Landlord Tips & Tricks

July 18, 2024

Chester, PA - Real Estate Market Overview 2025

Zoe Harper

Marketing

In the past year, Chester, PA's real estate market has been busy growing. By April 2024, total sales hit a whopping $391,958,797¹. This jump is thanks to a 10.65% rise in homes sold from last year¹. Yet, the median home price dropped a bit to $520,000, a 0.29% decrease¹. Here, we share key market facts and figures, helping buyers and sellers get a clear picture of Chester's property scene.

Key Takeaways

Median Listing Price: Come June 2024, the median price for homes in Chester was $649,900. That's up by 2.59% from the year before¹.
Median Days on Market: Homes sold faster, staying on the market for just 29 days in June 2024. That’s 8.5 days fewer than the previous year¹.
Market Hotness: With a score of 81.5 in June 2024, Chester's market was lively¹.
Active Listings: Listings rose by 10.42%, reaching 551 in June 2024¹.
New Listings: Even with a bustling market, new listings saw a 6.42% drop with 612 homes in June 2024¹.
Total Sales Value: April 2024 showed sales hitting $391,958,797 in Chester, PA¹.

For those interested in a deeper dive, the full report provides more insights and figures on Chester, PA's real estate market.

Current Real Estate Trends in Chester, PA

The real estate market in Chester, PA, has changed a lot in the last year. These changes show how quickly the area's housing can evolve.

Median Home Prices

As of May 2024, the median home price in Chester, PA is $114,000. This is a big jump of 38.6% from the year before². It shows a growing demand and how competitive the market is in Chester, PA.

Selling Trends

Homes in Chester, PA, are selling fast, usually in about 30 days². This quick sale time shows there are consistently people wanting to buy. Now is a good time for anyone looking to purchase a home in Chester, PA. In this market, real estate agent fees are generally between 5-6% of the sale price².

Sellers in Chester should also think about other costs. These might include home inspections, repairs, and making the home look great for buyers². Knowing about these trends can help both buyers and sellers make better decisions.

Historical Comparison

Looking at the past data, we see prices have gone up and homes take a bit longer to sell than before². This look back is key to understanding Chester, PA's real estate trends. A steady market growth and increasing population mean more people want homes here³. These factors keep pushing the real estate trends upward in Chester, PA³.

Chester, PA Homes for Sale

The Chester, PA real estate market is bustling with options. We saw 88 homes listed in June 2024, a 7.3% jump⁴. This growth signals a lively market. Three-bedroom homes were especially popular, showing the biggest increase in listings⁴.

Homes in Chester range widely in price. You can find properties from $57,000 up to $315,000. This range makes it easy for many buyers to find something within their budget⁴. Compared to other types, townhouses are the most common, showing their popularity in Chester⁴.

Leading real estate firms are very active here. Keller Williams, Prosperity Real Estate, and SCOTT REALTY GROUP list many properties⁴. Their efforts keep the Chester real estate market varied and exciting⁵.

Top-notch schools like Stetser El School and Widener Partnership CS draw families to Chester⁵. The importance of education in homebuying decisions makes Chester a great pick for families⁶. With townhouses and single-family houses available, there's something for everyone⁶.

Overall, Chester offers great real estate opportunities. A strong selection and active firms create a competitive market. The demand for 3-bedroom homes and more listings show this market's health⁴.

Market Conditions: Is it a Buyer's or Seller's Market?

In Chester, PA, it's clear we're seeing a strong seller's market. Home prices jumped by 9.6% compared to last year, reaching a median of $460,000 in March⁷. Homes are also selling much faster, in just 17 days on average, a big drop from 28 days previously⁷. This fast pace shows the market's high demand and competition for homes in Chester, PA⁸.

Key Takeaways

The *buyer's or seller's market Chester PA* leans heavily towards sellers because there aren’t enough homes and lots of people want to buy.
Home prices rose by 5.4% last year, indicating sellers are getting more confident⁸.
In Pennsylvania, 39.8% of homes sell for more than their list price, showing buyers are willing to pay extra⁸.

Influencing Factors

Here are some reasons why the Chester, PA market is the way it is:

Limited Inventory: There were only 398 homes available in March, down from 705 in 2021⁷. Fewer homes means more competition and higher prices.
Economic Indicators: With home values going up by 6.6% and almost every home selling at list price, it's clear sellers are in a good spot⁹ ⁸.
Buyer Behavior: Sometimes, homes sell for 20% more than their asking price because buyers are eager⁷.

