realestate

Levittown home sales set record, leaving buyers in limbo

In Levittown, a historic middle-class suburb, a Middletown home sells for a surprising price.

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evittown, once a community of starter homes for young married couples seeking the American Dream, has seen one of its houses sell for $720,000 - a price that would be unaffordable for many original Levittowners. The 1958 Country Clubber in Middletown's Forsythia Gate section set a record price in November, making it the highest paid for a William Levitt-built house in the suburb's 72-year history.

    "It's a beautiful house, totally redone with a ton of amenities," said realtor Robin Kemmerer, who grew up in Levittown. However, this high price tag is likely to be out of reach for future generations of Levittowners. A couple seeking their first home would need an annual income of around $120,000 to afford the typical price of a Levitt-built house, which now ranges from $350,000 to $450,000.

    Kemmerer noted that affordable single-family houses are scarce in Bucks County, with the median annual household income being $97,750. This means many average Levittown homeowners could not qualify for a mortgage to buy into their own neighborhood. The lack of new single-family homes has contributed to the tight market, with only one Levittown house available in December's third week.

    The construction of affordable homes is hindered by the need to build large numbers, just like Levitt and Sons did in the 1950s. In 1953, a Levitt-built Rancher sold for $8,990, less than half the price of a typical new house at the time. A 30-year mortgage for this home would have been around $59 per month.

    Another factor affecting the market is Bucks County's open space preservation program, which removed thousands of acres from the market in the late 1990s and early 2000s. This measure was intended to keep out land developers but ultimately drove development to Lower Bucks and Levittown, where land was available. The program has had unintended consequences, including the sale of neighborhood school properties to housing developers.

    The market in Levittown shows no signs of easing, with houses selling quickly due to high demand. A recent house sale in North Park for $450,000 was snapped up after just five days on the market, with 28 showings during that time.

Levittown homes sold at record pace, leaving potential buyers uncertain.