CHESTER COUNTY, PA — As new research from Zillow warns that more than half of U.S. homes have lost value over the past year — the highest share since the aftermath of the Great Recession — Chester County stands out as a striking exception. Local market data shows not decline but resilience: home prices in one of Pennsylvania’s most competitive counties continue to climb.
While 53% of homes nationwide have dipped in value according to Zillow’s latest Zestimate analysis, Chester County posted a 3.6% year-over-year median price increase in September 2025, rising to $548,900. Several municipalities saw even stronger gains, with Avondale up 5.3%, Exton up 4.9% and Berwyn up 4.8%.
The contrast reveals what housing economists have long stressed: real estate may be national in conversation, but value is profoundly local.
Local Prices Rise as Nation Cools
Chester County homes sold at a brisk pace, spending just nine days on the market in September. Closed sales jumped 6.1% from last year. Inventory climbed by more than 21%, nudging the region toward a more balanced market while keeping prices firm.
Despite more homes for buyers to choose from, demand remains strong enough to support continued appreciation — an entirely different story from much of the country.
National Data Shows Sharp Pullback — But Not a Crisis
Zillow’s new report highlights cooling conditions across broad swaths of the United States:
- 53% of all U.S. homes have lost value year-over-year.
- The average drawdown from peak value is 9.7%, though still far from the 27% plunge seen in 2012.
- Only 4.1% of homes have lost value compared to their last sale — fewer than before the pandemic.
- National median appreciation since last sale remains exceptionally strong at 67%.
“Homeowners may feel rattled when they see their Zestimate drop,” said Treh Manhertz, senior economic researcher at Zillow. “But relatively few are selling at a loss. What we’re seeing now is a normalization, not a crash.”
Home value declines are heaviest in parts of the West and South, where pandemic-era booms were most extreme. Denver leads major metros with 91% of homes losing value, followed by Austin (89%) and Sacramento (88%). In the Northeast and Midwest, declines are far less common.
Why Chester County Looks So Different
Unlike overheated metros adjusting from rapid spikes, Chester County’s long-term fundamentals remain steady: limited buildable land, top-ranked schools, proximity to employment hubs and strong household incomes.
These forces continue to support home values even as other regions retrench.
Increasing inventory may cool bidding wars, but there is no sign of distressed selling. Only 3.4% of new listings nationwide are priced below their previous sale price — and Chester County’s elevated equity levels make discount listings even rarer.
A Market Balancing — Not Backtracking
The national story suggests a shift toward normalcy after years of atypical appreciation and tight supply. Locally, that moderation is showing up not through falling prices but through greater listing activity and slightly less frenetic buyer competition.
For now, Chester County homeowners remain in a strong position: values are rising, sales are brisk and demand remains healthy. And as national markets flatten, the county’s steady upward momentum stands out even more.
Whether this resilience continues through 2026 will depend on broader economic conditions — but current data is clear: Chester County is not participating in the national decline.
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