Phoenixville's real estate market is experiencing a price correction, with values down 15.3% from last year. The median home price has fallen to $410,750, a significant 15.3% decrease year-over-year. At the current pace, all available homes in Phoenixville would sell out in just 0.9 months, indicating a continued supply shortage. Homes are now taking an average of 31 days to sell, significantly longer than the 7 days typical for this market. A significant 42.9% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Approximately 45.8% of homes sold above list price, indicating some competitive segments within the market. Affordability remains a significant challenge in the Phoenixville market with the affordability index at 178.9. Based on current market indicators, home prices in Phoenixville are projected to decrease by approximately 16.3% over the next month.
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