The holidays are in full swing and it might not sound like the time to buy and sell your home, but there are some advantages. As we close out the year, we are probably not going to see substantial changes in numbers until 2025. But now is the time to plan your Spring selling or buying. Let’s dive into the median sold prices, inventory, and borrowing numbers. I encourage you to connect with me directly if you have questions about buying or selling during the next month.
Mortgage rates are around 7%, within 30-year averages. Our lenders can discuss available assistance and your particular financial fitness to borrow. Prequalified and fully underwritten will give you significant advantages over other buyers, and homeowners prefer it before showings. Especially if you are looking at luxury homes, like those we predominantly see on The Main Line. Here are the rates at the time of this video recording.
The 30-year fixed rate is around 6.5% (six point five percent ), the 15-year fixed rate is around 5.9% (five point nine percent ), the 30-year FHA rate is around 6.2% (six point two percent), and a 30-year jumbo rate is around 6.4% (six point four percent). This is a much lower than we have been seeing all year. If you are in a position to borrow, now is the time.
Moving on to inventory in the townships. These are the real estate numbers from November 2024. Starting with Devon, 7 (seven) homes were sold last month, with a median time on the market of 13 (thirteen) days. The median sale price was $500,000 (five hundred thousand dollars), and the sale-to-list price ratio was at 101% (one hundred one percent). 43% (forty three percent) of homes were sold over the original asking price.
In November, 29 (twenty nine) homes were sold in Wayne, and the median time on the market was 7 (seven) days. The median sale price for Wayne was $800,000 (eight hundred thousand dollars), with a sale-to-list price ratio of 101% (one hundred one percent).
In Gladwyne, the median time on the market was 35 (thirty five) days, with only 4 (four) homes sold. The median sale price in Gladwyne was $2,900,000 (two million nine hundred thousand dollars). Gladwyne had a sale-to-list price ratio of 87% (eighty seven percent).
In Villanova, 6 (six) homes were sold. The median time on the market was 14 (fourteen) days, and the median sale price was $1,100,000 (one million one hundred thousand dollars). The sale-to-list price ratio was at 99% (ninety nine percent) with 33% (thirty three percent) of homes sold over original asking price.
In Bryn Mawr, 18 (eighteen) homes were sold last month with a median days on market of 12 (twelve) days. The median sale price was $800,000 (eight hundred thousand dollars) and the sale to list price ratio was 99% (ninety nine percent).
In Haverford, 8 (eight) homes were sold in November, and the median time on the market was 8 (eight) days. The median sale price was $800,000 (eight hundred thousand dollars), and the sale-to-list price ratio was 103% (one hundred three percent) with 50% (fifty percent) of homes sold over original asking price.
In Radnor the median sale price last month was at $800,000 (eight hundred thousand dollars). There were 24 (twenty four) homes sold, with a median time on the market of only 7 (seven) days. The sale-to-list price ratio was 104% (one hundred four percent).
Finally in Newtown Square, 22 (twenty-two) homes were sold last month with a median days on market of 14 (fourteen) days. The median sale price for Newtown Square was $500,000 (five hundred thousand dollars) with a sale to list price ratio of 102% (one hundred two percent). 32% (thirty two percent) of properties were sold over asking.
The Main Line during the holidays is festive and the mood is bright, if you see a home that you fall in love with, reach out and we can make it happen, even over the holidays. If you are in the position where you must sell immediately, we also can help you. Call me to discuss solutions. We offer risk free comprehensive comparative market analysis to see what homes are worth, and we can get your home listed in as little as 7 days.
I look forward to hearing from you and happy holidays!
