July Main Line Market Report is here! Main Line real estate buyers and sellers experience more independence after a sale. Whether you are downsizing or moving into a larger multigenerational home, moving towards these goals gives you so much more freedom. Let’s discuss the advantages of the market at the moment on The Main Line. We are going to cover mortgage rates and seller data for The Main Line PA real estate market. This report includes all of the median sold prices, inventory, and borrowing climate buyers. Let’s get started.
We are still seeing increases in home prices without a significant bump in inventory. Mortgage rates are between 6-8%, within 30-year averages, but have increased in the past year to combat inflation. These rates have had many buyers wait to buy, but there are a lot of solutions to lending and buying is always better than renting so we recommend that you contact our trusted lenders to discuss available assistance and your particular financial fitness to borrow.
Let’s talk more about borrowing first with our mortgage rate report. The 30-year fixed rate is at 7.025% , the 15-year fixed rate is at 6.375%, the 30-year FHA rate is at 6.625% , and a 30-year jumbo rate is at 6.625%. If you were waiting to buy for lower rates, experts are not anticipating them. Again, we recommend getting preapproved to know your exact buying power.
Moving on to inventory in the townships. These are the real estate numbers from June 2024. Starting with Devon, 10 homes were sold last month, with a median time on the market of 3 days. The median sale price in June was $780,000, and the sale-to-list price ratio was at 107%. 60% of homes sold over the original asking price.
In June, 42 homes were sold in Wayne, and the median time on the market was 5 days. The median sale price for Wayne was $990,000, with a sale-to-list price ratio of 105%.
In Gladwyne, the median time on the market was 15 days, with only 4 homes sold. The median sale price in Gladwyne was $2,100,000. Gladwyne had a sale-to-list price ratio of 104%.
In Villanova, 6 homes were sold in June. The median time on the market was 8 days, and the median sale price was $1,600,000. The sale-to-list price ratio was at 98%.
In Bryn Mawr, 19 homes were sold last month with a median days on market of only 5 days. The median sale price was $500,000 and the sale to list price ratio was 106% with 58% of properties sold over asking.
In Haverford, 8 (eight) homes were sold in June, and the median time on the market was 8 days. The median sale price was $1,200,000, and the sale-to-list price ratio was 104%.
In Radnor the median sale price last month was at $1,100,000. There were 28 homes sold, with a median time on the market of 6 days. The sale-to-list price ratio was 104%.
Finally in Newtown Square, 17 homes were sold last month with a median days on market of 5 days. The median sale price for Newtown Square was $500,000 with a sale to list price ratio of 105%. 76% of properties were sold over asking.
A quick note for our sellers: if you are considering listing this summer, Main Line sales closes quickly with incredible terms to sellers. Even if you didn’t want to move until you found another home, we can get negotiations for rent backs in your contract. Truly, there are many solutions for your selling situation. Our sellers receive multiple offers and the option to close in their time frame. Contact me today to strategize your buying or selling. We deliver a comprehensive comparative market analysis to see what your home is worth, and marketing strategy so your home can be listed in as little as 7 days. Our buyers get an overview of the real estate landscape and all of the properties on and off market our network has access to.
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