Wednesday
June 26, 2024 
The Bucks County Association of REALTORS reported a robust real estate market with rising prices and decreased time on the market, which it said demonstrates strong demand for residential properties in Bucks County.
In December, the median sold price for residential properties in Bucks County reached $455,000. This represents an increase of 3.2% compared to the previous month and a 7.1% increase from December 2022.
The market’s resilience and sustained growth over the past year are clear indicators of its stability and desirability, the trade association reported.
“The December market statistics reflect the remarkable strength of Bucks County’s real estate market,” said Stephanie Garomon, the group’s president. “Buyers continue to be attracted to the area, resulting in increased prices and a shorter time on the market. I am optimistic about 2024 and hope for an increase in inventory, especially as interest rates are predicted to decrease, providing even more opportunities for buyers in Bucks County.”
The December market report indicated the average number of days on market for units sold, was 23 days, a 20% reduction compared to the five-year December average of 29 days.
Additionally, the market saw a 26.2% month-over-month decrease in new contract activity, with 312 new pendings. However, this decline in new contracts was accompanied by a 25.6% month-over-month decrease in all pendings, which includes both new contracts and contracts carried over from November, totaling 502.
Furthermore, there was an 18.2% decrease in supply, resulting in 476 active units.
The Bucks County real estate market continues to be dynamic, offering opportunities for both buyers and sellers, according to statement from the association, which concluded that rising demand and increasing prices are promising signs going forward.
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