Introduction
In 2021, the number of sales (9,049) increased significantly from 2020 sales (7,532), to the highest number of sales since 2005. However, new home sales decreased by 36% from 686 to 578 new home sales. The County had the highest number of new units constructed since 2001, primarily due to new apartment development. A total of 3,743 units were constructed, and 9,049 homes sold in 2021. The construction of multi-family apartment units increased drastically from 615 in 2021 to 1,963 in 2022, far surpassing annual new apartment units built from 2010-2020.
The median home sale price continued to rise, from $340,000 in 2018 to $355,000 in 2019, then further increasing to $375,064 in 2020 and reaching a peak of $420,000 in 2021. The 2021 median sales price was the highest, including when adjusting for inflation, since the County began collecting housing data. The percentage of sales that were affordably priced at under $250,000 decreased from 23% in 2019 to 18% in 2020 then further to 15% in 2021. 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 sales price for new homes increased by $89,000 to $536,124, a significant change which caused the difference between median sales prices for new and all homes to increase to $116,124. Dettached units saw the greatest increase in median sales price, increasing by $75,100 from 2020 to $475,000 in 2021. Townhomes and Twins also had significant increases in median sales price, increasing by $65,540 from 2020 to $369,240 in 2021. Only apartments saw a decrease in median sales price, decreasing by $20,000 from 2020 to $235,000 in 2021. These changes in prices are likely partially due to demand for increased space caused to quarentines during COVID-19.
Newlin ($937,500) and Easttown ($850,000) townships had the highest median sales prices in 2021, Coatesville City ($110,000), and West Grve ($230,000) the lowest. The lower cost home sales were largely in the Coatesville, Phoenixville, East Goshen, and Downingtown/Exton areas. The highest priced sales predominantly occurred in Tredyffrin, Easttowsn and Willistown. Tredyffrin Township had the greatest diversity of home sale prices for the second year.
The Chester County Planning Commission completes an anual report of housing sales and construction based on data provided by the Chester County Assessment Office. Apartment buildings are considered built when fully assesed. Construction dates for apartment construction may be delayed by up to a year due to final assessment occuring after 50% occupancy and administrative delays. Due to the delays in data actual apartment numbers may differ from reported figures, the Chester County Planning Commission identified multiple apartment projects built in 2020 that were included in 2021 numbers, and believes a portion of 2021 apartment figures will be built in 2022.