Introduction
The 2022 the median sales price ($466,480) was the highest in Chester County history, even when adjusting for inflation. The median sales price has increased by over $100,000 since 2019. As sales prices continue to rise, the number and percentage of lower price homes has decreased. Only 827 homes sold for under $250,000 in 2022, down by 3.3% from 2021. A household earning 100% Area Median Income ($109,969) could afford a house at around $350,000, and only 19% (1,928) of home sales were under this price in 2022. The number of sales in higher price ranges increased, with all ranges of $750,000 or more seeing a greater number of sales.
A smaller available housing stock created a sellers' market and contributed to the higher housing prices. In 2022, the number of sales (7,134) decreased from 2021 sales (9,049). New units were built in the county, but new stock remained lower than the previous level of construction in the county. From 2003 to 2012, a total of 24,012 new units were added compared to 17,948 from 2013 to 2022. In 2022, a total of 2,537 new units were constructed. The number of new attached and detached single family homes remained consistent from 2021 to 2022, but the number of new apartment units decreased by 61%.
The median sales price for new homes ($590,000) increased by $53,876 from 2021 to 2022. The median sales price for detached homes ($470,000) was higher than for attached style homes ($381,900). The median price for townhomes/twins has been rising significantly in the county, up to $415,000 in 2022.
For municipalities with ten or more sales, Easttown ($848,000) and Birmingham ($775,000) townships had the highest median sales prices in 2022, Coatesville ($111,100), and Parkesburg ($232,500) had 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, Easttown and Willistown. Tredyffrin Township had the greatest diversity of home sale prices for the third 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.