DEVON, PA– “We are continuing to see a decrease in buyer demand due to elevated interest rates. With uncertainty about the economy, this is allowing inventory to slowly increase,” remarks Berkshire Hathaway HomeServices (BHHS) Fox & Roach President Joan Docktor. “We continue to be in a sellers’ market and one should not expect price decreases anytime in the near future,” Docktor continues.

Number of Properties Sold Decreased

The number of properties sold overall in October of 2022, in the 12-county greater Philadelphia region, decreased by 29.2 percent from this time last year, according to (BHHS) Fox & Roach’s October HomExpert Market Report©. There were 6,047 homes sold in October 2022, compared to 8,541 sold in October 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the number of properties sold was down by an average of 9 percent, with 3,529 sold in October 2022, compared to October 2021’s 5,037 homes sold. Chester County had the biggest decrease, down 36.9 percent and Bucks County had the second biggest decrease, down 32.8 percent compared to October 2021. Philadelphia County had a 28.9 percent decrease compared to October 2021.
  • In BHHS Fox & Roach’s New Jersey market areas, the number of properties sold decreased by an average of 8 percent, with 1,714 sold in October 2022 and 2,407 sold in October 2021. Gloucester County had the largest decrease, down 39 percent and Burlington County had the second largest decrease, down 28.1 percent compared to October 2021. Camden County had a 26.5 percent decrease.

Monthly Average Inventory Decreased

The number of homes for sale overall in the 12-county Greater Philadelphia region is down by 12.6 percent, with 21,482 homes on the market in October 2022, compared to 24,579 for sale in October 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average inventory is down by 9 percent, with 14,300 for sale in October 2022 and 15,720 for sale in October 2021. Chester County decreased 1 percent and Delaware County decreased 23.9 percent. Montgomery County decreased 19.9 percent and Bucks County decreased 19.5 percent compared to October 2021.
  • In BHHS Fox & Roach’s New Jersey market areas, the average inventory is down by 4 percent, with 5,118 sold in October 2022 and 6,271 sold in October 2021. Mercer County had the largest drop, down by 24.1 percent and Salem County had the second largest drop, down by 21.8 percent. Camden County had an 18.9 percent decrease compared to October 2021.

Average Days on Market Increased

The average days a house stayed on the market overall in the 12-county greater Philadelphia area has increased by 3.7 percent compared to October 2021, with 28 average days on market in October 2022 and 27 average days on market in October 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average days on market changed 0 percent, with 25.2 days in 2022 and 25.2 average days on the market in October 2021. Philadelphia County’s average days on market increased 8 percent, while Bucks County’s average days on market decreased 5 percent. Delaware and Montgomery counties average days on market decreased 4 percent.
  • In BHHS Fox & Roach’s New Jersey market areas, the average days on market decreased 3 percent, from 32 average days on market in October 2021 to 31 average days on market in October 2022. Salem County’s average days on market decreased by 28.1 percent while Burlington County’s increased by 18.5 percent.

Average Sale Prices Increased

The average sale price in the 12-county greater Philadelphia region increased by 6.5 percent compared to October 2021, from $360,250 in October 2021 to $383,612 in October 2022.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average sale price was $434,253 in October 2022 compared to $410,431, showing a 8 percent increase. Montgomery County had the highest increase of 13.6 percent compared to October 2021. Bucks County had the second highest increase in average sale price by 7.4 percent and Chester County had a 3.8 percent increase.
  • In BHHS Fox & Roach’s New Jersey market areas, the average sale price was $324,642 in October 2022 compared to $296,763, showing a 4 percent increase from October 2021. Salem County had the highest increase in sale price of 15.6 percent. Burlington County had a 14.5 percent increase compared to October 2021 and Gloucester County increased 9.4 percent.

Properties Under Contract Decreased

The number of properties under contract overall in the 12-county greater Philadelphia region is down by 30.2 percent, with 5,968 homes under contract in October 2022, compared to 8,545 homes under contract in October 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, properties under contract have decreased by 1 percent, from 3,553 under contract in October 2022 to 5,158 in October 2021. Bucks and Philadelphia county had the biggest decreases compared to October 2021, of 33 percent, while Chester County decreased 30.1 percent compared to October 2021 and Montgomery County decreased 29.5 percent.
  • In BHHS Fox & Roach’s New Jersey market areas, properties under contract have decreased by 2 percent from 2,267 under contract in October 2021 to 1,695 in October 2022. Salem County had the biggest decrease compared to October 2021, of 37.7 percent, while Mercer County decreased 29 percent compared to October 2021.

Main Line:

  • Home sales on the Main Line’s nine major municipalities/townships have decreased 31 percent, with 194 homes sold in October 2022, compared to 281 homes sold in October 2021.
  • Average sale price increased by 7 percent, from $681,618 in October 2021 to $747,734 in October 2022.
  • Properties under contract have decreased by 8 percent, with 192 in October 2022 and 319 in October 2021.
  • Monthly average inventory decreased by 6 percent, with 561 homes for sale in October 2022 and 764 homes for sale in October 2021.
  • Average days on market decreased by 8 percent, with 22 days on market in October 2022 and 24 days on market in October 2021.

Delaware:

  • Total properties sold in Kent and New Castle Counties are down by 5 percent, from 1,073 sold in October 2021 to 789 sold in October 2022. New Castle County had a 27.1 percent decrease in properties sold in October 2022, compared to October 2021 and Kent County decreased by 25.1 percent.
  • Average sale price in Delaware is up by 1 percent, from $315,108 in October 2021 to $343,626 in October 2022. New Castle County sale price increased 13.9 percent and Kent County increased 4.1 percent.
  • Average days on market in Delaware increased by 5 percent, from 20 days in October 2021 to 24 days in October 2022. The average days on market in Kent County increased 19 percent.
  • Monthly average inventory in Delaware decreased by 8 percent, from 1,255 homes for sale in October 2021 to 1,007 for sale in October 2022. In New Castle County, there were 22.8 percent less homes for sale, and in Kent County, there were 13.4 percent more homes for sale.
  • Properties under contract in Delaware decreased by 4 percent, from 1,096 properties under contract in October 2021 to 697 properties in October 2022.

Jersey Shore:

  • Atlantic County’s home sales decreased by 7 percent, with 358 homes sold in October 2022 and 575 homes sold in October 2021. Average prices of homes are up by 6 percent, from $481,672 in October 2021 to $512,728 in October 2022. Properties under contract decreased by 39.7 percent, from 541 under contract in October 2021 to 326 under contract in October 2022. Average days on market is up by 26.3 percent compared to October 2022. Monthly average inventory is down by 6.2 percent.
  • Cape May County home sales decreased 37 percent, with 199 homes sold in October 2022 and 316 sold in October 2021. The average price of properties sold increased by 19 percent, from $783,039 in October 2021 to $931,447 in October 2022. The monthly average inventory is down by 3 percent and properties under contract are down by 44.2 percent, compared to October 2021.

Lehigh Valley:

  • Home sales in the Lehigh Valley decreased by 6 percent, with 565 homes sold in October 2022 compared to 803 homes sold in October 2021.
  • Average sale price on homes is up by 14 percent, from $284,605 in October 2021 to $324,560 in October 2022.
  • Monthly average inventory is down by 9 percent, with 1,680 homes for sale in October 2022 compared to 2,237 homes for sale in October 2021.
  • Average days on market increased by 5 percent, from 16 days in October 2021 compared to 18 days in October 2022.
  • Properties under contract have decreased by 4 percent, with 589 properties under contract in October 2022 and 779 under contract in October 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 or for company information and news go to our Newsroom at www.foxroach.com/blog/newsroom.