Is West Chester, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, West Chester has remained a Seller's Market.
Key Takeaway
West Chester is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in West Chester, PA
How much do homes in West Chester, PA cost?
Median Sold Price
$560,071
$252/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in West Chester have sold for 6.7% more than they did a year ago.
Summary: The median home sold price in West Chester was $560,071 in May 2024, up 6.7% from last year, and the median price per square foot was $252.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $225K | $229K | +1.8% |
| 2 Bedrooms | $352K | $362.5K | +3.0% |
| 3 Bedrooms | $480K | $520K | +8.3% |
| 4 Bedrooms | $640K | $711K | +11.1% |
| 5+ Bedrooms | $914K | $960K | +5.0% |
Summary: West Chester housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.8%, 2 bedroom homes increased by 3%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes increased by 5%.
Median Sold Price Compared To Nearby Cities
| West Chester | $525K | $560K | +6.7% |
| West Goshen Township | $559.9K | $591K | +5.6% |
Housing Supply in West Chester, PA
How many homes are available in West Chester, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 255 | 301 | +18.0% |
Summary: The West Chester real estate market had 301 homes for sale in May 2024, a 18.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 9 | 6 | -33.3% |
| 2 Bedrooms | 36 | 28 | -22.2% |
| 3 Bedrooms | 81 | 97 | +19.8% |
| 4 Bedrooms | 91 | 119 | +30.8% |
| 5+ Bedrooms | 38 | 51 | +34.2% |
Summary: The West Chester housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes decreased by 22.2%, 3 bedroom homes increased by 19.8%, 4 bedroom homes increased by 30.8%, and 5+ bedroom homes increased by 34.2%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 76 | 57 | -25.0% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
37 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in West Chester, you could pay more than the asking price. 64.9% of homes here sold above asking price last month.
Summary: A total of 57 homes were sold or pending in West Chester in May 2024, down by 25.0% month-over-month. Of the 57 sold homes, 19% were sold under asking, 16% were sold at asking, and 65% were sold over asking.
Days on Market for West Chester, PA
How long does it take to sell a home in West Chester, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 13 Days | 14 Days | +8.4% |
Summary: Homes in West Chester had an average of 14 days on market in May 2024, up by 8.4% compared to last year.
Breakdown of Home Sale Times
49 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in West Chester are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 57 homes were sold in West Chester; 86% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
