WEST CHESTER, PA — Chester County’s housing market remained tilted toward sellers in August even as buyers gained leverage nationally, with the county holding about 2.7 months of supply and homes selling at roughly their asking price while new U.S. listings climbed to a four-year high.
The divergence suggests the national rebalancing documented by Redfin has not progressed as far in Chester County, where limited inventory continues to support prices despite signs that buyers are becoming more selective.
Nationally, new listings rose 2.1% from the previous week on a seasonally adjusted basis during the four weeks ending Aug. 30, reaching their highest level since August 2022. Active listings increased 0.4%, while pending sales slipped 0.1% to their lowest level since February.
The year-over-year numbers reinforce that shift. Redfin recorded an 8% increase in new listings and a 2.4% increase in active inventory, while pending sales declined 2.5%. Months of supply reached four, up from 3.7 a year earlier and at the bottom of the four-to-five-month range Redfin considers balanced.
Chester County remained considerably tighter. Local housing data put supply at approximately 2.7 months in August, below levels generally associated with a balanced market, although active inventory increased modestly from July as new listings outpaced homes entering pending status late in the month.
That shortage is helping preserve sellers’ pricing power. Chester County’s sale-to-list ratio stood at approximately 100%, meaning homes sold for their asking price on aggregate. The ratio has nevertheless retreated from the roughly 101% to 102% range recorded a year earlier, pointing to some erosion in sellers’ negotiating advantage.
Nationally, the average sale-to-list ratio was 98.7%, while 25.9% of homes sold above their asking price, according to Redfin. The share of listings with price reductions increased to 20.9% from 20.2% a year earlier.
Prices also show the distinction between the markets. Chester County’s median listing price was approximately $640,034 in August, up 1.7% from a year earlier but down 2.77% from about $658,000 in July.
The county’s median sale price was approximately $590,000 to $595,000, representing annual appreciation of roughly 2% to 3%. Median listing price per square foot stood at $261.
Nationally, Redfin reported a median sale price of $398,632, up 2.2% year over year, while the seasonally adjusted median asking price slipped 0.1% to $392,828.
Philadelphia’s broader metropolitan market is showing more of the supply growth evident nationally. Redfin ranked Philadelphia among the five major metros with the largest annual increases in new listings, up 14% during the four weeks ending Aug. 30. Neighboring Montgomery County was among the strongest markets for pending sales, with a 2.8% increase.
Chester County buyers are taking more time even with supply remaining constrained. Active listings spent a median 37 days on the market in August, up 9.68% from a year earlier, while desirable move-in-ready single-family homes and townhomes reached pending status in a median six to eight days.
Berwyn, Devon, Exton and Avondale recorded listing turnaround times of less than 22 days, according to the Chester County market data.
The national median was 45 days on market, unchanged from a year earlier. Redfin similarly found that move-in-ready properties in desirable neighborhoods continued to sell quickly even as broader conditions shifted toward buyers.
Affordability remains a constraint in both markets. Redfin reported an average weekly 30-year mortgage rate of 6.66% for the week ending Aug. 27, compared with 6.56% a year earlier, while the typical national monthly mortgage payment reached $2,592.
Chester County renters are facing additional pressure. Median residential rent reached $2,350 a month in August, up 6.82% from a year earlier and 2.26% from July.
Taken together, the August figures point to two markets moving in the same direction but at different speeds. Buyers nationally are benefiting from a faster expansion in available homes and weaker sales activity, while Chester County’s modest inventory gains and longer marketing times are improving choice without yet eliminating the supply constraints that continue to favor sellers.
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