Pandemic Triggers a Record Sale of Million Dollar Homes in the Philadelphia Region

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Home sales over $1 million in the Philadelphia region jumped to the highest total ever in the third quarter of 2020. IMage via nbcphiladelphia.com.

One side effect of the stay-at-home pandemic is that people are willing to pay a higher price for homes that have space, writes Brian X. McCrone for nbcphiadelphia.com.

That, coupled with low inventory and low-interest rates on mortgages, means it’s a sellers’ market right now, with million-dollar homes a hot commodity in the Philadelphia suburban market.

Million-dollar home sales have been at record levels in the three months ending Sept. 30, according to a report from Kevin Gillen, of Drexel University’s Lindy Institute for Urban Studies.

Million-dollar home sales set a record of 470, jumping to the highest total ever in the third quarter of 2020.

There’s also a high demand for pools and tennis courts, he said.

“If you want to get a pool installed on the Main Line, there is an 18-month waitlist. That’s how much demand is there,” Gillen said

Realtor Kim Devereux of Keller Williams Brandywine Valley in West Chester said she’s seeing city dwellers who don’t want to be on top of each other.

Couples also want homes with two offices because both are working from home.

To see the full report, click here.

To find out more, check out the story at nbcphiladelphia.com.

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