The real estate market statewide shows growth, while in certain areas it has slowed down. The suburbs of Philadelphia continue to grow at the highest rate, while central towns activity has decreased in 2005.
The population continues to grow in Pennsylvania as it keeps creating new jobs. In West Chester, houses are on the market for 30-60 days and sell for an average price of $350K. The price is about the same as July of 2005 since there are many more sellers than buyers this year. First time buyers taking advantage of low interest rates are the biggest part of the market.
In Lancaster, the market is even with buyers and sellers. It is slowly decreasing and houses are sitting for 90 days on the market with an average sale price of $200K. That price is slightly up, from 0-5% from July of 2005. The most active part of the market are move up buyers building new homes.