Across the Philadelphia region, median sale prices rose in September, according to Long & Foster Real Estate’s Market Minute Report. Chester County experienced the greatest increase in median sale price with a 14% rise.
Units sold fell in most areas of the region, except for Montgomery County, which experienced a 3% increase and Delaware County, which remained unchanged. Inventory continued to fall throughout the region ranging from a 15% decline in Philadelphia County to a 24% dip in Bucks County.
“Although September was a good sales month for the market overall, Philadelphia continued to see challenges in inventory,” said Gary Scott, president of Long & Foster Real Estate. “And fewer homes on the market have led to fewer sales.”
Interest rates remain historically low, which is creating a great opportunity for many people to buy a home or refinance. “Finding an excellent real estate agent and mortgage consultant is key to helping you work through your options if you’re considering buying or refinancing,” Scott said. “Anyone considering a refinance should ask themselves a few questions first, such as, how long you plan to live in the property, how much will the refi cost, and is refinancing affordable.”
Scott also had some advice for first-time homebuyers. “Make sure you have a mortgage pre-approval, a great agent with experience in the neighborhood where you want to live, visit homes as soon as they go on the market, and be ready to make a quick decision,” Scott said. “If you really want the house and it’s in a lower price bracket, submit a strong offer. Trying to negotiate could put you at risk of losing the home to another buyer with a stronger offer.”