The current Bucks County housing market is creating challenges for homebuyers this summer as they are being forced to compete for the limited number of homes for sale, writes James Forsyth for the Off Plan Property Exchange.

The county currently has only 557 active listings, compared to 769 last July and a five-year average of 964. Due to the low inventory, the price of homes in Bucks County has continued to rise. The median price of homes has alteady gone up by 2.9 percent from July 2022, reaching $478,450 this July.

According to the Bucks County Association of Realtors, homes are also selling at a faster pace. They are spending an average of 14 days on the market. The five-year average is 22 days. This indicates that we are still in a sellers’ market where buyers are submitting offers quickly.

And due to mortgage rates being around six to seven percent, many Bucks County homeowners who bought or refinanced their homes when rates were under 3 percent, are now choosing to renovate their homes instead of selling.

In response to the housing demand, new home construction has also increased.

Read more about the housing market in the Off Plan Property Exchange.

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