August 2024 Main Line Market Update is here! We are officially in the dog days of summer, where some of us have children back in school, and others are relishing these final days where the days are long. I really hope you have enjoyed this summer on The Main Line. We are going to cover buyer and seller information on The Main Line and go over some forecasting for the third quarter. This report includes all of the median sold prices, inventory, and borrowing climate buyers. Let’s get started.
Home prices have remained stable if not inching up, without a significant increase in inventory. Mortgage rates are between 6-8%, within 30-year averages. These rates have had many buyers waiting to buy, but I have seen more of a normalization and buyers stepping up to buy and expect more later in the year. There are many solutions to lending and buying is always better than renting so we recommend that you contact our trusted lenders to discuss available assistance and your particular financial fitness to borrow.
Let’s talk more about borrowing first with our mortgage rate report. The 30-year fixed rate is at 6.99%, the 15-year fixed rate is at 6.25% , the 30-year FHA rate is at 6.625% , and a 30-year jumbo rate is at 6.625% . If you were waiting to buy for lower rates, experts are not anticipating them. Again, we recommend getting preapproved to know your exact buying power.
Moving on to inventory in the townships. These are the real estate numbers from July 2024. Starting with Devon, 10 homes were sold last month, with a median time on the market of 4.5 days. The median sale price in July was $600,000, and the sale-to-list price ratio was at 105%. 70%, of homes sold over the original asking price.
In July, 36 homes were sold in Wayne, and the median time on the market was 6 days. The median sale price for Wayne was $900,000, with a sale-to-list price ratio of 106% (one hundred six percent).
In Gladwyne, the median time on the market was 16.5 days, with only 4 homes sold. The median sale price in Gladwyne was $1,300,000. Gladwyne had a sale-to-list price ratio of 97% .
In Villanova, 12 homes were sold in July. The median time on the market was 8 days, and the median sale price was $1,600,000 . The sale-to-list price ratio was at 102% and 42% of homes sold over asking.
In Bryn Mawr, 28 (twenty eight) homes were sold last month with a median days on market of only 5 (five) 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, 14 (fourteen) homes were sold in July, and the median time on the market was 6 days. The median sale price was $1,400,000 , and the sale-to-list price ratio was 106% (one hundred six percent).
In Radnor the median sale price last month was at $1,000,000. There were 31 homes sold, with a median time on the market of 6 days. The sale-to-list price ratio was 103% .
Finally in Newtown Square, 35 homes were sold last month with a median days on market of 8 (eight) days. The median sale price for Newtown Square was $600,000 with a sale to list price ratio of 102% (one hundred two percent). 63% of properties were sold over asking.
I would like to address my sellers for a moment, if you are considering listing this summer or fall, Main Line sales closes very quickly, and even if you are not buying right away, there are rent back programs that buyers are eager to enter into. Call me to discuss solutions. Truly, there are many solutions for your selling situation. Our sellers receive multiple offers and the option to close in their time frame. Contact me today to strategize your buying or selling. We deliver a comprehensive comparative market analysis to see what your home is worth, and marketing strategy so your home can be listed in as little as 7 days. Our buyers get an overview of the real estate landscape and all of the properties on and off market our network has access to. I look forward to hearing from you. Remember, Kimmy Rolph Sells The Main Line and Local Areas.
