Is Chester, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Chester was a Seller's Market.
Key Takeaway
Chester is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Chester, PA
How much do homes in Chester, PA cost?
Median Sold Price
$116,833
$86/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Chester have sold for 16.8% more than they did a year ago.
Summary: The median home sold price in Chester was $116,833 in May 2024, up 16.8% from last year, and the median price per square foot was $86.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $89.9K | - | N/A |
| 2 Bedrooms | $75K | $98K | +30.7% |
| 3 Bedrooms | $95K | $117K | +23.2% |
| 4 Bedrooms | $140K | $140.5K | 0.4% |
| 5+ Bedrooms | $152.5K | $180K | +18.0% |
Summary: Chester housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 30.7%, 3 bedroom homes increased by 23.2%, 4 bedroom homes increased by 0.4%, and 5+ bedroom homes increased by 18%.
Median Sold Price Compared To Nearby Cities
| Chester | $100K | $116.8K | +16.8% |
| Upland | $172K | $185K | +7.6% |
| Chester Township | $135K | $125K | -7.4% |
Housing Supply in Chester, PA
How many homes are available in Chester, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 87 | 109 | +25.3% |
Summary: The Chester real estate market had 109 homes for sale in May 2024, a 25.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 11 | 13 | +18.2% |
| 3 Bedrooms | 64 | 80 | +25.0% |
| 4 Bedrooms | 7 | 10 | +42.9% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The Chester housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 18.2%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 42.9%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 16 | 12 | -25.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Chester, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in Chester in May 2024, down by 25.0% month-over-month. Of the 12 sold homes, 25% were sold under asking, 25% were sold at asking, and 50% were sold over asking.
Days on Market for Chester, PA
How long does it take to sell a home in Chester, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 32 Days | 49 Days | +54.4% |
Summary: Homes in Chester had an average of 49 days on market in May 2024, up by 54.4% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Chester are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 12 homes were sold in Chester; 58% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
