Happy New Year the January 2023 Main Line Market Update is here! Welcome to my real estate market update for the Main Line PA for the month of December! 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.
Will home prices go down this year? I heard that home prices will slowly decline and so are mortgage rates. It depends on who you ask but most experts say that there will be less buyer demand and lower prices. Buyers have more leverage in the real estate market now. There will be fewer offers to compete against, contingencies might not be waived at times, and inspections will be accepted again. Some homes are sitting on the market longer and there are definitely fewer offers on the table. 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.
Taylor Marr, Associate Chief Economist at Redfin said, “Mortgage rates are expected to fall further in the new year as a result of taming inflation and expectations that the Federal Reserve would ease rate hikes in the next year, which will boost demand for house purchases. But demand is still well below its high, so it’s too early to declare a comeback or even a recovery.”
Let’s go ahead and talk about mortgage rates! The rates continued to decrease with a 30 year fixed-rate of 6.375%, 15 -year fixed rate now at 6%, the 30 year FHA is 5.75% and a 30 year jumbo of 6.25%. This is a perfect opportunity for homebuyers to make a move!
If you are buying a home soon, we have the tools and knowledge to help your offer 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 December 2022.
Let’s get started with Devon, 19 homes were sold last month. The median days on market was just 9 days. The median sale price in December was $652,500 and the sale to list price ratio was 99% . It shows that it’s still a seller’s market in Devon and houses are selling quickly with 32% properties sold over original asking price.
For Wayne, there were 19 homes sold in December. The median days on market was 8 days. The median sale price for Wayne was $480,000 and the sale to list price ratio was 98%and 26% of properties were sold over asking.
In Gladwyne, homes were on the market longer than ever for a median of 79 days. Only 3 homes were sold in December. The median sale price was $1,300,000. The sale to list price ratio was 95% .
In Newtown Square, there were 17 (seventeen) homes sold last month with a median sale price of $445,000 and the median days on market was 9 days. The sale to list price ratio for Newtown Square was 101%. 47% of properties were sold over the original asking price.
Let’s take a look at Villanova, 4 homes were sold in December. The median days on market was 29 days with a median sale price of $1,372,500 . The sale to list price ratio was 101% for Villanova.
Lastly, in Haverford- 43 homes were sold in December. The median days on market was 12 days with a median sale price of $485,000. The sale-to-list price ratio was 100% and it’s still a seller’s market with 30% of properties sold over the 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 selling a home on the Main Line or outside the area, I have contacts that I can share with you. I also know a lot of out-of-state agents that can definitely assist you.
If you live in a town that’s not listed below please reach out to me!
Did you find January 2023 Main Line Market Update useful? Read more blogs here!
