When people dream of vacation homes, oftentimes they cut themselves off quickly, thinking they would never be able to afford one. However, new research by the National Association of REALTORS® shows that is probably not the case. While vacation homes are obviously a big investment, they aren’t out of reach for those under the six-figure salary mark. According to NAR’s 2015 Investment and Vacation Home Buyers Survey, the median household income for those who own a vacation property is $94,380, only about $15,000 more than the median income for those who own their primary residence ($79,650). And if you thought buyers needed cash to buy it, think again—70 percent of vacation homes purchased last year were financed with a mortgage. Considering buying a vacation home? Start your search here!
Take a look at May’s real estate sales broken down by school district.
Downingtown School District
The number of homes selling in the Downingtown school district in May 2015 rose by 34.72% when compared to May 2014. The average selling price increased by 1% to $389,856. The median selling price dropped by 1.17%, while the average market time increased by 6 days.
Date |
Sold
Listings |
Average
Selling Price
|
Median
Selling Price |
Average
Days On Market |
May 2015 |
97 |
$389,856 |
$380,000 |
52 |
May 2014 |
72 |
$386,168 |
$384,500 |
46 |
West Chester School District
The number of homes selling in the West Chester school district in May 2015 decreased by 19.49% when compared to May 2014. The average selling price decreased by .99% to $384,640. The median selling price increased by 5.19% while the average market time decreased by 9 days.
Date |
Sold
Listings |
Average
Selling Price
|
Median
Selling Price |
Average
Days On Market |
May 2015 |
95 |
$384,640 |
$370,000 |
49 |
May 2014 |
118 |
$360,702 |
$380,875 |
58 |
Coatesville School District
The number of homes selling in the Coatesville school district in May 2015 decreased by 1.69% when compared to May 2014. The average selling price decreased by 4.01% to $221,521. The median selling price decreased 6.33%, while the average market time dropped by 15 days.
Date |
Sold
Listings |
Average
Selling Price
|
Median
Selling Price |
Average
Days On Market |
May 2015 |
58 |
$221,521 |
$210,750 |
58 |
May 2014 |
59 |
$230,770 |
$225,000 |
73 |
Great Valley School District
The number of homes selling in the Great Valley school district in May 2015 remained the same when compared to May 2014. The average selling price increased 9.62 % to $447,965. The median selling price rose by 1.3%, while the average market time increased by 39 days.
Date |
Sold
Listings |
Average
Selling Price
|
Median
Selling Price |
Average
Days On Market |
May 2015 |
37 |
$447,965 |
$390,000 |
63 |
May 2014 |
37 |
$408,656 |
$385,000 |
24 |
Unionville School District
The number of homes selling in the Unionville school district in May 2015 increased by 16% when compared to May 2014. The average selling price increased 19.67% to $469,424. The median selling increased 37.98% while the average market time increased by 9 days.
Date |
Sold
Listings |
Average
Selling Price
|
Median
Selling Price |
Average
Days On Market |
May 2015 |
29 |
$469,424 |
$465,000 |
87 |
May 2014 |
25 |
$392,252 |
$337,000 |
78 |
Tredyffrin-Easttown School District
The number of homes selling in the Tredyffrin-Easttown school district in May 2015 increased 17.39% when compared to May 2014. The average selling price increased by 4.27% to $447,462. The median selling price increased by 11.26% while the average market time decreased by 4 days.
Date |
Sold
Listings |
Average
Selling Price
|
Median
Selling Price |
Average
Days On Market |
May 2015 |
54 |
$447,462 |
$420,000 |
38 |
May 2014 |
46 |
$429,146 |
$377,500 |
34 |
Owen J Roberts School District
The number of homes selling in the Owen J Roberts school district in May 2015 increased by 7.14% when compared to May 2014. The average selling price decreased by 3.84% to $356,279. The median selling price dropped by 6.01% while the average market time decreased by 18 days.
Date |
Sold
Listings |
Average
Selling Price
|
Median
Selling Price |
Average
Days On Market |
May 2015 |
45 |
$356,279 |
$320,000 |
69 |
May 2014 |
42 |
$370,511 |
$340,450 |
87 |
Phoenixville School District
The number of homes selling in the Phoenixville school district in May 2015 increased by 3.45% when compared to May 2014. The average selling price decreased by 10.15% to $271,612. The median selling price decreased by 9.39%, while the average market time rose by 1 day.
Date |
Sold
Listings |
Average
Selling Price
|
Median
Selling Price |
Average
Days On Market |
May 2015 |
60 |
$271,612 |
$243,750 |
45 |
May 2014 |
58 |
$302,310 |
$269,000 |
44 |
Curious about the value of your home? Get your home's value here!
Information courtesy of Chester County PA Realtor Scott Darling.