BHHS Fox & Roach President: “It Will be a Seller’s Market at Least Through 2023”

Joan DocktorJoan Docktor, President of Berkshire Hathaway HomeServices (BHHS) Fox & Roach
Home Sales Have Slowed, But It's Still a Great Time to Sell

DEVON, PA — “Home sales have slowed, partially because of affordability issues,” remarks Berkshire Hathaway HomeServices (BHHS) Fox & Roach President Joan Docktor, “and many consumers purchased their homes during the height of the pandemic and satisfied their real estate needs.” Docktor continues adding, “Our month’s supply of available houses for sale (inventory) is still low, but slowly building. I am confident that it will be a seller’s market at least through 2023.”

Number of Properties Sold Decreased

The number of properties sold overall in June of 2022, in the 12-county greater Philadelphia region, decreased by 16 percent from this time last year, according to (BHHS) Fox & Roach’s June HomExpert Market Report©. There were 8,983 homes sold in June 2022, compared to 10,696 sold in June 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the number of properties sold was down by an average of 15.4 percent, with 5,614 sold in June 2022, compared to June 2021’s 6,633 homes sold. Bucks County had the biggest decrease, down 22.7 percent and Chester County had the second biggest decrease, down 21.2 percent compared to June 2021. Delaware County had a 20.9 percent decrease compared to June 2021.
  • In BHHS Fox & Roach’s New Jersey market areas, the number of properties sold decreased by an average of 16.5 percent, with 2,400 sold in June 2022 and 2,875 sold in June 2021. Gloucester County had the largest decrease, down 29.8 percent and Mercer County had the second largest decrease, down 17.3 percent compared to June 2021. Camden County had a 14.9 percent decrease.

Monthly Average Inventory Decreased

The number of homes for sale overall in the 12-county Greater Philadelphia region is down by 10 percent, with 22,730 homes on the market in June 2022, compared to 25,243 for sale in June 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average inventory is down by 6.9 percent, with 14,759 for sale in June 2022 and 15,860 for sale in June 2021. Chester County decreased 25.8 percent and Bucks County decreased 15.9 percent. Delaware County decreased 15.3 percent and Montgomery County decreased 14.8 percent compared to June 2021.
  • In BHHS Fox & Roach’s New Jersey market areas, the average inventory is down by 17.6 percent, with 5,713 sold in June 2022 and 6,933 sold in June 2021. Mercer County had the largest drop, down by 21.2 percent and Burlington County had the second largest drop, down by 17 percent. Camden and Gloucester counties had a 16.8 percent decrease compared to June 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 4.8 percent compared to June 2021, with 20 average days on market in June 2022 and 21 average days on market in June 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average days on market decreased by 11.6 percent, with 16.8 days in 2022 and 19 average days on the market in June 2021. Chester County’s average days on market decreased by 43 percent and Montgomery County’s average days on market decreased by 13 percent. Delaware County average days on market decreased by 7 percent.
  • In BHHS Fox & Roach’s New Jersey market areas, the average days on market decreased 21 percent, from 28 average days on market in June 2021 to 33 average days on market in June 2022. Gloucester County’s average days on market decreased by 15.8 percent and Camden County’s decreased by 10 percent.

Average Sale Prices Increased

The average sale price in the 12-county Greater Philadelphia region increased by 9.1 percent compared to June 2021, from $387,779 in June 2021 to $423,132 in June 2022.

  • In BHHS Fox & Roach’s Pennsylvania market areas, the average sale price was $477,171 in June 2022 compared to $440,375, showing an 8.4 percent increase. Delaware County had the highest increase of 10.7 percent compared to June 2021. Bucks County had the second highest increase in average sale price by 10 percent and Chester County had an 8.5 percent increase.
  • In BHHS Fox & Roach’s New Jersey market areas, the average sale price was $360,114 in June 2022 compared to $318,133, showing a 13.2 percent increase from June 2021. Camden County had the highest increase in the sale price of 18.7 percent. Burlington County had a 13.1 percent increase compared to June 2021.

