The Long & Foster Market Minute

Focus On: Chester County Housing Market March 2021

Units Sold
563
Active Inventory
565
Median Sale Price
$416,280
Days On Market
27
Up 1%
Vs. Year Ago
Down -62%
Vs. Year Ago
Up 17%
Vs. Year Ago
Down -51%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 563 sold this month in Chester County Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 938 units or 62%. The total number of active inventory this March was 565 compared to 1,503 in March 2020. This month's total of 565 is lower than the previous month's total supply of available inventory of 592, a decrease of 5%.

Median Sale Price
Last March, the median sale price for Chester County Homes was $355,000. This March, the median sale price was $416,280, an increase of 17% or $61,280 compared to last year. The current median sold price is 7% higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
867
Current Contracts
770
Sold Vs. List Price
100.6%
Months of Supply
1.0
Up 11%
Vs. Year Ago
Up 48%
Vs. Year Ago
Up 1.8%
Vs. Year Ago
Down -63%
Vs. Year Ago

Months of Supply
In March, there was 1.0 months of supply available in Chester County, compared to 2.7 in March 2020. That is a decrease of 63% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 867 homes newly listed for sale in Chester County compared to 780 in March 2020, an increase of 11%. There were 770 current contracts pending sale this March compared to 519 a year ago. The number of current contracts is 48% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Chester County was 100.6% of the average list price, which is 1.8% higher than at this time last year.

Days on Market
This month, the average number of days on market was 27, lower than the average last year, which was 55, a decrease of 51%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.