In 2019 new home construction and number of sales were largely consistent with 2018 sales and construction. A total of 1,409 units were constructed, and 7,337 homes sold in 2019. However, the median home sale price continued to rise, from $340,000 in 2018 to $355,000 in 2019. Although approximately one quarter of sales were affordably priced at under $250,000, the percentage of sales in this range decreased from the previous year. The increase in median home sale price combined with the decrease in home sales under $250,000 indicates a decrease in affordably priced homes in Chester County.
The median home sale price varied drastically by type of house. The median home sale price for new homes was almost $100,000 higher at $454,936 than compared to all home sales with a median home sales price of $355,000. Similarly, single family dettached units drove up the total median home sale price. Dettached units had a median home sale price of $399,900, compared to $303,700 for townhomes, and $205,000 for twins.
The construction of multi-family apartment units was low compared to previous years. Over 650 apartment units were constructed annualy from 2015 through 2017, compared to 116 in 2018 and 221 in 2019. An increase in townhome units constructed in 2018 and 2019 caused the total numbers of new units constructed to remain constant. The number of apartment units is expected to increase in 2020 due to multiple projects currently completed or in the pipeline.
Newlin ($700,000) and Easttown ($655,000) townships had the highest median sales prices in 2019, Coatesville ($110,000, and South Coatesville ($175,000) the lowest. The lower cost home sales largely in Coatesville area, Phoenixville, Tredyffrin, East Goshen, and Downingtown/Exton area. The higest priced sales predominantly occurring in Easttown, Tredyffrin, Charlestown, and Willistown. Tredyffrin Township had the greatest diversity of home sale prices.