Welcome to our final market update of 2023! Here is the December edition of The Kimmy Rolph Real Estate Main Line update and forecast. We provide our clients and new followers the latest in the national housing market news and mortgage rates, and most importantly a thorough local Main Line PA market update. If you are considering buying or selling on The Main Line, or are also curious how The Main Line market compares to other areas around Philadelphia and New York, we have all the information you need to make the best decisions for investing or relocating.
We continue to see a shortage in inventory, and even fewer homes are on the market with the holidays in full swing. Home prices are unlikely to decrease with sustained buyer demand, and mortgage rates hovering around 7-8%, but we still have many buyers looking for entry when homes come to market. Some buyers and sellers find that the holidays can really be a sweet spot to transact and I think this season might also provide that opportunity to put in an offer.
Let’s start with our mortgage rates. Currently, we have a 30-year fixed rate of 6.99%, a 15-year fixed rate of 7.125%e, a 30-year FHA rate of 6.75%, and a 30-year jumbo rate of 7.375%. These rates are not exceptionally high given the past 30 years, and there are a number of ways to borrow wisely that can help make the most of the rates. If you are looking for someone to help structure your lending, I have great recommendations on my website.
Moving on to The Main Line real estate numbers in November. Across The Main Line, it remains a sellers market. Starting with Devon, 17 homes were sold last month, with a median time on the market of 6days. The median sale price in November was $907,000, and the sale-to-list price ratio was at 104%(one hundred four percent). And 82% of properties were sold above the original asking price.
In Wayne, there were 27 homes sold in November, and the median time on the market was 7 days. The median sale price for Wayne was $760,000, with a sale-to-list price ratio of 101%.
Moving on, in Gladwyne, the median time on the market was 45 days, with only 4 homes sold. The median sale price in Gladwyne was $1,337,500. Gladwyne had a sale-to-list price ratio of 94%.
Next, in Villanova, 2 homes were sold in November. The median time on the market was 21 days, and the median sale price was $1,850,000. The sale-to-list price ratio was at 95%.
The Radnor median sale price last month was at $712,599. There were 19 homes sold, with a median time on the market of just 8(eight) days. The sale-to-list price ratio was 101% with 53% of homes being sold over the asking price.
In Haverford, 31 homes were sold in November, and the median time on the market was 5 days. The median sale price was $532,000, and the sale-to-list price ratio was 103%.55% of properties sold above the asking price.
In Rosemont, there were 2(two) homes sold with a median days on market of 79 days. The median sale price was $430,000 with a sale to list price ratio of 94%.
Finally in Newtown Square, 15 homes were sold last month with a median days on market of 15 days. The median sale price for Newtown Square was $585,000 with a sale to list price ratio of 102%(one hundred two percent). It remains a seller’s market with 47% of properties sold above the asking price.
In nearly all of The Main Line townships, homes sold for asking price or above, likely with multiple offers, and for excellent terms for sellers. The past year witnessed c predictions that there would be a downturn and housing prices would decline but we are not seeing that. To the contrary on The Main Line we have seen steady increases in home values. This is a real opportunity to list your home in the coming months, I highly recommend you reach out for a comparative market analysis to see what your home is worth. Similarly, if you are a buyer looking to take advantage of falling prices, we are not likely to see decreases, so delaying home buying is not in your best interest. Especially in this complex market, having an experienced realtor assisting with your transaction, negotiating on your behalf, and representing your best interests, is essential. Happy Holidays!
Read more reports like December Main Line Market Update from Kimmy Rolph here!
