Summer Real Estate Market Showing Signs of Rebound

New Jersey shoreLuxury beach houses on the New Jersey shore; © rmcguirk / Getty Images / Canva

DEVON, PA — “While completed home sales and the number of homes on the market have decreased compared to May of last year, we are seeing signs that the number of homes for sale will soon increase slightly,” remarks Berkshire Hathaway HomeServices (BHHS) Fox & Roach President Joan Docktor. “While this may cause a minimal slowing of the market, I am confident that it will be a seller’s market for at least the next year,” Docktor adds.

Number of Properties Sold Decreased Slightly

The number of properties sold overall in May of 2022, in the 12-county greater Philadelphia region, decreased by 5.3 percent from this time last year, according to (BHHS) Fox & Roach’s May HomExpert Market Report©. There were 7,812 homes sold in May 2022, compared to 8,251 sold in May 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the number of properties sold was down by an average of 4.8 percent, with 4,819 sold in May 2022, compared to May 2021’s 5,061 homes sold. Chester County had the biggest decrease, down 15.3 percent and Delaware County had the second biggest decrease, down 10.6 percent compared to May 2021. Bucks County had a 5.3 percent decrease compared to May 2021.
  • In BHHS Fox & Roach’s New Jersey market areas, the number of properties sold decreased by an average of 7.5 percent, with 2,062 sold in May 2022 and 2,230 sold in May 2021. Gloucester County had the largest decrease, down 18.6 percent and Mercer County had the second largest decrease, down 13.8 percent compared to May 2021. Salem County had a 4.9 percent decrease.

Monthly Average Inventory Decreased

The number of homes for sale overall in the 12-county Greater Philadelphia region is down by 12 percent, with 21,264 homes on the market in May 2022, compared to 24,154 for sale in May 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average inventory is down by 9.6 percent, with 13,774 for sale in May 2022 and 15,241 for sale in May 2021. Chester County decreased 27.5 percent and Delaware County decreased 17.6 percent. Bucks County decreased 17.1 percent and Montgomery County decreased 13.8 percent compared to May 2021.
  • In BHHS Fox & Roach’s New Jersey market areas, the average inventory is down by 18 percent, with 5,365 sold in May 2022 and 6,542 sold in May 2021. Gloucester County had the largest drop, down by 24.1 percent and Camden County had the second largest drop, down by 18.8 percent. Mercer County had a 17.5 percent decrease and Burlington County had a 14.7 percent decrease compared to May 2021.
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Average Days on Market Decreased

The average days a house stayed on the market overall in the 12-county greater Philadelphia area has decreased by 19.2 percent compared to May 2021, with 21 average days on market in May 2022 and 26 average days on market in May 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average days on market decreased 23.3 percent, with 18.4 days in 2022 and 24 average days on the market in May 2021. Chester County’s average days on market decreased 33 percent and Montgomery County’s average days on market decreased 32 percent. Bucks County average days on market decreased 30 percent.
  • In BHHS Fox & Roach’s New Jersey market areas, the average days on market decreased 3.9 percent, from 31 average days on market in May 2021 to 30 average days on market in May 2022. Burlington County’s average days on market decreased by 26.9 percent and Mercer County’s decreased by 24.1 percent.

Average Sale Prices Increased

The average sale price in the 12-county greater Philadelphia region increased by 11 percent compared to May 2021, from $360,855 in May 2021 to $400,509 in May 2022.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average sale price was $454,319 in May 2022 compared to $409,499, showing a 10.9 percent increase. Delaware County had the highest increase of 15.7 percent compared to May 2021. Montgomery County had the second highest increase in average sale price by 14.6 percent and Bucks County had a 11.5 percent increase.
  • In BHHS Fox & Roach’s New Jersey market areas, the average sale price was $344,075 in May 2022 compared to $304,071, showing a 13.2 percent increase from May 2021. Camden County had the highest increase in sale price of 21.5 percent. Gloucester County had a 15.7 percent increase compared to May 2021.

