Compass Q2 Market Report
Since the start of Covid-19, the real estate market has provided a wide range of both challenges and opportunities. The best way to overcome obstacles is to be solutions driven and keep striving for what you really want! Before jumping to any conclusions when embarking on your next home journey, take a look at the data to see what makes the most sense for you.
Overall, this year’s market in Q2 was very different from last year. Across Philadelphia and its surrounding counties, there were far less sales in Q2 2022 than Q2 2021. For a deeper dive into the current state of the real estate market across some of the area’s most desirable counties and neighborhoods, keep reading.
Supply is still low and demand is still high in Bucks County! Compared to Q2 2021, there were far less sales and days on the market decreased further in Q2 2022. Also, average sales price increased from $476,000 to $529,000. Click here to learn more.
Days on the market are extremely low in Chester County, averaging just 13 in Q2 of 2022! Similar to Bucks County, average sales price increased from $506,000 to $548,0000. Compared to its other surrounding counties, Chester County had the least amount of total sales and the least amount of days on market this past quarter, meaning this area is highly desirable for buyers. Click here to learn more.
Last year in Q2 of 2021, Delaware County experienced 2,224 total sales. This year in Q2 of 2022, the area had less sales, totaling 1,920. Average sales price increased, while days on market decreased by one year-over-year. Click here to learn more.
Another suburban area with listings experiencing a low amount of days on market and less total sales! Additionally, the average sales price increased from $444,000 in Q2 of 2021 to $482,000 in Q2 of 2022. Click here to learn more.
Similar to its surrounding suburban towns, days on market and the total number of sales in Philadelphia County were less in Q2 2022 compared to Q2 2021. Moreover, the average sales price slightly increased year-over-year from $336,000 to $352,000. There were 5,267 total sales this past quarter, which remains significantly higher than the other surrounding counties reviewed in this quarter’s market report. Click here to learn more.
Cape May and Ocean Counties
Another desirable place to call home! When looking at the average sales price amongst single family homes in both Cape May and Ocean Counties, prices are up by over $100,000 in Q2 2022 compared to Q2 2021. Also the total number of sales has decreased in both counties, serving as a true testament to the low amount of inventory in this region. Click here to learn more.
As 2022 continues on, we’ll continue to provide you with updates on what’s happening within the market. Please contact our team for more details.