“The key item of interest entering the fall selling season is inventory, specifically the lack thereof,” Michael Diggin of RE/MAX Town & Country in West Chester said in his quarterly update on the local housing market. “Right now, there’s an extremely low number of homes for sale.”
Nearby Chester County’s record-setting real estate performance is a classic example of supply and demand.
At the end of August, there were only 501 active listings for single-family homes across the entire county.
“Looking at a five-year average for this time frame, we would expect to see approximately 1,100 listings, more than double what we have in August 2021,” said Michael Diggin.
Consequently, the price of homes continues to climb.
In Chester County, the median price for homes sold in August reached $490,000, which represents a 14 percent increase from August 2020.
“Our local real estate market remains very dynamic,” Michael Diggin said. “Therefore, I suggest that both buyers and sellers work with experienced realtors to navigate how to maximize their value.”
