The Long & Foster Market Minute

Focus On: West Chester Housing Market February 2023

Zip Code(s): 19382, 19380 and 19395
Units Sold
Active Inventory
Median Sale Price
Days On Market
Down -33%
Vs. Year Ago
Up 45%
Vs. Year Ago
Down -9%
Vs. Year Ago
Down -32%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in February, with 42 sold this month in West Chester Real Estate versus 51 last month, a decrease of 18%. This month's total units sold was lower than at this time last year, a decrease of 33% versus February 2022.

Active Inventory
Versus last year, the total number of homes available this month is higher by 29 units or 45%. The total number of active inventory this February was 93 compared to 64 in February 2022. This month's total of 93 is lower than the previous month's total supply of available inventory of 94, a decrease of 1%.

Median Sale Price
Last February, the median sale price for West Chester Homes was $550,000. This February, the median sale price was $501,000, a decrease of 9% or $49,000 compared to last year. The current median sold price is 4% higher than in January.

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

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Down -13%
Vs. Year Ago
Down -16%
Vs. Year Ago
Up 0.8%
Vs. Year Ago
Up 117%
Vs. Year Ago

Months of Supply
In February, there was 2.2 months of supply available in West Chester, compared to 1.0 in February 2022. That is an increase of 118% 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 91 homes newly listed for sale in West Chester compared to 105 in February 2022, a decrease of 13%. There were 82 current contracts pending sale this February compared to 98 a year ago. The number of current contracts is 16% lower than last February.

Sale Price to List Price Ratio
In February, the average sale price in West Chester was 101.6% of the average list price, which is 0.8% higher than at this time last year.

Days on Market
This month, the average number of days on market was 19, lower than the average last year, which was 28, a decrease of 32%.

The Long & Foster Market Minute West Chester are defined as properties listed in zip code/s 19382, 19380 and 19395.
*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.