Delaware County recorded another strong year for the housing market despite the ongoing pandemic with growing home sales prices and a reduced number of days on the market, writes Kennedy Rose for the Philadelphia Business Journal.

A new analysis from MarketStats by ShowingTime based on Bright MLS listing activity shows that the housing market for the entire Philadelphia region had a good year, posting an increase of the median sales price of 10.8 percent year-over-year to $271,500.

The contributing factors include high buyer demand and low inventory, as well as record-low interest rates.

Inventory in the region was down 8.2 percent compared to the previous year. This created a competitive market that reduced the median number of days homes stayed on the market to 15.

In Delaware County, these factors drove the median home price to $250,000 for 2020, an increase of 10.1 percent compared to the previous year.

There were 7,139 closed sales in 2020 in the county, representing a 2.2 percent year-over-year increase.

Additionally, the number of days a house spent on the market fell to 11 days compared to 19 in 2019.

Read more about the local housing market at the Philadelphia Business Journal by clicking here.