Warminster, PA – The Bucks County Association of REALTORS® (BCAR) reports a shift in the housing market for September 2024, with the median sold price for residential properties standing at $480,000. While this marks a decrease compared to August, it represents a significant increase of 9.1% from the same time last year.

Homes that sold in September spent an average of 21 days on the market, just 1% higher than the five-year average for September. However, new contract activity decreased by 10.3%, with only 529 new pending contracts. When combined with contracts carried over from August, the total number of pending contracts fell 3.5% month-over-month to 811.

On the supply side, inventory grew by 4.7%, bringing the total number of active listings to 808. This shift in both supply and demand resulted in a Contract Ratio of 1.00, down from 1.09 in August and a notable decrease from 1.23 in September 2023. The Contract Ratio, which compares pending sales to active listings, is also 28% lower than the five-year September average of 1.38. A lower Contract Ratio signals a cooling in contract activity relative to supply, indicating that the market may be moving in favor of buyers.

“We are seeing a slight cooling in contract activity, which provides more opportunity for buyers as inventory increases,” said Stephanie Garomon, BCAR President. “However, with prices remaining strong compared to last year, sellers are still benefiting from significant appreciation in property values.”

As the Bucks County housing market continues to evolve, both buyers and sellers are encouraged to consult with local REALTORS® to navigate these changes effectively.