Hopefully, Spring is on the way! Welcome to the February 2025 Main Line Market Update. This report includes the January market news for the local townships and current buyer conditions. If you are a seller or buyer who would like a customized forecast for buying or selling, please do not hesitate to reach out and connect with me directly.
Let me begin with our information for borrowers. Mortgage rates are around 7% and we have seen rates stabilize in the last few months. Prequalification will give you significant advantages over other buyers, and homeowners prefer it before showings, especially if you are looking at luxury homes like those on The Main Line. Check the lenders on my website who can discuss available options and your particular financial fitness to borrow. The 30-year fixed rate is around 6.9%, the 15-year fixed rate is around 6.2%, the 30-year FHA rate is around 6.6%, and a 30-year jumbo rate is around 6.6%. These are favorable terms for buyers who find the right home, but understanding inventory, coming next, is the other part of the real estate equation.
Moving on to inventory and what has sold in January on The Main Line. Starting with Devon, 3 homes were sold last month, with a median time on the market of 9 days. The median sale price was $300,000, and the sale-to-list price ratio was at 102%. 67% of homes were sold over the original asking price.
In January, 19 (nineteen) 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 104%.
In Gladwyne, the median time on the market was 5 days, with only 1 home sold. The median sale price in Gladwyne was $1,000,000. Gladwyne had a sale-to-list price ratio of 108%. The property sold over the asking price.
In Villanova, 3homes were sold. The median time on the market was 197 days, and the median sale price was $1,800,000. The sale-to-list price ratio was at 97%.
In Bryn Mawr, 12 homes were sold last month with a median days on market of 26 days. The median sale price was $700,000 and the sale to list price ratio was 98%.
In Haverford, 4 homes were sold in January, and the median time on the market was 75 days. The median sale price was $900,000, and the sale-to-list price ratio was 96% with 25% of homes sold over original asking price.
In Radnor the median sale price last month was at $900,000. There were 18 homes sold, with a median time on the market of only 14 days. The sale-to-list price ratio was 103%.
Finally in Newtown Square, 13 homes were sold last month with a median days on market of 19 days. The median sale price for Newtown Square was $600,000 with a sale to list price ratio of 103%. 62% of properties were sold over asking.
It is important to consider current market conditions locally and how long you are looking to be in a home, before making an investment. The Main Line market is highly desirable and if you would like to make a move, it is important to be prequalified and have an agent who understands the current conditions. We offer comprehensive and individualized market analyses, can get your home listed in as little as 7 days, and assist buyers immediately.
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