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Edgmont PA Real Estate Market Update

After peaking in 2007, Edgmont Township home sales activity and sales prices have stabilized over the last few years.

Edgmont Township is located in western Delaware County and is crossed to the north by the West Chester Pike and south by Middletown Rd. Founded in 1687, it started as part of Thornbury Township and was originally inhabited by the Lenape Indian tribes. Over the years it was primarily an agricultural area with large farms throughout the west and many mills developing along Ridley Creek. In the early 1900's the area along the trolley lines on West Chester Pike known as Castle Rock became a popular amusement park, picnic grove, and entertainment area. Today, Edgmont is home to much of the Ridley Creek State Park and many of the existing farms have been developed into newer housing developments.

With a wide variety of mostly higher end housing options throughout the township, Edgmont has been a very popular housing choice in the area. As seen in much of Delaware County, both sales activity and prices peaked in 2007 when there were 61 sales with an average sales price of $720,000 in the township. This included sales from several new developments that were under construction.

Since then, home sales and prices have fallen but continue to retain their value better than many areas in this economic environment.

Prices declined to an average sales price of $530,00 in 2008 with 45 sales but then continued with 34 sales averaging $550,000 in 2009, 50 sales averaging $507,000 in 2010, and 14 completed sales averaging $551,000 in 2011 year-to-date. Currently, there are 57 homes on the market having an average asking price of $685,000 with an additional 11 properties now under contract averaging $658,000.

Today, the township continues to retain the best of both worlds with plenty of housing options but in a more semi-rural environment. Edgmont's central Delaware County location affords easy commuting options into Philadelphia, Wilmington, West Chester, and throughout the region.  This combination has allowed home prices and sales activity to remain more stable on a relative basis than seen in much of the area.

David Henke
Long & Foster Real Estate, Inc
Devon PA/Wilmington DE
Direct:610-618-0808 - Office:610-225-7400
www.DelawarePAHomes.com 

(All statistics per the TrendMLS System and believed accurate but not guaranteed)

 

Comment balloon 2 commentsDavid Henke • May 26 2011 09:34AM
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