Happy New Year! Welcome to the January 2025 Main Line Market Update. Moving into 2025, here is the December Market news for the Main Line. This report includes the December market news for local townships and current buyer conditions. If you are a seller or buyer who would like your unique forecast for buying or selling, I encourage you to connect with me directly. Let’s dive in.
Let’s begin with our information for borrowers. Mortgage rates are around 7%, well within 30-year averages. Lenders can discuss available assistance and your particular financial fitness to borrow, our recommendations are available on our website. 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.
The 30-year fixed rate is around 6.9% (six point nine percent ), the 15-year fixed rate is around 5.9% (five point nine percent ), the 30-year FHA rate is around 6.5% (six point five percent), and a 30-year jumbo rate is around 6.7% (six point seven percent). These are very favorable terms for buyers considering the trends in the past year.
Let’s move on to our information on what has sold and available inventory. These are the real estate numbers from December 2024. Starting with Devon, 3 (three) homes were sold last month, with a median time on the market of 7 (seven) days. The median sale price was $600,000 (six hundred thousand dollars), and the sale-to-list price ratio was at 99% (ninety nine percent). 67% (sixty seven percent) of homes were sold over the original asking price.
In December, 28 (twenty eight) homes were sold in Wayne, and the median time on the market was 9 (nine) days. The median sale price for Wayne was $700,000 (seven hundred thousand dollars), with a sale-to-list price ratio of 102% (one hundred two percent).
In Gladwyne, the median time on the market was 46 (forty six) days, with only 4 (four) homes sold. The median sale price in Gladwyne was $1,500,000 (one million five hundred thousand dollars). Gladwyne had a sale-to-list price ratio of 95% (ninety five percent) with 25% (twenty five percent) of homes sold over asking price.
In Villanova, 6 (six) homes were sold. The median time on the market was 31 (thirty one) days, and the median sale price was $1,000,000 (one million dollars). The sale-to-list price ratio was at 91% (ninety one percent).
In Bryn Mawr, 12 (twelve) homes were sold last month with a median days on market of 34 (thirty four) days. The median sale price was $700,000 (seven hundred thousand dollars) and the sale to list price ratio was 97% (ninety seven percent).
In Haverford, 6 (six) homes were sold in December, and the median time on the market was 11 (eleven) days. The median sale price was $500,000 (five hundred thousand dollars), and the sale-to-list price ratio was 101% (one hundred one percent) with 50% (fifty percent) of homes sold over original asking price.
In Radnor the median sale price last month was at $900,000 (nine hundred thousand dollars). There were 19 (nineteen) homes sold, with a median time on the market of only 23 (twenty three) days. The sale-to-list price ratio was 100% (one hundred percent).
Finally in Newtown Square, 23 (twenty-three) homes were sold last month with a median days on market of 7 (seven) days. The median sale price for Newtown Square was $500,000 (five hundred thousand dollars) with a sale to list price ratio of 102% (one hundred two percent). 43% (forty three percent) of properties were sold over asking.
As we move into 2025, if you are looking to make real estate moves, please reach out. We offer comprehensive and individualized market analyses and we can get your home listed in as little as 7 days. Read more market updates on the Kimmy Rolph Real Estate blog!
