Phoenixville Area Home Prices Up Recently

PHOENIXVILLE, PA — The rise in home prices showed no signs of abating in early 2021 across most of the country.

Prices increased 1.55 percent from February to March in the Montgomery County-Bucks County-Chester County PA Metropolitan Division, according to the CoreLogic Case-Shiller Index, one of the leading trackers of the housing market. Prices are up 11.50 percent from March 2020.

Prices in the bottom third (less than $325,000) of the Montgomery County-Bucks County-Chester County PA Metropolitan Division market — often designated as starter homes —increased 12 percent year over year. The top third of the market (homes over $468,000) saw a 10 percent increase.

The number of homes on the market continues to be near historic lows, which has driven prices up. Strong demand for housing among millennials, along with low interest rates, have tightened the market still further. Lumber prices are higher than normal, too, which has pushed up the price of new construction.

Nationally, home prices increased 11.3 percent in March 2021 compared to March 2020, according to the CoreLogic Home Price Index. Home prices were up 2 percent in March compared to February 2021.

Chester County is part of the Montgomery County-Bucks County-Chester County PA Metropolitan Division, a term the U.S. Census Bureau uses to designate areas with strong economic ties. Many MSAs contain more than one county.

Editor’s note: This post was automatically generated using an analysis of the Case-Shiller Index data from CoreLogic Inc. by The Associated Press. Please report any errors or other feedback to content@patch.com.

Go to source article
Patch