For the first time in years, we have more sellers on the market than buyers. Big news this July, and I am here to give you your local update for The Main Line. Welcome to the July Local Main Line Market Update.
Buyer Information
Here are the current market conditions for borrowers. Mortgage rates are around 6% and have not had significant fluctuations in several months. You must get pre-qualified prior to house hunting, especially if you are considering a luxury listing over $750,000. It gives you a competitive edge over other buyers, and homeowners often prefer it before showings.
We have preferred lenders in my website resources who can discuss available options and your financial fitness to borrow. Current rates are:
- 30-year fixed: 6.5%
- 15-year fixed: 5.8%
- 30-year FHA: 6.2%
- 30-year jumbo: 6.2%
Buyers who find the right home should not hesitate to borrow with these conditions. However, understanding inventory gives you a fuller picture of the buying landscape.
June Market Inventory & Sales on The Main Line
- Devon: 10 homes sold, median 3 days on market, median price $1,200,000, sale-to-list ratio 111%. 70% sold over asking.
- Wayne: 48 homes sold, median 6 days on market, median price $1,000,000, sale-to-list ratio 108%.
- Radnor: 35 homes sold, median 6 days on market, median price $1,000,000, sale-to-list ratio 108%. 63% sold over asking.
- Gladwyne: 3 homes sold, median 5 days on market, median price $2,000,000, sale-to-list ratio 108%.
- Villanova: 12 homes sold, median 7 days on market, median price $1,900,000, sale-to-list ratio 103%. 58% sold over asking.
- Bryn Mawr: 29 homes sold, median 6 days on market, median price $700,000, sale-to-list ratio 103%.
- Haverford: 10 homes sold, median 5 days on market, median price $700,000, sale-to-list ratio 106%.
- Rosemont: 5 homes sold, median 6 days on market, median price $200,000, sale-to-list ratio 101%.
- Newtown Square: 28 homes sold, median 5 days on market, median price $600,000, sale-to-list ratio 103%. 61% sold over asking.
Final Thoughts
The Main Line market does not follow national real estate trends exactly, but we are seeing more sellers on the market. It is essential to be pre-qualified as a buyer and to work with an agent who understands this specific area.
For sellers, a proper local strategy maximizes your sale’s potential. We offer comprehensive market analyses, can get your home listed in as little as 7 days, and assist buyers immediately.
Make the most of this moment in real estate and reach out directly about buying and selling strategies that work for you on The Main Line.
