Each year, the Chester County Planning Commission collects and reports data on housing prices, housing affordability, and new housing units constructed across Chester County as part of the ongoing implementation of the county’s comprehensive plan, Landscapes3.
Despite a difficult year in 2020, recent trends of increasing housing prices, sales, and new construction carried on – proving that Chester County continues to be a desirable place to live.
In total, there were 1,732 new units constructed (the most since 2008), and 7,532 homes sold throughout 2020 (the most since 2006). The median home sale price also continued to rise last year, reaching the highest it’s been in inflation adjusted dollars since 2007 at $375,064.
Although the county’s median home sale price increased by nearly $20,000 from 2019 to 2020, the gap between new and all home sale prices decreased due to the increase in the median price for all homes. This – along with the decrease in home sales that were considered most affordably priced (under $250,000) – indicates an overall decrease in affordably priced homes throughout the county. See the A+ Homes Initiative.
When it comes to multi-family apartment units constructed, the county saw growth similar to back in 2015-2017, when there were more than 650 apartment units constructed annually. While only 221 units were constructed in 2019, 2020 saw the addition of 615 new units – increasing the total number of annual housing units from 1,409 to 1,732.
In 2020, the county’s highest median sales prices were seen in Newlin ($778,500) and Easttown ($777,500) Townships, with Coatesville City ($105,000), and Parkesburg Borough ($190,000) having the lowest. Overall, lower cost home sales were seen in the Phoenixville, Tredyffrin, Coatesville, Downingtown/Exton, and East Goshen areas, with the highest priced sales occurring in Easttown, Tredyffrin, and Willistown Townships.
The data in this report is provided by the Chester County Assessment Office.
To learn more about the county’s 2020 Housing Report, including county and municipal data, visit https://www.chescoplanning.org/Housing/HousingReport-20.cfm.