The Long & Foster Market Minute

Focus On: West Chester Housing Market October 2022

Zip Code(s): 19382, 19380 and 19395
Units Sold
95
Active Inventory
112
Median Sale Price
$525,000
Days On Market
17
Down
Vs. Year Ago
Down -19%
Vs. Year Ago
Up 8%
Vs. Year Ago
Up 21%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in October, with 95 sold this month in West Chester Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 26 units or 19%. The total number of active inventory this October was 112 compared to 138 in October 2021. This month's total of 112 is lower than the previous month's total supply of available inventory of 117, a decrease of 4%.

Median Sale Price
Last October, the median sale price for West Chester Homes was $484,050. This October, the median sale price was $525,000, an increase of 8% or $40,950 compared to last year. The current median sold price is 10% lower than in September.

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


New Listings
98
Current Contracts
90
Sold Vs. List Price
101.4%
Months of Supply
1.2
Down -36%
Vs. Year Ago
Down -38%
Vs. Year Ago
No Change
Vs. Year Ago
Up 27%
Vs. Year Ago

Months of Supply
In October, there was 1.2 months of supply available in West Chester, compared to 0.9 in October 2021. That is an increase of 26% 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 98 homes newly listed for sale in West Chester compared to 152 in October 2021, a decrease of 36%. There were 90 current contracts pending sale this October compared to 146 a year ago. The number of current contracts is 38% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in West Chester was 101.4% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 17, higher than the average last year, which was 14, an increase of 21%.

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.