DEVON, PA– “Home sales are still down due to affordability issues and continued lack of houses for sale, but demand remains high,” remarks Berkshire Hathaway HomeServices (BHHS) Fox & Roach President Joan Docktor. “The supply of available houses for sale (inventory) is building nationally and in our marketplace. I am confident that with more homes for sale, interested buyers will be satisfied,” Docktor continues.

Number of Properties Sold Decreased

The number of properties sold overall in August of 2022, in the 12-county greater Philadelphia region, decreased by 17.5 percent from this time last year, according to (BHHS) Fox & Roach’s August HomExpert Market Report©. There were 8,084 homes sold in August 2022, compared to 9,804 sold in August 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the number of properties sold was down by an average of 3 percent, with 4,854 sold in August 2022, compared to August 2021’s 5,941 homes sold. Chester County had the biggest decrease, down 25.7 percent and Montgomery County had the second biggest decrease, down 21.8 percent compared to August 2021. Philadelphia County had a 19 percent decrease compared to August 2021.
  • In BHHS Fox & Roach’s New Jersey market areas, the number of properties sold decreased by an average of 9 percent, with 2,291 sold in August 2022 and 2,723 sold in August 2021. Gloucester County had the largest decrease, down 20 percent and Burlington County had the second largest decrease, down 17.8 percent compared to August 2021. Camden County had a 16.8 percent decrease.

Monthly Average Inventory Decreased

The number of homes for sale overall in the 12-county Greater Philadelphia region is down by 12.8 percent, with 22,602 homes on the market in August 2022, compared to 25,920 for sale in August 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average inventory is down by 6 percent, with 14,510 for sale in August 2022 and 16,052 for sale in August 2021. Chester County decreased 29.7 percent and Delaware County decreased 25 percent. Montgomery County decreased 21.4 percent and Bucks County decreased 20 percent compared to August 2021.
  • In BHHS Fox & Roach’s New Jersey market areas, the average inventory is down by 5 percent, with 5,828 sold in August 2022 and 7,154 sold in August 2021. Burlington County had the largest drop, down by 20.4 percent and Mercer County had the second largest drop, down by 19.6 percent. Gloucester County had an 18.5 percent decrease compared to August 2021.

Average Days on Market Increased

The average days a house stayed on the market overall in the 12-county greater Philadelphia area has decreased by 9.5 percent compared to August 2021, with 23 average days on market in August 2022 and 21 average days on market in August 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average days on market increased 1 percent, with 19.6 days in 2022 and 19.4 average days on the market in August 2021. Delaware County’s average days on market increased 13 percent and Bucks County’s average days on market increased 6 percent. Philadelphia County average days on market increased 3 percent.
  • In BHHS Fox & Roach’s New Jersey market areas, the average days on market increased 3 percent, from 29 average days on market in August 2021 to 40 average days on market in August 2022. Mercer County’s average days on market increased by 9.1 percent while Gloucester County’s increased by 5 percent.

Average Sale Prices Increased

The average sale price in the 12-county greater Philadelphia region increased by 7.1 percent compared to August 2021, from $385,003 in August 2021 to $412,334 in August 2022.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average sale price was $464,303 in August 2022 compared to $430,979, showing a 7 percent increase. Delaware County had the highest increase of 22.1 percent compared to August 2021. Bucks County had the second highest increase in average sale price by 9.2 percent and Chester County had an 7.7 percent increase.
  • In BHHS Fox & Roach’s New Jersey market areas, the average sale price was $349,131 in August 2022 compared to $322,307, showing a 3 percent increase from August 2021. Camden County had the highest increase in sale price of 14.4 percent. Gloucester County had a 10.7 percent increase compared to August 2021 and Burlington County increased 9.7 percent.

Properties Under Contract Decreased

The number of properties under contract overall in the 12-county greater Philadelphia region is down by 16.8 percent, with 7,683 homes under contract in August 2022, compared to 9,238 homes under contract in August 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, properties under contract have decreased by 5 percent, from 4,391 under contract in August 2022 to 5,386 in August 2021. Chester County had the biggest decrease compared to August 2021, of 24.4 percent, while Montgomery County decreased 20.8 percent compared to August 2021 and Delaware County decreased 20.2 percent.
  • In BHHS Fox & Roach’s New Jersey market areas, properties under contract have decreased by 2 percent from 2,652 under contract in August 2021 to 2,303 in August 2022. Burlington and Camden counties had the biggest decrease compared to August 2021, of 16.5 percent, while Gloucester County decreased 12.3 percent compared to August 2021.

Main Line:

  • Home sales on the Main Line’s nine major municipalities/townships have decreased 4 percent, with 320 homes sold in August 2022, compared to 342 homes sold in August 2021.
  • Average sale price increased by 6 percent, from $753,562 in August 2021 to $795,562 in August 2022.
  • Properties under contract have decreased by 8 percent, with 219 in August 2022 and 273 in August 2021.
  • Monthly average inventory decreased by 9 percent, with 539 homes for sale in August 2022 and 737 homes for sale in August 2021.
  • Average days on market changed by 0 percent, with 17 days on market in August 2022 and 17 days on market in August 2021.

