The Long & Foster Market Minute

Focus On: Chestnut Hill and Mt. Airy Housing Market March 2021

Zip Code(s): 19118 and 19119
Units Sold
42
Active Inventory
54
Median Sale Price
$356,000
Days On Market
32
Up
Vs. Year Ago
Down -49%
Vs. Year Ago
Down -6%
Vs. Year Ago
Down -59%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 42 sold this month in Chestnut Hill and Mt. Airy Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 51 units or 49%. The total number of active inventory this March was 54 compared to 105 in March 2020. This month's total of 54 is higher than the previous month's total supply of available inventory of 52, an increase of 4%.

Median Sale Price
Last March, the median sale price for Chestnut Hill and Mt. Airy Homes was $380,000. This March, the median sale price was $356,000, a decrease of 6% or $24,000 compared to last year. The current median sold price is 5% lower than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
61
Current Contracts
54
Sold Vs. List Price
102.2%
Months of Supply
1.3
Up 5%
Vs. Year Ago
Up 42%
Vs. Year Ago
Up
Vs. Year Ago
Down -62%
Vs. Year Ago

Months of Supply
In March, there was 1.3 months of supply available in Chestnut Hill and Mt. Airy, compared to 3.4 in March 2020. That is a decrease of 62% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 61 homes newly listed for sale in Chestnut Hill and Mt. Airy compared to 58 in March 2020, an increase of 5%. There were 54 current contracts pending sale this March compared to 38 a year ago. The number of current contracts is 42% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Chestnut Hill and Mt. Airy was 102.2% of the average list price, which is higher than at this time last year.

Days on Market
This month, the average number of days on market was 32, lower than the average last year, which was 78, a decrease of 59%.

The Long & Foster Market Minute Chestnut Hill and Mt. Airy are defined as properties listed in zip code/s 19118 and 19119.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.