CHESTER COUNTY, PA — Chester County’s median home list price climbed above $649,000 in June as limited inventory and persistent buyer demand kept local prices rising faster than the national market, even as mortgage rates near 6.6% constrained affordability.
The county’s median list price reached $649,950, up more than 4% from a year earlier. Nationally, Zillow placed the typical U.S. home value at $372,057, an annual increase of 1.1%.
Local homes generally sold for about 100% to 102% of their asking prices, indicating that buyers continued to pay full price or more for competitive properties. Zillow reported that 30.3% of U.S. homes sold above list price in May, the latest national data available.
Chester County inventory remained below three months of supply, with approximately 800 to 850 active listings. That kept the county in seller’s-market territory despite modest improvement in the number of available homes.
National inventory showed weaker growth. Zillow counted 1.39 million homes for sale in June, up 0.9% from a year earlier — the smallest annual increase since December 2023.
Closed sales in Chester County rose more than 30% from May as transactions initiated during the spring market reached settlement. Zillow estimated national sales increased 9.2% from May and 5.9% from a year earlier.
Mortgage costs remained a more significant burden locally because of Chester County’s higher home prices. At an average 30-year fixed rate of approximately 6.61%, a buyer making a 20% down payment on the county’s median-priced home would face principal and interest payments of about $3,300 per month before taxes and insurance.
By comparison, Zillow estimated the monthly mortgage payment for a typical U.S. home at $1,884 with 20% down, excluding taxes and insurance. That national payment was 2.5% lower than a year earlier as mortgage rates declined by more than 20 basis points.
“The market wrestled with some uncertainty throughout the spring shopping season, but mortgage rates declining from their mid-spring peak has added some extra heat as we head into an already toasty summer,” Zillow Chief Economist Mischa Fisher stated.
Competition remained strongest in walkable communities with sought-after school districts, including West Chester, Downingtown and Phoenixville, where homes typically went under contract within 14 to 28 days. Zillow reported a national median of 20 days to pending.
Turnkey homes priced in line with buyer expectations continued to move quickly, while properties requiring renovation or carrying aggressive asking prices remained available longer as purchasers scrutinized condition and value more carefully.
Rental costs also increased more rapidly in Chester County than nationally. The county’s median monthly rent reached $2,275, up about 8.5% from a year earlier, compared with Zillow’s national typical rent of $1,965, which rose 2.2%.
West Chester rents averaged approximately $2,305 per month, while rents in Coatesville and Romansville generally ranged from $1,850 to $1,875.
Nearly 39.7% of national rental listings offered a concession in June, according to Zillow, up from 35.2% a year earlier. The Chester County data provided did not include a comparable measure of local landlord concessions.
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