Properties Under Contract Decreased

The number of properties under contract overall in the 12-county greater Philadelphia region is down by 9.6 percent, with 9,042 homes under contract in May 2022, compared to 9,999 homes under contract in May 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, properties under contract have decreased by 11.2 percent, from 5,471 under contract in May 2022 to 6,159 in May 2021. Chester County had the biggest decrease compared to May 2021, of 20.8 percent, while Bucks County decreased 13.8 percent compared to May 2021 and Delaware County decreased 12.5 percent.
  • In BHHS Fox & Roach’s New Jersey market areas, properties under contract have decreased by 7.3 percent from 2,689 under contract in May 2021 to 2,493 in May 2022. Gloucetser County had the biggest decrease compared to May 2021, of 20.4 percent, while Camden County decreased 11.2 percent compared to May 2021.
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Main Line:

  • Home sales on the Main Line’s nine major municipalities/townships have decreased 2 percent, with 290 homes sold in May 2022, compared to 296 homes sold in May 2021.
  • Average sale price increased by 10.5 percent, from $686,394 in May 2021 to $758,286 in May 2022.
  • Properties under contract have decreased by 13.9 percent, with 334 in May 2022 and 388 in May 2021.
  • Monthly average inventory decreased by 27.3 percent, with 604 homes for sale in May 2022 and 831 homes for sale in May 2021.
  • Average days on market decreased by 21 percent, with 19 days on market in May 2022 and 24 days on market in May 2021.

Delaware:

  • Total properties sold in Kent and New Castle Counties are down by 3.6 percent, from 940 sold in May 2021 to 906 sold in May 2022. New Castle County had a 22.2 percent decrease in properties sold in May 2022, compared to May 2021 and Kent County decreased by 1.2 percent.
  • Average sale price in Delaware is up by 10.4 percent, from $298,093 in May 2021 to $329,194 in May 2022. New Castle County sale price increased 13.6 percent and Kent County increased 6.9 percent.
  • Average days on market in Delaware decreased by 15.8 percent, from 19 days in May 2021 to 16 days in May 2022. The average days on market in New Castle County decreased 29.4 percent.
  • Monthly average inventory in Delaware decreased by 10.5 percent, from 1,158 homes for sale in May 2021 to 1,037 for sale in May 2022. In New Castle County, there were 15.6 percent less homes for sale, and in Kent County, there were 0.8 percent less homes for sale.
  • Properties under contract in Delaware decreased by 6.8 percent, from 1,127 properties under contract in May 2021 to 1,050 properties in May 2022.

Jersey Shore:

  • Atlantic County’s home sales decreased by 24 percent, with 427 homes sold in May 2022 and 562 homes sold in May 2021. Average prices of homes are up by 26 percent, from $424,991 in May 2021 to $536,511 in May 2022. Properties under contract decreased by 22.1 percent, from 571 under contract in May 2021 to 445 under contract in May 2022. Average days on market is down by 14.6 percent compared to May 2022. Monthly average inventory is down by 7.3 percent.
  • Cape May County home sales increased 1.2 percent, with 253 homes sold in May 2022 and 250 sold in May 2021. The average price of properties sold increased by 18 percent, from $692,852 in May 2021 to $819,420 in May 2022. The monthly average inventory is down by 5.8 percent and properties under contract are down by 23.2 percent, compared to May 2021.
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Lehigh Valley:

  • Home sales in the Lehigh Valley decreased by 3.3 percent, with 644 homes sold in May 2022 compared to 666 homes sold in May 2021.
  • Average sale price on homes is up by 18.8 percent, from $285,077 in May 2021 to $338,733 in May 2022.
  • Monthly average inventory is down by 21 percent, with 1,729 homes for sale in May 2022 compared to 2,188 homes for sale in May 2021.
  • Average days on market is up by 3.2 percent, from 16 days in May 2021 compared to 16 days in May 2022.
  • Properties under contract have decreased by 0.8 percent, with 863 properties under contract in May 2022 and 870 under contract in May 2021.

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.

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