Pandemic Triggers Record Sale of Million-Dollar Homes in Region

This home on Sugartown Road in Paoli is on the market for $1.4 million.

One side effect of the stay-at-home pandemic is that people are willing to pay a higher price for homes that have space, writes Brian McCrone for NBC 10.

That, coupled with low inventory and low interest rates on mortgages, means it’s a sellers’ market right now, with million-dollar homes a hot commodity in the suburban Philadelphia market.

Million-dollar home sales have been at record levels in the three months ending Sept. 30, according to a report from Kevin Gillen of Drexel University’s Lindy Institute for Urban Studies.

Million-dollar home sales set a record of 470, jumping to the highest total ever in the third quarter of 2020.

There’s also high demand for pools and tennis courts, he said.

“If you want to get a pool installed on the Main Line, there is an 18-month waitlist,” Gillen said. “That’s how much demand is there.”

Realtor Kim Devereux of Keller Williams Brandywine Valley in West Chester said she’s seeing city dwellers who don’t want to be on top of each other.

Couples also want homes with two offices because both are working from home.

To see the full report, click here.

To find out more, check out the story at NBC 10.

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