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I don’t know about you but I thought all these interest rate hikes were supposed to slow the rise of home prices? Well, it does not appear to be working – at least not here, at least not yet. Earlier this month Stacker released a ranking of cities with the fastest-growing home prices in Pennsylvania, and guess who scored really, really well? Like, 13th out of 755 cities well?
We did. According to data compiled from Zillow, West Chester’s home prices increased $54,144 in a twelve-month period ending Dec. 2022 bringing the typical home value for the area up to $567,635. That’s more than a 10 percent increase from 2021 and a nearly 40 percent increase in home prices over the last five years.
While we are definitely popular, we are not alone. Kennett Square and Exton were just behind us with the 14th and 15th fastest-growing home prices, respectively. Our neighbors to the south and east saw even greater jumps. Glen Mills’ home prices rose nearly $64,000 over the course of the year (landing them #6 on the list); Malvern’s $65,000 (for #5) and Cheney, with a one-year price change of more than $85,000 topped the list of PA cities with the fastest growing home prices.
This story is just one part of a longer weekly West Chester newsletter. Curious what else is going on? You can find the full issue here. To get the latest issue delivered directly to your inbox, you can subscribe here.