Published June 10, 2024
Chester Country Market Update and New Construction Plans
Your latest market update and some exciting news for homebuyers.
Today, I’m giving you a quick update on how things are going so far in Chester County’s real estate market. Right off the bat, year-to-date average home sale prices are up over 10%. However, we are experiencing an inventory crisis where houses are selling quickly, often in days with multiple offers after listing with an average of 103% sale-to-list-price ratio.
Given this lack of available homes, I’m excited to share with you a new construction site to help add some inventory to the market. This is a great opportunity for you if you are looking to buy a single-family home in Oxford, Pennsylvania. We also have another one coming in a few months in Kennett Square.
"Even though rates are hovering around high sixes, there are programs available for qualified buyers."
These homes are built by SAI Construction, which offers custom options. This great builder has over ten different models to choose from at Sycamore Crossing. They are open to custom builds, so you can talk with them about how you can personalize your dream home. The best part is that construction has quick turnaround times and takes only about six months from start to finish. In addition to that, they also have special financing options for first-time home buyers or for people who are looking to take advantage of lower rates.
Even though rates are hovering around high sixes, there are programs available for qualified buyers. If you are eligible, you might get a down payment rate as low as 3% with no private mortgage insurance.
We are seeing a lot of activity in the community, and another phase of construction is underway. This is a great way to help add some properties, especially now that we have inventory issues. You can visit our website, www.sycamorecrossing.com, where you can explore floor plans and even see the site itself.
If you are interested in learning about different options and programs, feel free to inquire with us by phone or email.
