Warminster, PA – The Bucks County Association of REALTORS® (BCAR) reports another month of positive growth in the local real estate market, making August 2024 a favorable time for both buyers and sellers alike. With a strong increase in both home prices and overall sales volume, the Bucks County market continues to reflect resilience and opportunity.
In August 2024, the Bucks County real estate market experienced solid gains, with both total sales volume and home prices rising compared to last year. Median and average home prices increased, showing year-over-year growth of 7% and 9.7%, respectively. Sales activity remained robust, with closed transactions up 3.2% from August 2023, while homes continued to sell quickly despite a slight increase in the average days on market to 23 days. Buyers can expect some breathing room as inventory remains stable, but the market continues to favor sellers as strong demand drives prices upward.
Stephanie Garomon, President of the Bucks County Association of REALTORS®, emphasizes the opportunities this market presents for both buyers and sellers:
"The Bucks County real estate market continues to show remarkable strength, with steady growth in home prices and sales activity. While the slight increase in days on market provides buyers more time to make thoughtful decisions, sellers are still benefiting from solid demand. This balance allows for a healthy market where everyone can find opportunities," Garomon said.
In August, the Contract Ratio, which measures the balance between supply and demand, was 1.09, reflecting a minor decrease from July. While down from the previous year’s level, this still represents a competitive market with ample activity. Active listings remain stable at 772 units, providing a solid inventory for prospective buyers to explore.
The Bucks County market has consistently shown resilience in the face of shifting economic conditions, and with the uptick in prices and continued sales activity, the area remains an attractive location for both first-time buyers and seasoned homeowners.