Welcome to July 2023 Main Line Market Update! Summer is in full swing with July 4th around the corner, and I’m here to share the hottest and the most recent numbers from June 2023 on the Main Line market..
The Main Line housing inventory is comparatively quite low, and home prices are increasing with fewer homes being sold. However, some homes are selling quickly with multiple offers. Some properties are still taking a long time on the market than ever but successful sales are happening and buyer activity remains high.
In fact, many homes are selling above their asking prices with multiple offers. Much of this depends on the exact area your home is located and what type of property it is. Where some home features and neighborhoods have consistently grown in demand, we see others contract. This is normal, in The Main Line, and in most markets, because of fluctuations in appreciation in areas and borrowing costs have increased in areas where buyers rely on financing.
For those looking to finance this summer, let’s discuss mortgage rates. As of June 29th, the rates changed a bit compared to last May. Currently, we have a 30-year fixed rate of 6.875%, a 15-year fixed rate of 6.625%, a 30-year FHA rate of 6.625%, and a 30-year jumbo rate of 6.875%. This should not significantly discourage potential home buyers, as historically, the average rate over the past twenty years has been relatively modest. However, it is important to note that the impact of interest rates can vary based on the specific property and location being considered.
Now to the numbers that my clients always are most interested in, The Main Line June 2023 who sold for what and where. In Devon, 33 homes were sold last month, median time on the market of just 6 days. The median sale price in June was $757,000, and the sale-to-list price ratio was at 106%. And 79% of properties were sold above the original asking price, indicating a quite high seller’s market in Devon.
Moving on to Wayne, there were 52 homes sold in June, and the median time on the market was 5 days. The median sale price for Wayne was $760,500, with a sale-to-list price ratio of 106% with 71% of properties in Wayne that were sold above the asking price, indicating that Wayne remains a seller’s market and continued to receive multiple offers.
In Gladwyne, the median time on the market was shorter than the last couple of months at 14 days, with more homes sold that were 8. The median sale price in Gladwyne was $1,735,500. Gladwyne had a sale-to-list price ratio of 99%.
Switching to Bryn Mawr, 7 homes were sold last month, with a median sale price of $470,000 and the median time on the market was longer at 24 days. The sale-to-list price ratio for Bryn Mawr was 97%, and with just 14% of homes that were sold above asking.
Moving on to Villanova, 5 homes were sold in June. The median time on the market was longer at 20 days, and the median sale price at $1,200,000. The sale-to-list price ratio was at 97%(for Villanova. I see that Villanova stayed a seller’s market with homes receiving multiple offers.
Radnor market is growing with a median sale price for June at $803,000. There were 25 homes sold last month, with a median time on the market of 6 days. The sale-to-list price ratio reached 105%. Same as last May, 56% of homes in Radnor were sold above the asking price in June.
Next, in Haverford, 69 homes were sold in June, and the median time on the market was only 5 days. The median sale price was $510,000, and the sale-to-list price ratio stood at 104%. Haverford continues to be a market favoring sellers, with 61% of properties selling above the asking price.
In Rosemont, 4 homes were sold last month with a lower median sale price of $387,500. The median days on market was 20 days and the sale to list price ratio was 97%.
Finally in Newtown Square, 30 homes were sold last month with a median days on market of 6 days. The median sale price for Newtown Square was $650,000 with a sale to list price ratio of 104%. It remains a seller’s market with 57% of properties sold above the asking price.
The market is shifting, but it remains a strong seller’s market. We are seeing nationally, home prices increasing in the past three months, and we also see this on The Main Line. It is so important to note that getting a CMA from a local Realtor is the only real way to know what your home is worth. We are seeing multiple offer situations in most sales and understanding these negotiations to secure a sale above the asking price can be confusing. I am here for you to navigate the Main Line market this summer. If you have any questions or need guidance, I’m always here to help.
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