Now that the new year is underway, I wanted to give you a look at the fantastic numbers our real estate market ended with in 2016.
I’ve got some great news! Last year was fantastic for our real estate market and I’ll give you the full 2016 recap today.
In the Philadelphia suburbs, we saw these statistics related to home sales for the following counties:
Chester County is up 14% in home sales year after year, which means we sold 14% more homes in 2016 than in 2015. The average sales price also increased by 3%.
Delaware County has similar numbers as it saw a 13% increase in home sales from 5,255 homes sold in 2015 to 5,800 in 2016, and the average sales price increased by 2.5%.
Montgomery County’s numbers are up with a 12.5% increase in home sales and a 5% increase in average sales price.
Finally, New Castle County boasted the most significant home sales increase with almost 16% more homes sold in 2016 than 2015 and an increase in average sales price of just over 1.5%.
The real estate market has proven to have hit its stride in its recovery. Home prices are almost back to where they were in 2007, so if you’re thinking about selling or you need an updated market value for your home, please keep in mind that all real estate is local. The up-to-date information on your home will be based on the specific area you live in.
The real estate market has proven to hit its stride in its recovery.
If you would like to get the up-to-date value of your home, or if you have any other questions, don’t hesitate to give me call or send me an email. I would be happy to help you!
