The Philadelphia suburbs are one of the most competitive places in America to buy a home right now — and fresh data proves it, writes Ryan Mulligan for Philadelphia Business Journal.

According to Redfin, the Philadelphia suburbs ranked among the 10 most competitive housing markets in the nation this spring, highlighting the continued strength of the region’s real estate market despite signs of moderation elsewhere in the country.

43.6% of homes in Bucks, Montgomery and Chester counties sold above asking price in May, nearly double the national rate of 25.8%. That number ranks the region seventh nationally for homes selling above asking price.

The figure cements the suburban Philadelphia market as a seller’s paradise, even as competition cools in other parts of the country.

Sought-after communities like New Hope and Doylestown in Bucks County, and affluent pockets throughout Chester County, continue drawing buyers into fierce competition over a thin supply of available homes.

There are some early signs of relief on the horizon. New listings across the three counties climbed 6.1% year over year in May, active listings rose 12.6%, and pending sales jumped 11.3%, signaling that more homeowners are finally ready to move.

However, don’t expect prices to budge anytime soon. The median sale price across Bucks, Montgomery and Chester counties hit $517,405 in May, up 1.6% from a year ago and the second-highest on record for the region.

Even Philadelphia and Delaware counties outpaced the national average, with 29.1% of homes there selling above list price.

The bottom line: more homes are coming to market, but demand isn’t letting up, maintaining the Philadelphia suburbs’ status as one of the toughest places in America to buy a home.

Learn more about the housing market across the Philly suburbs and how the market compares to national trends in Philadelphia Business Journal.

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