Introduction
The 2023 the median sales price ($492,000) was the highest in Chester County history, even when adjusting for inflation. The median sales price has increased by nearly $150,000 since 2019. As sales prices continue to rise, the number and percentage of lower price homes has decreased. Only 462 homes sold for under $250,000 in 2023, down by 3.1% from 2022. A household earning 100% Area Median Income ($118,574) could afford a house at around $350,000, and only 23% (1,237) of home sales were under this price in 2023. The number of sales in higher price ranges increased, with all ranges of $500,000 or more seeing a greater number of sales.
With increased mortgage rates, many sellers chose to remain in their current homes instead of selling. This created a smaller available housing stock and a sellers' market, and contributed to the higher housing prices. In 2023, the number of sales (5,439) decreased from 2022 sales (7,134). New home construction slowed in 2023. From 2004 to 2013, a total of 21,978 new units were added compared to 18,335 from 2014 to 2023. In 2023, a total of 1,637 new units were constructed. The number of new units decreased across all housing types (single-family detached, single-family attached, and multi-family), with a total decrease of 35%.
The median sales price for new homes ($596,938) increased slightly by $6,938 from 2022 to 2023. The median sales price for detached homes ($552,815) was higher than for attached style homes ($410,000). The median price for townhomes/twins has been rising significantly in the county, up to $439,233 in 2023.
For municipalities with ten or more sales, Easttown ($844,500) and Newlin ($830,000) townships had the highest median sales prices in 2023, Coatesville ($130,000), and Parkesburg ($249,900) had the lowest. The lower cost home sales were largely in the Coatesville, East Goshen, Tredyffrin, and Phoenixville areas. The highest priced sales predominantly occurred in Tredyffrin, West Goshen, and Easttown. Tredyffrin Township had the greatest diversity of home sale prices for the fourth year.
The Chester County Planning Commission completes an annual report of housing sales and construction based on data provided by the Chester County Assessment Office. Apartment buildings are considered built when fully assessed. Construction dates for apartment construction may be delayed by up to a year due to final assessment occurring after 50% occupancy and administrative delays. Due to the delays in data actual apartment numbers may differ from reported figures.
Methodology
This report displays sales prices at the county and municipal level. Home prices are represented as median values. The median sales price is the middle figure of all sales. Average prices are not used because extremely high and/or low prices tend to misrepresent true housing values.
The data in this report represent housing types including newly built and existing single family detached, twins, townhouses, and apartments. Some transactions, including duplicate and $1.00 sales, are not included because they would misrepresent actual housing costs. Mobile homes are not included because the data are not comparable to other housing sales. Rental costs are not included.
Sources: The data for this report were obtained from the Chester County Department of Assessment. Median costs and other figures were calculated by the Chester County Planning Commission.