The situation in Chester, PA, definitely favors sellers right now. With not enough homes for all the interested buyers, sellers are enjoying the upper hand in this market.

Chester, PA Property Market Analysis

The Chester, PA property scene is lively and promising. In June, buyers picked up 592 units, showing the area's strong appeal¹⁰. There were 672 homes up for grabs, giving people lots of choices¹⁰. The median sale price jumped to $565,000, a big move¹⁰.

Homes were selling fast, with an average time of 17 days on the market¹⁰. Even with quick sales, over 40% of homes went for less than their listing price. This means some buyers found good deals. The ratio of sold to list price was impressive at 103.4%¹⁰.

Looking at changes from June 2023 to June 2024, there was a slight dip in units sold by 5%¹⁰. But, the number of homes for sale ticked up by 1%¹⁰. Meanwhile, the median sale price climbed by 6%, indicating homes are getting pricier¹⁰.

New listings hit 628 in June, keeping the market fresh¹⁰. With 575 homes under contract, it's clear buyers and sellers are busy. The supply for June was scarce at just 1.1 months, pointing to a competitive scene¹⁰.

This full look at Chester's housing market shows it's both tough and inviting. The numbers are a great guide for anyone looking to buy or invest here.

Chester, PA Housing Market Statistics

The Chester PA housing market shows a lively and changing real estate world. Several key things shape it.

Number of Homes Sold

Last year, property sales in Chester PA were stable. This stable sales number month by month shows strong demand for homes here.

Days on Market

The average time to sell a home in Chester, PA, went up. Now it takes about 34 days compared to 27 days last year¹¹. This extra week hints the market is slowing down a bit. Yet, homes in Chester, PA, still sell fairly quickly compared to other areas.

Price per Square Foot

In Chester, PA, the typical price per square foot is $86⁹. The median sale price here is $116,000⁹. These numbers show Chester's housing market is affordable and has good prices. It's strong and appealing for buyers and investors.

In Chester County, the median home sale price is $565,000. The sale to list price ratio is 103.4%, showing a market favoring sellers¹¹. For deeper insights, check out this market overview.

Average Property Values in Chester, PA

Exploring average property values in Chester, PA, shows interesting patterns. The city's real estate market is diverse, with row houses and apartment complexes. It reflects building trends from the 1940s to the 1960s. The vacancy rate is 14.3%¹².

Let's see how the value changes with the number of bedrooms in homes.

1-Bedroom Homes

1-bedroom homes in Chester, PA, have stable demand. Their size and price appeal to singles or couples.

2-Bedroom Homes

Values for 2-bedroom homes in Chester, PA, rose by 19.6%. Their average value is now $94,500¹². This indicates a growing attraction for young families and first-time buyers.

3-Bedroom Homes

Three-bedroom homes balance space with affordability. They are popular among families. This has led to steady value growth over time.

4-Bedroom Homes

4-bedroom homes saw a 15.6% price drop recently¹². But, they still draw families wanting more room. This drop suggests they might increase in value later.

5+ Bedroom Homes

Homes with 5 or more bedrooms jumped 19.7% in value., reaching $182,500¹². This shows high demand for larger homes for big families or several generations.

For more about Chester PA's property values, check out Neighborhood Scout’s real estate insights ¹².

Comparison of Chester, PA with Nearby Cities

When we look at real estate in Chester, PA and compare it with nearby places, there are clear differences. Chester, Upland, and Chester Township each have their own market trends. By looking at real estate in Chester PA vs Upland PA, Chester Township, and Delaware County, we can see these unique aspects.

Upland

Upland Borough is part of Chester. It has a mix of single-family and multi-family homes. This attracts buyers and renters alike. Upland saw a significant 7.6% increase in median home prices. In comparison, Chester had a 5.4% rise¹³. This makes Upland an attractive option for property investments.

Chester Township

Chester Township, on the other hand, saw a 7.4% drop in median home prices¹³. Yet, the outlook remains positive. Its home value is expected to grow by 6-8% annually¹³. This suggests Chester Township could be a wise choice for long-term investors.

