January always feels so long even with the shorter days, doesn’t it? If you are thinking of buying or selling, or are investing this year, or are simply curious about your home equity on The Main Line, this is a great way to quickly get up to speed. Let’s dive in.
The past four years, sellers have been favored with inventory around a 3 month supply or less on The Main Line. Home prices are unlikely to decrease with sustained buyer demand, and mortgage rates hovering around 7-8%, however, if you read my blog, some of the experts anticipate that rates will go down to 5%, so it is important as a buyer that you do not write off this year, and also as a seller who requires financing to purchase another home, this could be a great time. It is important to remember for buyers and sellers that The Main Line market is unlike many other markets, it is luxury real estate, with a great lifestyle, and some of the best schools in the country, so property is always in demand.
Let’s talk about buyers first, Good news! We are seeing mortgage rates lower. The 30-year fixed rate is at 6.475%(six point four seven five percent), the 15-year fixed rates is at 6%(six percent), the 30-year FHA rate is at 6.49%(six point forty nine percent), and a 30-year jumbo rate is at 6.75%(seven point seventy five percent). Many waiting to see what rates will look like in 2024 before making a move to buying, should take note of these decreases and contact one of our recommended lenders for preapproval.
Now for the sellers, let’s discuss inventory and The Main Line real estate numbers from January 2024. Starting with Devon, 14(fourteen) homes were sold last month, with a median time on the market of 25(twenty five) days. The median sale price in January was $759,950(seven hundred fifty nine thousand nine hundred fifty dollars), and the sale-to-list price ratio was at 99%(ninety nine percent). 36%(thirty six percent) of homes were sold over original asking price.
In Wayne, there were 16(sixteen) homes sold in January, and the median time on the market was 8(eight) days. The median sale price for Wayne was $609,250(six hundred nine thousand two hundred fifty dollars), with a sale-to-list price ratio of 100%(one hundred percent).
In Gladwyne, the median time on the market was 5(five) days, with only 2(two) homes sold. The median sale price in Gladwyne was $1,175,000(one million one hundred seventy five thousand dollars). Gladwyne had a sale-to-list price ratio of 106%(one hundred six percent). Both properties were sold over asking price!
In Villanova, only 3(three) homes were sold in January. The median time on the market was 7(seven) days, and the median sale price was $3,200,000(three million two hundred thousand dollars). The sale-to-list price ratio was at 102%(one hundred two percent) with 62%(sixty two percent) of homes sold over asking price.
In Bryn Mawr, only 1(one) home was sold last month with a median days on market of 7(seven) days. The median sale price was $385,000(three hundred eighty five thousand dollars) and the sale to list price ratio was 100%(one hundred percent).
In Haverford, 16(sixteen) homes were sold in January, and the median time on the market was 13(thirteen) days. The median sale price was $450,000(four hundred fifty thousand dollars), and the sale-to-list price ratio was 101%(one hundred one percent). 56%(fifty six percent) of properties sold above the asking price.
In Radnor the median sale price last month was at $730,000(seven hundred thirty thousand dollars). There were 15(fifteen) homes sold, with a median time on the market of 8(eight) days. The sale-to-list price ratio was 98%(ninety eight percent) with 40%(forty percent) of homes being sold over the asking price.
Finally in Newtown Square, 11(eleven) homes were sold last month with a median days on market of 13(thirteen) days. The median sale price for Newtown Square was $602,500(six hundred two thousand five hundred dollars) with a sale to list price ratio of 99%(ninety nine percent).
In nearly all of The Main Line townships, sell for asking price or above, with multiple offers, and excellent terms for sellers. Experts forecast that the housing market will continue to support sellers, but with more graduated increases in home value. The Main Line has witnessed steady increases in home values in 2023, and we expect continued increases in 2024. It is important to note that we are also seeing more favorable terms for buyers and many incentives for first time homebuyers. If you think you are locked into renting or in your current home, always check my website and blog for the most recent information and offers that can apply to your situation or reach out. Sellers please reach out directly for a comparative market analysis to see what your home is worth.
Contact Kimmy Rolph today to learn more about buying and selling on The Main Line.
Read more market updates like February 2024 Main Line Market Update here!
