Warminster, PA – The Bucks County Association of REALTORS® (BCAR) today released the housing market statistics for June 2024, highlighting notable trends in residential real estate across the region.
According to the latest data, the median sold price for residential properties in Bucks County for June was $506,250. This represents a 4.4% increase compared to the previous month and a corresponding 4.4% increase from June 2023, showcasing steady appreciation in home values. Additionally, the average days on market for units sold in June was just 18 days, which is 6% below the 5-year June average of 19 days, indicating a robust demand and swift sales process.
New contract activity showed a slight decrease of 3.7% month-over-month, with 594 new pendings recorded. However, the total number of All Pendings, including new contracts and those carried over from May, saw a 5.3% increase to 972. Active listings also increased by 2.8% to 739 units.
The Contract Ratio for June stood at 1.32 pendings per active listing, which is up from 1.28 in May but lower than the 1.42 recorded in June 2023. This metric, which measures the balance between supply and demand, is 17% lower than the 5-year June average of 1.59. A higher Contract Ratio indicates increased contract activity relative to supply, favoring sellers, while a lower ratio suggests a more balanced market favoring buyers.
Stephanie Garomon, President of the Bucks County Association of REALTORS®, commented on the market dynamics: "The Bucks County housing market continues to demonstrate resilience and stability. Despite slight variations in new contract activity, we see consistent price appreciation and a competitive market with homes selling quickly. Sellers are benefitting from favorable conditions while buyers are navigating a market that remains active and dynamic."
BCAR encourages prospective buyers and sellers to consult with a local REALTOR® for personalized insights and strategies tailored to current market conditions.
For more detailed information on the June 2024 housing market statistics in Bucks County, visit www.bucksrealtor.com