Properties Under Contract Decreased

The number of properties under contract overall in the 12-county Greater Philadelphia region is down by 12.2 percent, with 8,345 homes under contract in June 2022, compared to 9,509 homes under contract in June 2021.

  • In BHHS Fox & Roach’s Pennsylvania market areas, properties under contract have decreased by 14.8 percent, from 4,926 under contract in June 2022 to 5,782 in June 2021. Chester County had the biggest decrease compared to June 2021, of 21.6 percent, while Bucks County decreased 17.6 percent compared to June 2021 and Montgomery County decreased 17.3 percent.
  • In BHHS Fox & Roach’s New Jersey market areas, properties under contract have decreased by 9.4 percent from 2,654 under contract in June 2021 to 2,404 in June 2022. Mercer County had the biggest decrease compared to June 2021, of 14.6 percent, while Camden County decreased 12.1 percent compared to June 2021.
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Main Line:

  • Home sales on the Main Line’s nine major municipalities/townships have decreased 15.8 percent, with 374 homes sold in June 2022, compared to 444 homes sold in June 2021.
  • Average sale price decreased by 1.4 percent, from $791,871 in June 2021 to $780,396 in June 2022.
  • Properties under contract have decreased by 21.7 percent, with 271 in June 2022 and 346 in June 2021.
  • Monthly average inventory decreased by 24.4 percent, with 626 homes for sale in June 2022 and 828 homes for sale in June 2021.
  • Average days on market decreased by 28 percent, with 13 days on market in June 2022 and 18 days on market in June 2021. 

Delaware:

  • Total properties sold in Kent and New Castle Counties are down by 19 percent, from 1,161 sold in June 2021 to 940 sold in June 2022. New Castle County had a 20.1 percent decrease in properties sold in June 2022, compared to June 2021 and Kent County decreased by 16.1 percent.
  • Average sale price in Delaware is up by 12.6 percent, from $314,703 in June 2021 to $354,217 in June 2022. New Castle County sale price increased 9.7 percent and Kent County increased 17.2 percent.
  • Average days on market in Delaware increased by 3.1 percent, from 16 days in June 2021 to 17 days in June 2022. The average days on market in New Castle County decreased 12.5 percent.
  • Monthly average inventory in Delaware decreased by 8.3 percent, from 1,199 homes for sale in June 2021 to 1,099 for sale in June 2022. In New Castle County, there were 12.3 percent fewer homes for sale, and in Kent County, there were 0.5 percent fewer homes for sale.
  • Properties under contract in Delaware decreased by 6 percent, from 1,055 properties under contract in June 2021 to 992 properties in June 2022.

Jersey Shore:

  • Atlantic County’s home sales decreased by 32 percent, with 408 homes sold in June 2022 and 600 homes sold in June 2021. Average prices of homes are up by 20 percent, from $411,916 in June 2021 to $494,214 in June 2022. Properties under contract decreased by 24.9 percent, from 522 under contract in June 2021 to 392 under contract in June 2022. Average days on market is down by 18.4 percent compared to June 2022. The monthly average inventory is down by 5.2 percent.
  • Cape May County home sales decreased 28.1 percent, with 210 homes sold in June 2022 and 292 sold in June 2021. The average price of properties sold increased by 9 percent, from $662,177 in June 2021 to $722,604 in June 2022. The monthly average inventory is down by 0.8 percent and properties under contract are down by 33 percent, compared to June 2021.
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Lehigh Valley:

  • Home sales in the Lehigh Valley decreased by 14.5 percent, with 766 homes sold in June 2022 compared to 896 homes sold in June 2021.
  • Average sale price of homes is up by 12.8 percent, from $313,022 in June 2021 to $353,112 in June 2022.
  • Monthly average inventory is down by 20.2 percent, with 1,853 homes for sale in June 2022 compared to 2,322 homes for sale in June 2021.
  • Average days on market are down by 25 percent, from 16 days in June 2021 compared to 12 days in June 2022.
  • Properties under contract have decreased by 3.8 percent, with 853 properties under contract in June 2022 and 887 under contract in June 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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