Delaware County

In Delaware County, Chester stands out with a 5.4% boost in median sold prices. This is higher than the county's average¹⁴. The strong rental market in Upland adds to the area's attractiveness. Looking at Chester, Upland, and Chester Township gives investors a detailed view of Delaware County's varied opportunities.

Buying a Home in Chester, PA

Buying a house in Chester, PA gives you many choices. You can choose a lively city vibe or a peaceful suburban life. The Chester PA real estate guide helps with your decision-making.

Popular Neighborhoods

Chester, PA, has many well-liked neighborhoods, each with its own appeal. Places like Highland Gardens and Eddystone are popular. They are near important amenities, schools, and fun places.

In June 2024, Chester County's real estate saw a big change. Median home prices rose to $565,000, a 6.6% increase from the previous year. This shows the high value of homes in these areas Chester County¹⁵. This info is key when picking where to live.

Amenities and Services

Considering amenities and services is crucial when buying in Chester, PA. There are shopping centers, parks, and good public transport. The guide points out local attractions like the Chester Renaissance Festival and historic sites.

There were 623 new listings in Chester County in June 2024. This shows ongoing interest and a strong property market¹⁶. Buyers should look closely at amenities and services to make smart choices.

The real estate market in Chester, PA, is lively. Home values are rising, and there are always new listings. The Chester PA real estate guide is great for insights and keeping up with market trends¹⁶.

Top Real Estate Agents in Chester, PA

Finding great real estate agents in Chester, PA, can make a big difference in how well your property deal goes. The area's best realtors bring a wealth of experience, ranging from 4 to 37 years. This ensures they know the local market inside and out¹⁷. They have also proven to be successful in closing deals. On average, these agents have completed 118.5 transactions in the past three years. The number of deals they've managed ranges from 1 to 336¹⁷.

The financial strength of Chester's top real estate agents is clear from their sales figures. On average, these top performers sold $20.2M worth of property last year. The best among them reached sales of up to $89M. This shows they're skilled in handling big transactions¹⁷. In terms of property prices, they work with properties averaging $395.8K. The highest average price they deal with is $557.3K, and the lowest is $266.9K¹⁷. These figures show they can work across different market segments.

Christopher Carr from HomeZu by Simple Choice stands out in Chester, PA. He reached an impressive sales volume of $113,389,619, making him a leading agent in the region¹⁸. The top five agents show sales from $49,895,750 to $113,389,619. This highlights just how competitive the market is¹⁸. These numbers emphasize why it's important to pick top realtors in Chester, PA. They have the deep experience and market influence needed to secure the best results for their clients.

FAQ

What is the current median home price in Chester, PA?

The median house price in Chester, PA is $113,500 as of May 2024. This is up 38.6% from last year.

How long do homes typically stay on the market in Chester, PA?

On average, homes in Chester, PA are listed for 30 days before they are sold.

How many homes were sold in Chester, PA in the past year?

Over the last year, 20 homes were sold in Chester, PA. This is a tiny uptick from 18 the year before.

Is Chester, PA currently a buyer's or seller's market?

Chester, PA is a seller's market now. The demand is high which makes prices go up. Often, homes sell for more than the listed price.

What factors are influencing the real estate market in Chester, PA?

The real estate market in Chester, PA is shaped by competition, economic signs, and more people wanting to buy than there are homes available.

How have property values changed in Chester, PA over the past year?

Property values in Chester, PA have gone up significantly. The median home price increased by 38.6% from the previous year. While prices for two-bedroom homes rose by 19.6%, four-bedroom homes saw a decrease.

What are the average days on the market for homes in Chester, PA?

In June 2024, homes in Chester, PA stayed on the market for an average of 34 days. This is longer compared to 27 days the year before.

How do Chester, PA property values compare to nearby cities?

Property values in Chester, PA are doing better than some nearby places. Upland saw a 7.6% increase, while Chester Township's values dropped by 7.4%.

What types of homes are available for sale in Chester, PA?

Chester, PA has a wide variety of homes for sale. This includes properties with 1 to 5+ bedrooms, each with different styles to match what you're looking for and what you can afford.

Who are some of the top real estate agents in Chester, PA?

Top real estate agents in Chester, PA are the ones who know the most about the local market. They offer valuable advice and help their clients get good deals.