Report: Region has 49 of 50 most expensive Pa. housing markets
High costs start on Main Line but include zip codes throughout Bucks, Chester, Delaware, Montgomery and Philadelphia counties
While Main Line communities topped the charts of Pennsylvania’s most expensive zip codes for home buyers and sellers in a recent survey, many suburban and Philadelphia markets are in the Top 50 for the state as well.
In Bucks County, zips for New Hope, Washington Crossing, Newtown, Richboro, Doylestown, Furlong, Jamison, Warrington, Pipersville, Fountainville and Morrisville are on the list compiled by PropertyShark. com, an online real estate data provider. The survey compiled median sale prices from June 2016 to July 2017.
In Chester County, areas on the Main Line and outside of it are on the list, including Berwyn, Devon, Malvern, Chester Springs, Landenberg, Glenmoore, West Chester, Exton, Avondale and Lincoln University.
In Delaware County, Villanova topped the overall list with a median sale price of more than $1 million, followed by Haverford, Wayne, Chadds Ford, Glen Mills and Newtown Square.
In Montgomery County, Main Line-located Gladwyne was second overall on the list, followed by Merion Station, Bryn Mawr, Fort Washington, Wynnewood, Narbeth, Blue Bell, Bala Cynwyd, Dresher, Flourtown, Lafayette Hill, Huntingdon Valley, Ambler, Colmar and Plymouth Meeting.
Philadelphia boasts the highest number of expensive zip codes – five – of any Pennsylvania city, PropertyShark.com said in reporting its results. All of Pennsylvania’s top 50 most expensive zip codes feature median sale prices above the national average, PropertyShark added.
In all, the five-county Philadelphia region had 49 of the 50 most expensive zip codes in Pennsylvania. Presto, in Allegheny County, is number 23 on the list with a median sales price of $414,000.
John J. Zwirzina III, president and CEO of Chester County REIA & National REIC, organizations made up of real estate professionals, said PropertyShark’s numbers are in line with the residential market he sees, using Chester County as an example of the region’s strength.
“Chester County home prices are rising just as they are in every desired market,” Zwirzina said in an email. “We invest a lot in West Palm Beach, Florida. And their home values are back at what they once were before the collapse. I just think Chester County will continue to be stable and never fall hard like it did in south Florida and elsewhere because of our school districts being what they are, and all of the thriving large businesses we have here ... I think the market will top off here now. But I don’t think Chester County will decline anytime soon, if ever.”
The good news for the region’s home sellers continued for the most part into July, as two real estate firms reported increased sales in the region based on data they compiled from the Multiple Listing Service, or MLS.
Looking at the fivecounty Philadelphia region, there was a slight increase in home sales of 1.8 percent from July 2016, according to the July HomeExpert Market Report from Berkshire Hathaway HomeServices Fox & Roach.
Delaware County showed the highest increase of 6.4 percent, with 712 properties sold in July compared to 669 in July 2016. Next highest increase was Bucks County’s 4.9 percent increase. Montgomery County’s had a 3.6 percent increase, from 1,176 in July 2016 to 1,218 in 2017. Chester County sales, meanwhile, decreased from 735 in July 2016 to 707 this July, down 3.8 percent and off 14.3 percent from July 2015. Philadelphia’s sales were also down, .5 percent, year over year.
Prices for the five counties were up 6.2 percent, with a median of $267,500. Chester County saw the highest median price at $350,000 while Philadelphia saw the largest increase year over year in July at 11.9 percent.
The overriding concern for those in the region’s real estate business is the lack of inventory.
“While many feel optimistic about the U.S. economy as a whole, the issue of low inventory continues to curb the efforts of many who are in the market to buy a home, including homebuyers in the Philadelphia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies, which also put out a July report. “The good news is that new home construction has been gradually but steadily increasing, which should help provide some relief, and mortgage rates remain low as we head toward the end of summer.”