
Luxury Market Resilience: Homes priced over $1 million are seeing consistent interest, especially in Unionville and Chadds Ford.
Delaware County: Opportunities for Buyers and Sellers
Delaware County’s proximity to Philadelphia and its unique blend of suburban and urban amenities make it a competitive market. Here’s what’s happening this December:
Median Home Price: $344,762, representing a 4.7% increase over the past year.
Average Days on Market (DOM): 24 days in December 2024, up 16.4% from 20 days in December 2023, indicating homes are staying on the market longer.
Inventory: 501 active listings in December 2024, a 21% decrease from 632 in December 2023, pointing to reduced supply.
Trends to Watch:
Affordability Hotspots: Areas like Springfield and Media offer competitive pricing, attracting first-time buyers.
Sellers Holding the Advantage: With fewer homes listed compared to demand, sellers in desirable areas are receiving multiple offers.
Shift Toward Renovated Homes: Buyers are leaning toward move-in-ready properties, boosting demand for homes that require little to no updates.
What This Means for You
For Sellers: It’s still a strong time to list your home, even as the year comes to a close. With low inventory levels, motivated buyers are actively searching for properties that fit their needs.
For Buyers: Be prepared for competitive offers, particularly in sought-after neighborhoods. Working with a knowledgeable agent can help you move quickly and secure the home you want.
Need Help Navigating the Market?
Whether you’re buying, selling, or just exploring your options for 2025, our team is here to guide you every step of the way. With our expertise in Chester and Delaware County, we’ll help you make informed decisions and achieve your real estate goals.