Welcome to my September 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 Tredyffrin/Easttown School District in northeast Chester County. This region encompasses Valley Forge and the historic last stop on the Main Line, and is steeped in the traditions and history from the founding of our nation through the industrial revolution and into the modern era.
National headlines, averages, and talking points make for entertaining coverage, but often fall flat when it comes to capturing your neighborhood’s unique character. That’s where local, real-time information really comes in, and 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.
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.
Data Source
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 did with last year’s 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.
A Look at the Market
This month’s numbers for the T/E School District highlight how much it stands out compared to the rest of the county. The story starts with the median sale price being well above the rest of the county and continues from there. Almost every metric, from new listings to attached unit sales, bucks the trends seen across Chester County, and this fall is shaping up to have plenty of real estate opportunities in the T/E School District!
A connection between rural Chester County and the bustle of Philadelphia, the T/E School District blends the trends of the big city with the pacing of agrarian living. This melding applies to its real estate market, from the prominence of more modern attached homes to the manors of our nation’s historic figures. For those who want to be able to work and play in Philadelphia and come home to the quiet of Chester County, the T/E School District has you covered.
Advice for Buyers
If you’re looking to buy a home in the T/E School District this fall, be ready for stiff competition, plenty of sifting, and fierce negotiations. Even with inventory increasing in the T/E School District, it was catching up from a very active August. Still, enough homes have sat unsold to push the average Days on Market (DOM) to nearly 4 weeks.
All this competition means it’s still important for buyers to be prepared. From hunting for homes to the negotiating table, buyers who have all their ducks in a row will have better luck than those who fly by the seat of their pants. It’s always better to know what you will and won’t budge on before arriving at the negotiating table. A good REALTOR® will help you clearly identify these points, and more, before you even start talking with sellers.
Advice for Sellers
While it remains a seller's market, that doesn't guarantee homes will sell in a weekend. The average DOM is nearly a month in the T/E School District, a clear slowdown from the frenzy we’ve seen these past few years. The good news is that there still aren’t enough homes on the market to fully satisfy demand, and well positioned homes aren’t sticking around for long. If you price your home right, you should expect multiple bids and favorable terms.
We’re past the bidding wars that pushed the Original List Price (OLP) ratio above 100%, so you shouldn’t expect to get more than you asked for, but conditions are still prime for sellers who’ve priced their homes right. Looking at both the OLP and the DOM, you should expect buyers ready to negotiate for price and terms. The market remains firmly a seller’s market, but buyers are gaining position as we return to a more balanced market.
Conclusion
The Tredyffrin/Easttown School District is the gateway between Philadelphia and Chester County. September saw this premium area bounce back from a frenetic August, though inventory 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. Will you wait for the dust to settle, or jump on the opportunities we have today?
Thanks for reading this month’s real estate market report! I hope you found it both interesting and informative. Do you like the interactive charts on Tri-County’s website? Please let me know! I always make time to talk, and would love to hear your opinions!
