It may feel like life is slowly returning to normalcy, however, the real estate market has yet to follow suit! We are truly living through one of the most historic markets to date. Some predicted that the market would change drastically in 2022, but the data has yet to exemplify a monumental shift. This month, we wanted to provide a market update by county from the city of Philadelphia to the suburbs and even to the Jersey Shore. Read on for a Q1 market update and please contact us to learn more about what’s happening with the real estate market in your neighborhood.
Bucks County
In Q1 2022, the average sales price dropped by almost $50,000 in Bucks County and the number of total sales increased by 64 compared to Q1 2021. Additionally, days on market increased from 22 to 28, year over year. It will be interesting to see what the data shows in this county, next quarter!
Chester County
The market is still hot in Chester County. In Q1 2022, the average sales price increased to $513,000 and days on market decreased to 24. Total sales decreased, which is most likely an indicator of low inventory.
Delaware County
The trend is upward across Delaware County. Total sales, average sales price, and days on market all increased from Q1 2021 to Q2 2022.
Montgomery County
Another county with low inventory! Total sales dropped from 2,219 in Q1 2021 to 2,063 in Q1 2022. Moreover, days on market also decreased from 30 to 26, year over year. The average sales price in Montgomery County for Q1 2022 is $430,000, an increase from Q1 2021.
Philadelphia County
Compared to its nearby suburban counties, it seems there is much more inventory available in Philadelphia County. 4,295 total sales occurred in 2021, while 4,195 occurred in 2022. The average sales price increased to $315,000, while days on market also increased to 45. When looking at the average days on market in Philadelphia County in comparison with its adjacent Suburban PA Counties, days on market is higher across Philadelphia County.
Cape May County and Ocean County
(Single Family Homes)
Buyers still have a strong desire to purchase homes in our South Jersey Shore towns! When looking at single family homes in both Cape May and Ocean Counties, inventory is low as total sales and days on market have both decreased from Q1 2021 to Q1 2022. Moreover, the average sales price increased, year over year.