Welcome to my August real estate market report! In this monthly series, I examine the real estate market data, school district by school district, here in Chester County. This month’s real estate market report focuses on the Downingtown Area School District in central Chester County. The only school district of Chester County that doesn’t border another county, Downingtown Area School District is at the center of our region.
National headlines, averages, and talking points make for entertaining coverage, though do little to help you get a picture of real estate in your neighborhood. That’s where local, up-to-the-minute information really comes in, and this month, we’re pulling data directly from a trusted local source. Even this snapshot of a school district in our county casts a wide net. All the same, this picture can help build a foundation for those more focused comparisons and conversations with real estate agents.
This month’s real estate market data was put together by Lauren Davis at Tri-County Suburban Realtors, pulling data from the BrightMLS just like I have done in previous reports. Lauren has a very thorough presentation of the entire county, with everything from interactive graphs to .pdf downloads showing the most interesting market statistics from across our region. Check here for the county-wide and school district by school district breakdowns.
In this month’s market report, we start with a high-level overview of the month’s real estate market data before going into my practical advice for buyers and sellers. August in the Downingtown School District saw steady growth, with more inventory, more sales, at a higher price. Though inventory levels are still low and we’re still in a seller’s market, the real estate market is active and healthy in the heart of Chester County.
A Look at the Market
This month’s numbers show continuous growth in the Downingtown Area School District. Even so, when compared to the 5 year average, we’re still behind the curve when it comes to volume. Looking at new listings alone, we see the increase to 74 new listings last month is still far below the 5-year average of 95. Median sale price continues to increase, but every other metric shows there’s still less real estate transactions than usual.
Advice for Buyers
Expect to pay close to the asking price. While negotiation will always be part of real estate, that doesn’t mean the price is what’s being negotiated. Buyers planning to purchase in the Downingtown Area School District should have all their finances ready and preapproved before making any offers.
You should also have a list of other negotiable terms to bring to the table. From closing costs to flexible timelines, consider which parts of the process are most important to you. This is where having an experienced real estate agent on your side makes all the difference.
Advice for Sellers
Even though this is a seller’s market, that doesn’t mean you can list your home at any price and sell it in an instant. The data shows us that the average days on market has increased in the area, despite the consistently high demand. Those homes that aren’t priced correctly aren’t selling.
Competitive market analyses (CMAs) are a great way to analyze the pricing trends in your home’s area. Each home is unique, and it’s hard to know why any given property sold for the price listed in the public records. Concessions and other negotiated terms aren’t recorded, and in a market like this, it’s those negotiable terms that are the secret sauce in transactions.
Conclusion
The Downingtown School District is akin to the heart of Chester County. August brought this ever-popular area an increase in listings and inventory, though it still lags behind its 5-year average. After several years of volatile real estate (and world) conditions, we’re steadily working back towards the norm. With the recent Federal Reserve rate cut, will there be a resurgence of activity, or will inventory remain lacking?
Thank you for joining me for this month’s real estate market report! I hope you found this interesting and informative. Do you like the interactive graphs on Tri-County’s website? Do you miss seeing my graphs? Please let me know! I’d love to hear from you.
