Reason Returning to Delaware County’s Frenzied Housing Market

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A home for sale in Newtown Square.
Image via Keller Williams Realtor Jamie Kerezsi.
This home for sale in Newtown Square is asking $695,000.

The chaos of the Delaware County real estate market and the high priced sacrifices people would make to match home prices is slowing down, writes Kennedy Rose for the Philadelphia Business Journal.

 Lately, there have been fewer closed deals and out-of-sight home prices are falling as buyers become more “level-headed,” says Realtor Jamie Kerezsi  with Keller Williams in Media.

Kereszi  is seeing more price reductions on listed homes.  Buyers are making fewer cash offers.

 Appraisals are also keeping prices more realistic. Last year, a home appraised at $350,000 but selling at $450,000 could still get buyers, Kerezsi said.

“The chaos of way over is dwindling,” she said.

That said, there are still more buyers than seller in the market.

Closed sales fell in Delaware County in August, with 743 deals closed in the county, down 5.2% from the previous year.  New pending sales also fell 4% to 803 in August.

 The county had the smallest price growth last year of any county in the region.

The area of the Rose Tree Media School District remains the most popular home-buying area . Media, Havertown, Middletown and Springfield are also popular.

Read more at Philadelphia Business Journal about a cool down in the Delaware County housing market.

Here’s some insights into national housing trends and what’s forecast a month or two down the road.

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