While the overall number of Bucks County home sales has fallen significantly this year, home prices have continued their upward trajectory, writes Todd Romero for the Philadelphia Business Journal.
This is in line with the overall Philadelphia region, where home sales declined year over year for the 24th consecutive month in July, while the prices continued to rise, according to Bright MLS data. In fact, the average sale price for the 25 most expensive home sales in Greater Philadelphia swelled from $4.32 million last year to $5.98 million this year.
In Bucks County, home sales dropped by 23.7 percent compared to July 2022. This is about the same as the region’s year-over-year average drop of 24 percent.
Meanwhile, prices in the county rose by 3.5 percent in that same period, going from an average of $425,000 in July 2022 to an average of $440,000 in July 2023. That is the second-highest average in the region currently and a little below the 4.6 percent year-over-year change for the overall Philadelphia metro area.
Read more about the reasons why Bucks County home sales continue to increase in the Philadelphia Business Journal.