Real Estate Market In Bucks Sees Inventory Growth Amid Affordability Challenges

BUCKS COUNTY, PA — Bucks County's housing market offered buyers more choices in September, with the number of homes available for sale rising above the five-year September average, according to the latest market data for the Bucks County Association of Realtors area.

There were 1,062 active residential listings at the end of September, an 8.3 percent increase from August. That total was approximately 29 percent higher than the five-year September average of 821 active listings, the BCAR said.

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"Higher mortgage rates are often cited as a reason homeowners are reluctant to sell, but the Bucks County numbers show that homes are continuing to come onto the market," said BCAR President Christy Manetta. "With inventory above the five-year average, buyers have more
options and may have more time to evaluate a property and negotiate. The greater challenge right now appears to be affordability and how today's mortgage rates affect a buyer's monthly payment."

Bucks County home prices remained relatively steady in September. The median sold price was $515,000 — slightly lower than in August but 1 percent higher than a year ago.

According to the BCAR, homes also took a little longer to sell, averaging 29 days on the market. At the same time, fewer properties went under contract compared with August. These changes suggest that buyers may have more time to consider their options and negotiate, although Bucks County continues to face an overall shortage of available homes.

For sellers, pricing and preparation remain important. Homes are still selling, but buyers are responding more carefully as higher mortgage rates affect affordability and monthly payments.

Elevated mortgage rates continue to affect purchasing power and monthly housing costs.

However, the increase in local inventory shows that Bucks County homeowners are still deciding to sell based on changing family needs, employment, lifestyle, and other personal circumstances, said the BCAR.

"Every buyer and seller has a different reason for entering the market," Manetta added. "A local realtor can help consumers understand how current prices, inventory, mortgage rates and negotiating conditions affect their individual goals."