Hottest Home Markets in Berks County
It is already April, the flowers and trees are in full bloom, and the real estate market in Berks County is in full swing. Let's take a look at the hottest home markets in our area thus far.
According to the Trend MLS, there have been 1,175 homes sold in Berks County From January 1 through April 20, 2017. The number of home sold in the same period in 2016 was 1,108. The figures show there has been six percent increase in home sales year over year. Home sales continue to rise even with declining inventory. The numbers are a very positive economic indicator of which direction home prices should go, up!
So what about Berks home prices?
The median value in March 2016 was $150,000 while the median value in March of this year was $155,000, an increase of 3.3%. The average home sale in March of 2016 was $173,000 and the average for the same time this year was $168,000, or a decrease of 2.9%. I will spare you the dynamics of the difference between median and average value. The numbers point to a bottom-up market which means that lower valued homes are moving up and higher valued home sales are limited.
Where are the Hottest Markets in Berks County?
I will use the 17 school districts in Berks to define which are on the rise in home sales year over year. Since all school districts have different demographics, I will grade by percentage of sale.
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There you have it! According to the number of sales year over year, the Schuylkill Valley School District is one of the hottest home markets in Berks County to date.
It will be interesting to see how things shape up as we enter the late spring and summer months. Stay tuned!
Knowledge is Power!
Jeffrey C. Hogue