June 2022 Main Line Market Update is here! We are almost nearing Summer and I hope you are having a fantastic year 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, we’re still seeing bidding wars, contingencies like inspections are many times being removed, and escalation clauses and mortgage appraisal contingencies are being put into play for strategies to try to win! Housing supply is still low, and demand is high. If you are planning to sell your house, take this opportunity to list your home now and take advantage of the home price appreciation.
As it is still a sellers’ market and most offers are being catered to the sellers’ needs in order to win, the buyers also have the advantage of reasonable interest rates for purchasing their dream home! Reach out to your real estate agent right away or you can always contact me, so I can advise you on how to put in the perfect offer to be more attractive to the sellers.
Are the mortgage rates still rising? Let’s talk about the rates in May, surprisingly the rates slightly dropped as of May 27th and had a 30-year jumbo fixed-rate of 4.750% compared to April’s 5.375%, a 15 -year fixed rate of 4% and a 30 year FHA of 4.625% and a 30 year jumbo of 4.750% same as April. The rates are still quite high, so don’t wait, it’s the perfect time to buy a home before the rates go even higher.
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 May 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, homes sold doubled to 22 compared to April. The median days on market was 6 days. The median sales price in May was $841,250 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 30 homes sold in May. The median days on market was 6 days. The median sales price in May for Wayne was $774,500 and the sale to list price ratio was 103%. 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 6 days and 6 homes were sold in May. The median sales price was $1,530,000. The sale to list price ratio was up 108%. Villanova had 3 months of inventory which means that it was still a seller’s market and 67% of properties were sold over asking!
Next, in Radnor PA – 24 homes were sold last month. The median days on market was 6 days. The median sales price was $876,411. The sale to list price ratio was 103%. It was a seller’s market with 1.5 months of inventory.
Lastly, let’s take a look at Gladwyne PA – 2 homes were sold in May. The median days on market was 10 days with a median sales price of $1,434,000. The sale to list price ratio is 102% for Gladwyne.
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 June 2022 Main Line Market Update helpful or are still unsure and confused, 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.
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