Published: August 13, 2024, 10:00 AM EDTPublished: August 13, 2024Updated: August 13, 2024, 11:05 AM EDT
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Chester County’s luxury home market has seen strong gains, with several ZIP codes seeing the most sales of any home market in the Mid-Atlantic.
Chester County is one of the areas seeing increased demand, bidding wars and fast sales in the Philadelphia area’s luxury housing market, writes Michael Bond of the Philadelphia Inquirer.
A 3,000-square-foot home in Berwyn was recently on the market for $925,000 but ultimately sold for more than $1.1 million.
According to Sue Fitzgerald, principal agent and team leader with the Susan Fitzgerald Team at Compass Real Estate, this is not uncommon for luxury homes in the area.
She added that the local luxury home market was “very busy” during the spring and early summer.
In suburban counties, where supply is often the lowest relative to demand, the luxury home market in the $1 million to $1.5 million range is the most competitive.
Meanwhile, local ZIP codes also rank highly for ultra-luxury home sales in the Mid-Atlantic region.
The Malvern area’s ZIP code, 19355, ranked fifth among the Mid-Atlantic region’s top 10 ultra-luxury housing markets this spring. The ZIP code recorded 23 home sales in the second quarter of 2024, in the top 1% of the market.
Read more about the state of the area’s luxury housing market in the Philadelphia Inquirer.
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