1 Delco Town Makes List of 30 Highest Home Price Rises in Philly Area

wooden houses with yellow arrows pointing up showing the rising price of homes.
Image via Thitaree Sarmkasa

Over the last several years, the pandemic has been a driving force behind the real estate boom that has seen home prices skyrocket in Delaware County, reports Stacker.

The dwindling inventory and continuously high demand has been promoting both buyers and investors alike to bid up the prices on affordable properties.

This has been pushing them to record heights. In fact, among the 30 cities in the Philadelphia metro area that have seen their prices go up the fastest, one is in Delaware County.

Garnet Valley is ranked at No.15 with a 1-year price increase of $73,151 (14.3 percent) and a five-year price increase of $145,332 (33.0 percent). A typical home value in Garnet Valley is now $585,533, making it the thirteenth most expensive city in the metro area.

High demand for vacation homes amongst a limited supply has caused buyers and investors to bid up the prices on affordable properties, triggering skyrocketing home prices.

Demand for vacation homes was driven up in the mid-2020 because of the sudden ability to work remotely.

Affluent Americans added amenities and space outside dense urban areas as ways to cope with the pandemic.

Read more about the cities with the fastest-growing home prices in Stacker.