Ready for the April 2024 Main Line Market Update from Kimmy Rolph? Spring is in full swing on The Main Line, and we are in the midst of the most popular time to sell your home. If you are thinking of buying or selling on The Main Line, you will want to take advantage of this time period and listen to and watch this market update to inform your strategy. This report includes all of the local Main Line median sold prices and inventory and borrowing information for buyers.
Sellers are favored in today’s market and poised to get high value from their home. Inventory continues to be low and is around a 3-month supply. Home values inch up, although not as rapidly in 2020, and there is continued high buyer demand. Mortgage rates are hovering around 6-8%. Experts anticipate that rates will continue to lower this spring, if you are thinking about borrowing, please view my website for the more up to date information and to meet with a specialist that I recommend. Overall, it is important It is important to remember for buyers and sellers that The Main Line market is unlike many other markets. It is a luxury market where buyers are looking to take advantage of a great lifestyle, top schools, and proximity to the big cities. There are available alternatives to financing and different ways to finance that can be more affordable than others, and I encourage you to reach out to my recommendations to discuss your options. Now, Let’s dive into the March data from the latest reports on The Main Line.
First is latest lending information. The 30-year fixed rate is at 7.125% , the 15-year fixed rates is at 6.375% , the 30-year FHA rate is at 6.625%, and a 30-year jumbo rate is at 6.75%. If you were waiting to buy for lower rates, this is a good indication. Getting preapproved is your first step to new home hunting.
Moving on to seller information and local inventory data. These are the real estate numbers from March 2024. Starting with Devon, 5 homes were sold last month, with a median time on the market of 4 days. The median sale price in March was $988,000, and the sale-to-list price ratio was at 108%. 100% of homes sold over the original asking price.
In Wayne, there were 29 homes sold in March, and the median time on the market was 5 days. The median sale price for Wayne was $675,000, with a sale-to-list price ratio of 105%.
In Gladwyne, the median time on the market was 9 days, with 4 homes sold. The median sale price in Gladwyne was $1,800,000 . Gladwyne had a sale-to-list price ratio of 94%. 25% of properties were sold over asking price!
In Villanova, only 2 homes were sold in March. The median time on the market was 6 days, and the median sale price was $1,600,000. The sale-to-list price ratio was at 111% (one hundred eleven percent) with 100% of homes sold over asking price.
In Bryn Mawr, 20 homes were sold last month with a median days on market of 9 days. The median sale price was $386,500 and the sale to list price ratio was 98%.
In Haverford, 8 (eight) homes were sold in March, and the median time on the market was 28 days. The median sale price was $972,500, and the sale-to-list price ratio was 99%.
In Radnor the median sale price last month was at $635,000 . There were 17 homes sold, with a median time on the market of 6 days. The sale-to-list price ratio was 100% (one hundred percent) with 41% of homes being sold over the asking price.
For Rosemont, only 3 homes were sold in March with a median sale price of $370,000 and a median days on market of 8 days. The sale to list price ratio was 99%.
Finally in Newtown Square, 13 homes were sold last month with a median days on market of 9 days. The median sale price for Newtown Square was $575,000 with a sale to list price ratio of 99%. 31% of properties were sold over asking.
To give you an overview of how a home sale is proceeding on The Main Line, most homes are receiving asking price or above, and a typical sale will consist of multiple offers and excellent terms for sellers. We have seen steady increases in home values in 2023, and we continue to see increases in 2024. There are also more incentives for first time homebuyers. Buyers looking to enter the market should consider talking to an agent first to see if you qualify. If you are a seller looking to take advantage of these conditions, reach out directly for a comparative market analysis to see what your home is worth, we can list your home and have it ready for sale in 7 days.
If you would like more information up to date on your home value, contact Kimmy Rolph.
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