Million-Dollar Home Sales Soar In Suburban Philly

SUBURBAN PHILADELPHIA — In the middle of a pandemic, the Philadelphia region broke an unlikely record: highest number of million-dollar homes sold.

Sales of homes a million dollars or more soared in the third quarter of 2020, breaking a new record by a "huge" margin, according to a report from experts at Drexel University.

That's just one real estate record broken in the Philadelphia suburbs during the third quarter, according to the report prepared by Drexel University's Lindy Institute for Urban Studies.

According to the report, there were 470 home sales at a price of one million dollars or more across the region in the third quarter, with 90 percent of them occurring in the suburbs.

"Not only is this 49 percent higher than the previous record of 316 +$1M sales set one year ago, it is also 167 percent higher than the region’s quarterly average of 176 such sales," the report said.

The suburban Philadelphia real estate market hit many record highs in the third quarter of 2020.

"Philadelphia’s suburbs had one of its best quarters ever since the last recession," the report summary states. The report said house prices in the suburban counties shifted "significantly upwards."

And it's not just luxury homes that are seeing price increases — median suburban house prices were up to the highest level ever last quarter. The median suburban house was $300,000 in the third quarter, which is the first time it has ever crossed that mark, the report said.

The data in the report comes from counties in Pennsylvania, New Jersey and Delaware. The counties in the report include Bucks, Montgomery, Chester, Delaware and Philadelphia in Pennsylvania; Mercer, Burlington, Camden, Gloucester and Salem in New Jersey; and New Castle in Delaware.

Here's a look at some of those $1M+ homes that sold in the third quarter:

PENNSYLVANIA

Bucks

• $2.6M: Greenhill Road, New Hope
• $1.75M: Indian Springs Road, Doylestown
• $1.25M: Mount Airy Road, Pipersville

Chester

• $1.05M: Old Kennett Road, Kennett Square
• $1.1M: N Valley Road, Paoli
• $1.2M: W Miner Street, West Chester

Delaware

• $2.7M: Dunminning Road, Newtown Square
• $3.7M: Tunbridge Circle, Haverford
• $1.04M: Saddlebrook Circle, Media

Montgomery

• $2.3M: Lafayette Road, Bryn Mawr
• $1.45M: Beech Road, Ambler
• $1.1M: Bryn Mawr Avenue, Narberth

NEW JERSEY

Mercer

• $1.96M: Lafayette Road, Princeton
• $1.62M: Benson Lane, Skillman
• $2.45M: Hodge Road, Princeton

Burlington

• $2.17M: Cobblestone Court, Moorestown
• $1.15M: New Albany Road, Moorestown
• $1.46M: E Oak Avenue, Moorestown

Camden

• $1.05M: Heritage Road, Haddonfield
• $1.2M: Gill Road, Haddonfield
• $1.22M: Station Avenue, Haddonfield

Gloucester

• $1.2M: High Street, Mullica Hill