Welcome to my real estate market update for The Main line PA for the month of March! If you’re still on the fence about buying or selling a home on The Main Line, continue watching because today I’m going to share with you important updates on The Main Line Housing Market last month.
It is still very much a seller’s market in The Main Line. Properties are selling over asking with multiple offers, and homes sold quickly. At the same time, buyers are concerned about the current mortgage rates, so I will address these first. The rates slightly declined as of March 31st with a 30 year fixed-rate of 6.25%, a 15 year fixed rate now at 6%, the 30 year FHA is 5.75% and the 30 year jumbo stays at 6.5%. The Federal Reserve is saying that the rates increase is nearly coming to an end. This is an excellent outlook if you are planning on buying a home.
Moving on for our Main Line sellers, Here are the market updates for March 2023. In Devon, 17 homes were sold last month. The median days on market were just 5 days. The median sale price in March was $750,000 and the sale-to-list price ratio was 102%. It shows that it’s still a seller’s market in Devon and homes are selling quickly with multiple offers with 65% properties sold over original asking price.
For Wayne, there were 21 homes sold in March. The median days on market was 5 days. The median sale price for Wayne was $695,000 and the sale to list price ratio was 103% and 52% of properties were sold over asking.
In Gladwyne, the median days on market were 37 days. There were only 2 homes sold. The median sale price was $910,000. The sale to list price ratio was 90%. It was a buyer’s market in Gladwyne with 7 months of inventory. There are more properties to choose from and lesser offers.
In Bryn Mawr, there were 2 homes sold last month with a median sale price of $304,252 and the median days on market was 23 days. The sale to list price ratio for Bryn Mawr was 109%. With 2.5 months of inventory, 50% of properties were sold above the asking price.
Moving on, in Villanova, 5 homes were sold in March. The median days on market was 35 days with a median sale price of $1,550,000. The sale to list price ratio was 97% for Villanova.
Next is Radnor with 19 homes sold last month. The median days on market was 8 days. The median sale price is $1,125,000 and the sale to list price ratio is 102%. Homes are selling quickly with multiple offers and sellers are getting more than the asking price.
Lastly, in Haverford- 28 homes were sold in March. The median days on market was 6 days with a median sale price of $498,500. The sale to list price ratio was 102% and it’s still a seller’s market with 61% of properties being sold over asking price.
If you have any questions about the shifting market, I am here to help. Whether you are looking to purchase or sell a home on The Main Line or outside the area, I have connections to out-of-state agents and I would be happy to help you reach out to them to get started.
If you live in a town that’s not listed, please reach out to me.
That completes your Main Line market update for the month of March. If you would like more information, please don’t hesitate to give me a call at any time, I’m always here to help.
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