Quote:
Originally Posted by 3rd&Brown
Yeah. The inventory situation is insane. My parents live in Upper Chichester Township (which is obviously not the Main Line). The last I checked, there were 3 houses on the market in the entire township. It's a township with close to 20,000 people (so i.e. not small). Houses in the best subdivisions are selling quickly at or over ask for $425k-$600K, prices that have never been seen there. Next door in Garnet Valley, houses are selling regularly for $100K over ask and $1MM is a normal price for an updated SFH with modern layouts.
4 years ago, a house sold on their block for about $200k. 3 years ago 2 similar houses sold for +/- $300K. A few months back, their new neighbor paid $450k. The new neighbor is a single engineer for Microsoft who moved from Northern Virginia. So the inbound movement from people from high cost regions is not just a story of Center City and the Main Line. It's happening all over the area.
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It's hard to find any For Sale signs anywhere. I haven't passed one in a while.
Why sell now when rates are up and everyone is sitting on those ultra low mortage rates they got a few years ago.
The only housing you can get near me in Exton/Lionville is if you got one of townhomes in the communities being built along Lincoln Highway or in any of the several new apartment complexes. Houses for resale? Good luck with that. I can just imagine as soon as any home hits the MLS here in Eagleview...they swoop in on it in a few hours...