Bucks County Real Estate Market Sees Notable Shifts

BUCKS COUNTY, PA — The real estate market in Bucks County experienced significant changes in July 2024, according to the latest data from the Bucks County Association of Realtors (BCAR).

The median sold price for residential properties stood at $495,000, reflecting a modest decline of 2.2 percent from the previous month but an increase of 3.5 percent compared to July 2023.

“July’s real estate figures highlight a market that is adjusting to current conditions," said Stephanie Garomon, president of the Bucks County Association of Realtors. "While we’ve seen a slight dip in the median sold price from June, there is still a year-over-year increase, indicating that home values are stable in the long term. The increased average days on the market suggest that buyers are taking more time to make decisions, which may be influenced by broader economic factors.”

Key highlights from the July report include:

• Total Sold Dollar Volume: $360,069,809, a 12.6 percent increase from June and a 15.6 percent year-over-year rise.
• Closed Sales: 612 homes sold, showing a 16.1 percent increase from June and a 9.7 percent rise from July 2023.
• Average Sold Price: $598,349, down 2.4 percent from June and 5.3 percent from the previous year.
• Median Days on Market: 7 days, which is 16.7 percent higher than the same time last year but consistent with the 5-year average.
• Average Days on Market: 22 days, a significant increase of 57.1 percent from June, suggesting that homes are taking longer to sell.
• Supply: The number of active units on the market increased by 5.4 percent to 779 homes.

The Contract Ratio, a measure of market activity relative to supply, decreased to 1.15, down from 1.32 in June and 1.56 in July 2023. This lower ratio indicates a shift towards a more balanced market, where buyer demand is not as strong relative to the number of available homes.

“Overall, the data suggests a market that is becoming more buyer-friendly,” added Garomon. “With increased inventory and a slightly lower contract ratio, buyers have more options and a bit more negotiating power. However, the year-over-year price increases and robust sales figures indicate that Bucks County remains a competitive market.”
For more information on the Bucks County real estate market, visit www.bucksrealtor.com