Welcome to Summer on The Main Line, July 2022 Main Line Market Update is here! I hope you are enjoying summer, so far. Are you looking to buy or sell a home anytime soon? Keep watching because I am going to give you a quick overview of The Main Line Housing Market last month. If you are still on the fence about buying or selling a home on The Main Line, this video will give you important information about the Main Line market!
We are still receiving multiple offers, buyers are paying over the asking price, and bidding wars are a norm. To win, we are often removing contingencies, adding escalation clauses, waiving inspection and mortgage contingencies. The Housing supply is still low, and demand is high. If you are planning to sell your house, take this opportunity to list your home this summer and take advantage of the substantial home price appreciation.As it is still a sellers’ market and most offers are catered to the sellers’ needs, buyers are still experiencing below average interest rates. I have helped multiple buyers this summer and can put together offers that get accepted in this market.
Are the mortgage rates still rising? They are rising to address inflation, todays average 30 year fixed mortgage rate is 5.375%, the average 15-year fixed-rate mortgage currently sits at 4.5%, 10-year fixed mortgage rates are averaging 5.07%, The average 5/1 adjustable mortgage currently sits at 4.29%. Rates continue to rise, so don’t wait, it’s the perfect time to buy a home before the rates go even higher and you end up paying much more. We are expecting buyers to take advantage now more than ever. We have everything you need from real estate advice to the tools & knowledge so reach out to us right away to get you prepared in this market. Let’s see the market reports for June 2022.
Most of the homes last month sold above the asking price and I’ll give you a kickstart on what to expect in today’s competitive market. So Let’s get started!In Devon PA, 9 homes sold compared to 23 in May. The median days on market was 6 days. The median sales price in June was $629,000 and the sale to list price ratio was 104%. This means 68% of properties were sold over the original asking price. It’s a seller’s market for Devon which means we are getting multiple offers and homes are selling quickly.
In Wayne PA, there were 14 homes sold in June, half of what sold in May. The median days on market was 6 days. The median sales price in May for Wayne was $650,000 and the sale to list price ratio was 108%. 57% of properties were sold over the asking price which had a month of inventory. Buyers are spending more than the asking price.
In Villanova PA, homes were on the market for an average of 3 days and 1 home sold in June. The median sales price was $846,000. The sale to list price ratio was up 113%. In Villanova, 100% of properties were sold at asking or above. There is very little inventory, so if you are a Villanova home seller you should consider listing this summer.
Next, in Radnor PA – 6 homes were sold last month, compared to 24 in May. The median days on market was 3 days, down from 6 in May. The median sales price was $846,000. The sale to list price ratio was 113%. It is a seller’s market, and homes are sold well above list price. In my home town of Gladwyne PA – 4 homes were sold in May. The median days on market was 13 days with a median sales price of $967,500. The sale to list price ratio is 103% for Gladwyne. In Haverford PA 20 home sold last month and the median sales price was $526,000 and the sale to list price ratio was 105%. The median days on market was 38 days.
Lastly, Bryn Mawr PA only one home sold last month the average median sales price was $752,500 and the sale to Liz price ratio was 100%, average days on market was 36 days.With the low inventory of the housing market, homes are selling quickly and with multiple offers but we are here to help so your offer stands out from the rest to make sure you win. If you found the July 2022 Main Line Market Update helpful we are always here to give you more insights about The Main Line housing market whether you are looking to sell or buy a home. Did you find July 2022 Main Line Market Update useful? Follow us for more tips and trends on The Main Line!