Welcome to the February 2023 Main Line PA Market Update. If you’re still considering buying or selling a home on the Main Line, continue watching because today I’m going to share with you important updates on The Main Line Housing Market last month.
Wow January felt like forever, right? But I’m glad it’s over! It is already the 2nd month of the year and also the love month!
If you are still on the edge of deciding whether it is the right time to buy or sell, it is highly beneficial to keep updated about the real estate market! Whether you are downsizing, upsizing, or looking for an investment property, the stats that I’m going to tell you about The Main Line market will be very helpful for you in making educated decisions moving forward.
It seems that homes were selling quickly last month. Home prices have dropped and Buyers will have more leverage in the real estate market in the first few months of 2023. There will be less offers to compete against, contingencies might not be waived at times, and inspections will be accepted again. There are many ways to write a competitive offer that can put you at an advantage and help you win, and I am always happy to strategize and help you based on your needs and the current market condition.
Let’s go ahead and talk about mortgage rates! Good news about the mortgage rates because the rates continued to decrease but still a bit high with a 30 year fixed-rate of 6.125%, an even lower 15 -year fixed rate now at 5.375%, the 30 year FHA is 5.75% and a 30 year jumbo of 6.5%. Buyers must take the opportunity to make a move while the rates are not going back up.
If you are buying a home soon, I have the resources you need so your offer will be accepted so please reach out at any time so that I can help and guide you with the strongest offer to present to win.
Let’s see the market updates for January 2023.
Let’s get started with Devon, 11 homes were sold last month. The median days on market was just 13 days. The median sale price in January was $755,000 and the sale to list price ratio was 97%. It shows that it’s still a seller’s market in Devon and houses are selling quickly with 27% properties sold over original asking price.
For Wayne, there were 26 homes sold in January. The median days on market was 11 days. The median sale price for Wayne was $662,500 and the sale to list price ratio was 98% and 23% of properties were sold over asking.
In Gladwyne, homes were on the market for a median of 5 days. There were 5 homes that were sold in January. The median sale price was $1,400,000. The sale to list price ratio was 97%.
In Bryn Mawr, there were only 4 homes sold last month with a median sale price of $271,000 and the median days on market was 5 days. The sale to list price ratio for Bryn Mawr was 98% .
Let’s take a look at Villanova, 2 homes were sold in January. The median days on market was longer at 126 days with a median sale price of $930,000. The sale to list price ratio was 92% for Villanova.
Next is Radnor with 22 homes sold last month. The median days on market was 9 days. The median sale price is $792,500 and the sale to list price ratio is 97%. Homes are selling quickly and sellers are getting more than the asking price.
Lastly, in Haverford- 27 homes were sold in January. The median days on market was 8 days with a median sale price of $396,000. The sale to list price ratio was 99% and it’s still a seller’s market with 30% of properties sold over asking price.
If you decide to buy, I will make sure that your offer stands out from the rest of the buyers to make sure you look the most competitive to win.
If you have any questions about the shifting market, I am here to help so you can easily decide on your next move. Whether you are looking to purchase or sell a home on the Main Line or outside the area, I have connections to out-of-state agents and I would be happy to help you get in contact with them to make sure you have everything squared away.
You can click on the towns below for additional stats, if you live in a town that’s not listed below please reach out to me, my details are in the description box and I can definitely send you the data.
That completes your Main Line market update for the month of January.
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