What a beautiful spring it is on The Main Line! Selling season 2025 is in full swing and I am excited to share the April 2025 Main Line Market Update. We start with the current buyer conditions and continue with the local deep dive into townships seller information. A reminder to those who are looking to sell or buy in the next three months, now is the time to reach out for a strategy that meets your specific goals.
Lets begin with current market conditions for borrowers. Mortgage rates are around 7% and have not had significant fluctuations in several months. We highly recommend that you get prequalified prior to house hunting. It gives you significant advantages over other buyers, and homeowners prefer it before showings, especially if you are looking at Main Line luxury homes. We have preferred lenders in my website resources who can discuss available options and your particular financial fitness to borrow. The 30-year fixed rate is around 6.3% (six point three percent ), the 15-year fixed rate is around 5.5% (five point five percent ), the 30-year FHA rate is around 6.1% (six point one percent), and a 30-year jumbo rate is around 6.3% (six point three percent). These are good terms for buyers who find the right home, but understanding inventory, gives you a fuller picture of the buying landscape.
Moving on to inventory and what has sold in March on The Main Line. Starting with Devon, 4 (four) homes were sold, and the median time on the market was 48 (forty eight) days. The median sale price for Wayne was $700,000 (seven hundred thousand dollars), with a sale-to-list price ratio of 96% (ninety six percent).
In March, 23 (twenty three) homes were sold in Wayne, and the median time on the market was 5 (five) days. The median sale price for Wayne was $1,100,000 (one million one hundred thousand dollars), with a sale-to-list price ratio of 106% (one hundred six percent). 70% (seventy percent) of homes were sold over the asking price.
In Gladwyne, the median time on the market was only 6 (six) days, with 2 (two) homes sold. The median sale price in Gladwyne was $1,300,000 (one million three hundred thousand dollars). Gladwyne had a sale-to-list price ratio of 105% (one hundred five percent). Both of the properties were sold over the asking price.
In Bryn Mawr, 8 (eight) homes were sold last month with median time on market of 9 (nine) days. The median sale price was $900,000 (nine hundred thousand dollars) and the sale to list price ratio was 102% (one hundred two percent).
In Haverford, 1 (one) home was sold in March, and the median time on the market was 16 (sixteen) days. The median sale price was $500,000 (five hundred thousand dollars), and the sale-to-list price ratio was 100% (one hundred percent) with both homes sold over original asking price.
In Radnor the median sale price last month was at $1,500,000 (one million five hundred thousand dollars). There were 11 (eleven) homes sold, with a median time on the market of 7 (seven) days. The sale-to-list price ratio was 101% (one hundred one percent).
Next, in Rosemont, the median time on the market was 16 (sixteen) days, with 3 (three) homes sold. The median sale price in Rosemont was $200,000 (two hundred thousand dollars) and had a sale-to-list price ratio of 99% (ninety nine percent).
Finally in Newtown Square, 17 (seventeen) homes were sold last month with a median days on market of 10 (ten) days. The median sale price for Newtown Square was $700,000 (seven hundred thousand dollars) with a sale to list price ratio of 103% (one hundred three percent). 65% (sixty five percent) of properties were sold over asking.
Understanding local market conditions is critical to recognize before investing in either a short term home, or forever home. The Main Line market is one of the most desirable areas on the east coast and if you would like to live here, you must be prequalified, patient, and have an agent who understands Main Line buying. It is a very competitive market and consistently has had inventory shortages, well before national conditions and inventory tightened. If you are looking to sell, it is always a good time. Especially in Spring. We offer comprehensive and individualized market analyses, can get your home listed in as little as 7 days, and assist buyers immediately.
April is a great month to buy or sell, some would say the best. Make the most of it, and reach out to me directly to learn about buying and selling strategies that work for you on The Main Line.
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