Your Q1 Market Update

While we may feel like we’re slowly returning to normalcy in our everyday lives, the real estate market has yet to follow suit! Innovating daily, we are witnesses of one of the most unique and dynamic markets to date. 

From the city of Philadelphia to the suburbs, it’s always powerful to take note of trends happening in our local market. Here is our Q1 market report, which provides insight into what the real estate market has really been like amongst our area’s most desirable counties and neighborhoods. Read on to discover a real estate market recap, broken up by county.

Philadelphia County

When comparing the Q1 2022 market with Q1 2021 in Philadelphia County, data remains very similar. Around this time last year, days on market averaged 44, while this year it is averaging 45. The average sales price has slightly increased from $304,000 in 2021 to $315,000 in 2022. There were 100 more sales in Q1 of 2022 than in Q1 2021. Across Philadelphia County, the market is likely feeling very similar this year as it did last year.

Bucks County

Is there a slight shift happening in the market across Bucks County? While the number of sales increased from 2021 to 2022, the average sales price actually decreased from $473,000 in 2021 to $433,000 in 2022. Additionally, days on market slightly increased from 22 in 2021 to 28 in 2022. It will be very interesting to take a look at the Q2 market stats in Bucks County, next quarter!

Chester County

The market is still hot across Chester County! In Q1, the average sales price rose from $459,000 to $513,000, year-after-year. Additionally, days on market dipped from 31 in 2021 to 24 in 2022. The number of sales decreased from 1,490 to 1,300, but this is most likely due to limited inventory and supply. Demand is definitely high in this area.

Delaware County

Total sales, days on market, and the average sales price have all increased in Q1 of 2022 compared to Q1 of 2021. The total amount of sales was 1,556, days on market was 29, and average sales price was $361,000. This county is definitely desirable to buyers and offers easy access to both Delaware and the city of Philadelphia.

Montgomery County

Demand shows no signs of slowing down in Montgomery County. Supply is definitely limited as we saw total sales drop from 2,219 in 2021 to 2,063 in 2022. Average sales price increased from $412,000 to $430,000 year-after-year. Moreover, days on market dropped from 30 in 2021 to 26 in 2022. In this region, sellers have a strong advantage over buyers.

To learn about how we can leverage today’s market to make the most of your next purchase or sale, connect with our team today.