Welcome to our first market update of 2024,January 2024 Market Update with Kimmy Rolph! We provide clients and new followers these reports monthly with the latest national housing market news, mortgage rates, and most importantly a thorough local Main Line PA market update. I am excited to share the January Main Line Market Update, it is looking like an exciting year if you are considering buying or selling on The Main Line, and if you curious how The Main Line market compares to other areas around Philadelphia and New York, this update is a great place to start. Let’s dive in.
The past three years have definitely been a sellers market with inventory around a 3 month supply or less on The Main Line and even fewer homes are on the market with the holidays wrapping up. 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 because of the desirability of the area.
For buyers looking to finance, let’s go over mortgage rates. Currently, we have a 30-year fixed rate of 6.624%, a 15-year fixed rate of 6.375%, a 30-year FHA rate of 6.125%, and a 30-year jumbo rate of 6.75%. Many waiting to see what rates will look like in 2024 before making a move to buying, may look to the guidance of an experienced mortgage broker. If you are looking for someone to help structure your lending, I have great recommendations on my website.
Moving on to the inventory and The Main Line real estate numbers from December 2023. Starting with Devon, 18 homes were sold last month, with a median time on the market of 13 days. The median sale price in December was $759,000, and the sale-to-list price ratio was at 99%. 39% of homes were sold over original asking price.
In Wayne, there were 29 homes sold in December, and the median time on the market was 14 days. The median sale price for Wayne was $995,000, with a sale-to-list price ratio of 100%.
In Gladwyne, the median time on the market was 13 days, with only 5 homes sold. The median sale price in Gladwyne was $1,360,000. Gladwyne had a sale-to-list price ratio of 97%.
In Villanova, 7 homes were sold in December. The median time on the market was 22 days, and the median sale price was $1,675,000. The sale-to-list price ratio was at 97%.
In Haverford, 33 homes were sold in December, and the median time on the market was 8 days. The median sale price was $501,000, and the sale-to-list price ratio was 100%. 45% of properties sold above the asking price.
The Radnor median sale price last month was at $890,000. There were 20 homes sold, with a median time on the market of just 7 days. The sale-to-list price ratio was 100% with 35% of homes being sold over the asking price.
Finally in Newtown Square, 21 homes were sold last month with a median days on market of 12 days. The median sale price for Newtown Square was $525,000 with a sale to list price ratio of 99%.
In nearly all of The Main Line townships, homes are selling for asking price or above, with multiple offers, and with excellent terms for sellers. Most experts are forecasting that the housing market will continue to support sellers and we anticipate that on The Main Line as well. The Main Line has witnessed steady increases in home values in 2023, and we expect continued increases. If you are thinking about selling, reach out for a comparative market analysis to see what your home is worth. Similarly, if you are a buyer looking to stabilize housing costs, we are experts at relocating and finding the right home to meet your needs. In the 2024 market, we are not likely to see conditions simplify, to the contrary in this complex market, having an experienced realtor assisting with your transaction, negotiating on your behalf, and representing your best interests, is more important than ever.
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