Delaware:

  • Total properties sold in Kent and New Castle Counties are down by 9 percent, from 1,120 sold in August 2021 to 920 sold in August 2022. New Castle County had a 17.8 percent decrease in properties sold in August 2022, compared to August 2021 and Kent County decreased by 18 percent.
  • Average sale price in Delaware is up by 1 percent, from $320,817 in August 2021 to $356,394 in August 2022. New Castle County sale price increased 15.7 percent and Kent County increased 6.2 percent.
  • Average days on market in Delaware increased by 4 percent, from 16 days in August 2021 to 19 days in August 2022. The average days on market in New Castle County increased 5.9 percent.
  • Monthly average inventory in Delaware decreased by 3 percent, from 1,320 homes for sale in August 2021 to 1,105 for sale in August 2022. In New Castle County, there were 19.9 percent less homes for sale, and in Kent County, there were 8.6 percent more homes for sale.
  • Properties under contract in Delaware decreased by 5 percent, from 1,169 properties under contract in August 2021 to 965 properties in August 2022.

Jersey Shore:

  • Atlantic County’s home sales decreased by 2 percent, with 384 homes sold in August 2022 and 520 homes sold in August 2021. Average prices of homes are up by 6.2 percent, from $309,399 in August 2021 to $328,552 in August 2022. Properties under contract decreased by 30.7 percent, from 628 under contract in August 2021 to 435 under contract in August 2022. Average days on market is up by 10.5 percent compared to August 2022. Monthly average inventory is down by 10 percent.
  • Cape May County home sales decreased 7 percent, with 183 homes sold in August 2022 and 228 sold in August 2021. The average price of properties sold increased by 17 percent, from $688,099 in August 2021 to $806,786 in August 2022. The monthly average inventory is down by 0.2 percent and properties under contract are down by 10.2 percent, compared to August 2021.

Lehigh Valley:

  • Home sales in the Lehigh Valley decreased by 1 percent, with 732 homes sold in August 2022 compared to 883 homes sold in August 2021.
  • Average sale price on homes is up by 5 percent, from $299,006 in August 2021 to $357,353 in August 2022.
  • Monthly average inventory is down by 8 percent, with 1,775 homes for sale in August 2022 compared to 2,393 homes for sale in August 2021.
  • Average days on market changed by 0 percent, from 14 days in August 2021 compared to 14 days in August 2022.
  • Properties under contract have decreased by 4 percent, with 782 properties under contract in August 2022 and 873 under contract in August 2021.

*Editor’s Note: The Greater Philadelphia region includes counties in Southeastern Pennsylvania, Southern New Jersey and Delaware, which are: Philadelphia, Bucks, Chester, Delaware, Montgomery, Burlington, Camden, Gloucester, Mercer, Salem, Kent and New Castle. Main Line data includes Malvern Borough, Tredyffrin Township, Willistown Township, Easttown Township, Haverford, Newtown, Radnor, Narberth, and Lower Merion. Center City data includes zip codes 19102, 19103 (Rittenhouse Square), 19106 (Old City), 19107 (Washington Square), 19123 (Northern Liberties/Fishtown), and 19130 (Fairmount/Art Museum). The Lehigh Valley region includes both Lehigh and Northampton Counties. Additional charts and graphs available upon request. Top municipalities listed include 20 or more sales. Days on Market (DOM) data measures the number of days a property is listed from initial list date in the multiple listing service (MLS) until the property goes under contract.

About HomExpert Data©

The HomExpert Market Report© is an exclusive product of the Berkshire Hathaway HomeServices Fox & Roach, REALTORS’ Research Division. Findings are compiled using the company’s exclusive HomExpert Data, which analyzes BRIGHT Multiple Listing Service (MLS) data and provides the timeliest information available in the industry. The HomExpert Market Report offers exclusive analysis of real estate activity regionally, by county, MLS area or zip code across the Berkshire Hathaway HomeServices Fox & Roach service area.

Berkshire Hathaway HomeServices Fox & Roach, REALTORS® is part of HomeServices of America, the nation’s largest provider of total home services and largest residential brokerage company in the U.S. in sales, according to the 2022 REAL Trends 500 report. The company was named “Real Estate Agency Brand of the Year” and was recently awarded Top Workplaces in 2022. With over 5,000 sales professionals and 600 employees in more than 75 sales offices across the Tri-State area, the company was recently acknowledged as #1, for the seventh year in a row, in the entire national Berkshire Hathaway HomeServices Network. Through its affiliated services, the Trident Group and Prosperity Home Mortgage, LLC; the company provides one-stop shopping and facilitated services to its clients including mortgage financing, and title, property and casualty insurance. The company-sponsored charitable foundation, Fox & Roach/Trident Charities, is committed to addressing the needs of children and families in stressful life circumstances and has contributed over $8 million to more than 250 local organizations since its inception in 1995. Visit our Website at www.foxroach.com.