Market Conditions for Chestnut Hill, Pennsylvania Reported by Loretta C. Witt, REALTOR, CRS, GRI, Associate Broker Updated September 16, 2009.

Current Market Rating: 2 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 2 1 2 3 4 5 Falling Rising

In the 2nd quarter of 2009, the most recent quarter for which the Multiple Listing System has records,the average price in Chestnut Hill was $449,900. That is 10.38% less than in the same period in 2008. 17 homes sold in this quarter, and that was 16.88% fewer than in the same quarter of 2008. The average time that homes are on the market is 52 days, and sale prices were 92.2% on average of the asking prices. Right now, homes in the lower price ranges are selling more briskly than those asking a million or more. Some of this activity is due to the federal stimulus tax credits at the lower ranges.
In Chestnut Hill, more houses are coming on the market, a welcome return to the September briskness that has for years been a tradition in the real estate marketplace.

ZIP Code: 19118

Location Characteristics: Chestnut Hill is at the top of the northwestern section of Philadelphia. It is bounded by Montgomery County and the Wissahickon Valley, and it is thought of as one of the most desirable--and beautiful--neighborhoods of Philadelphia. Once a rural farming village in the 18th century, it is now a vital residential neighborhood with a distinctive collection of architect designed homes built from the 18th to the 21st century. Its gardens and its convenient and quaint main street appeal to buyers of all price ranges, and the prices range from a low of $275K to more than $3M. Public transportation, by bus or by two commuter train lines, is excellent.

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