The five counties making up the Philadelphia suburbs have not only some of the most expensive home prices in Pennsylvania, but in most of the country.
The median home price in Chester, Bucks, Delaware and Montgomery counties was more than double the state’s median home value of $191,550, according to late 2023 data from the National Association of Realtors.
The NAR uses the Census Bureau's American Community Survey of median housing prices for 3,112 counties and county equivalents across the U.S. Home values reflect the overall worth of all homes in a given area rather than solely home sales data, according to the association.
California’s Santa Clara County takes the top spot in the country with a median home value of more than $1.58 million.
In Pennsylvania, Chester County’s $475,230 median price make its the 149th highest priced county in the country and the most expensive housing market in Pennsylvania.
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NAR estimates’ Bucks County’s median home values around $447,000, ranking second highest in the state; and Montgomery County ranking third in PA with a median home value of $431,940.
Here’s a breakdown of the 10 counties with the highest median home prices in Pennsylvania:
- Chester County: $475,230
- Bucks County: $447,000
- Montgomery County: $431,940
- Centre County: $332,260
- Delaware County: $330,620
- Northampton County: $317,300
- Lancaster County: $312,230
- Lehigh County: $311,880
- Butler County: $302,930
- Cumberland County: $281,820
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Despite cost, Bucks has a bustling market
While buying a home in southeastern Pennsylvania comes with a high price tag compared to the rest of the state, Bucks County Association of Realtors President Stephanie Garomon said the local housing market is “doing far better than other parts of the state.”
Garomon said there were about 459 new listings in the county last month, a total of 470 active listings overall, and that the average home sold for $450,000 after only staying on the market for about a month.
“My personal take on it is that I'm busier this year than last year. I just see a little bit more activity, a little bit more choices for buyers. Because more houses have come on the market ... in the last couple of weeks,” said Garomon, an agent at Addison Wolfe Real Estate, in New Hope.
One of the reasons behind the increase in listings, Garomon suggests, is because of the lowering interest rates.
Mortgage rates had hit historic lows just a few years ago, hitting a floor of about 2.96% in 2021 for a 30-year loan, according to data on TheMortgageReports.com. Those rates climbed to 5.34% in 2022 and then 6.81% this year.
“You know, people held off last year with the interest rates going up and waiting to (sell their homes), and we may be seeing a little bit of that, where people could only wait so long and then they have to do something,” Garomon said.
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