Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Chester County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $259,486 | $154,283 | $242,182 |
| Price Trend (Annual %) | -1.9% | 4.4% | 8.2% |
| Median Gross Rent | $1,690 | $1,161 | $1,342 |
| Rent Trend (Annual %) | 4.8% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Chester County is about 68% higher than in Pennsylvania. Rent is about 46% higher than the Pennsylvania average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Chester County: home prices fell about 1.9% a year while rent rose about 4.8% a year. That is an unusual pattern worth watching.
Median rent in Chester County rose about 41.3% between 2015 and 2023, from $1,196 to $1,690. Over the same span, rent in Pennsylvania rose about 38.3%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Chester County.
Buying the median-priced home in Chester County costs roughly 12.8 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Chester County. The price-to-rent ratio in Pennsylvania is about 11.1.
| Metric | Chester County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $259,486 | $154,283 | $242,182 |
| Median Household Income | $123,497 | $76,231 | $78,145 |
| Price-to-Income Ratio | 2.1 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Chester County fell about 6.8%, while median household income rose about 46.8% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Chester County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.0% | 62.8% | 58.2% |
| Rental Rate | 24.1% | 27.8% | 31.3% |
| Vacancy Rate | 4.0% | 9.4% | 10.6% |
| Median Tenure (years) | 17.0 | 17.0 | 15.0 |
| Median Year Moved In | 2009 | 2009 | 2011 |
Chester County has a homeownership rate of 72.0%, higher than the Pennsylvania average of 62.8%. Its housing vacancy rate is 4.0%, compared with 9.4% in Pennsylvania.
Housing Stock
| Metric | Chester County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.60 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1981 | 1965 | 1978 |
| Median Number of Rooms | 7.0 | 6.0 | 5.5 |
The typical housing unit in Chester County was built around 1981. On average, 2.6 people live in a home with about 7.0 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Chester County, Pennsylvania.
What is the median home price in Chester County, Pennsylvania?
The median home price in Chester County, Pennsylvania is $259,486, higher than the Pennsylvania average of $154,283.
What is the average home price in Chester County, Pennsylvania?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Chester County, Pennsylvania?
The median gross rent in Chester County, Pennsylvania is $1,690 per month, higher than the Pennsylvania average of $1,161.
What was the median gross rent in Chester County in 2020?
In 2020, the median gross rent in Chester County, Pennsylvania was $1,354 per month.
What is the price-to-rent ratio in Chester County, Pennsylvania?
The price-to-rent ratio in Chester County, Pennsylvania is about 12.8, meaning it would take roughly 12.8 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Chester County.
Are home prices or rent rising faster in Chester County, Pennsylvania?
Home prices and rent are moving in opposite directions in Chester County: home prices fell about 1.9% a year while rent rose about 4.8% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Chester County, Pennsylvania?
72.0% of households in Chester County, Pennsylvania own their home, higher than the Pennsylvania average of 62.8%.
What is the vacancy rate in Chester County, Pennsylvania?
The housing vacancy rate in Chester County, Pennsylvania is 4.0%, lower than the Pennsylvania average of 9.4%.