Real Estate News June 2022

Jun 1, 2022

June is a great month to slow down. It is hot, kids are out of school and vacations are imminent. The housing market is still strong, although construction of new homes has shown some slowing with climbing interest rates, supply chain issues and tight labor market. 

Five homes ranging in size from 2756 to 7124 square feet have sold over the past 3 months (according to the 5/18/22 NEFAR MLS). Ranging in price from $700,000 to $1,400,000, the homes sold 100% – 108% of the price at which they were listed. The five homes sold averaged a price per sq foot of $228.48, and were on the market for an average of 3 days. Among the homes sold was 7844 Troy Hills Ln. It is a 3,943 sq ft home with 5 bedrooms/5 baths, a screened pool and 3 car garage, and sold for $925,000. 7805 Rittenhouse Ln also sold during this period for $713,000.

There are no homes For Sale in Deercreek. Four homes are Under Contract – 10070 Heather Lake Ct W (listed at $550,000), 7798 Rittenhouse (listed at $744,000, after a price reduction from $769,000), 11202 Chester Lake Rd W (listed at $825,000), and 10143 Bishop Lake Rd (listed at $799,900). The homes listed are priced from $207.18 – $267.34 a sq ft and have been on the market from 2-58 days.
June brings the summertime and lots of heat. The stock market is fluctuating wildly, mortgage rates continue to climb, but because there are limited homes on the market, prices are staying steady for now. It is a great time to finish up those exterior home and garden projects so you can move indoors and enjoy the cool air conditioner.
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