June is here, so is the June 2024 Main Line Market Update. This might not be the most popular time of year to buy or sell, but I see real advantages in the market at the moment on The Main Line. Let’s go over mortgage rates and the numbers for The Main Line PA real estate market. This report includes all of the median sold prices, inventory, and borrowing climate buyers, so you really do not want to miss it if you are making summer moves.
Main Line inventory is still constricted. We are seeing incremental increases, but not by large amounts. Mortgage rates have stabilized between 6-8%, and while it might seem high, it is not in comparison to 30-year averages. We have great recommendations on our site if you are looking for financing. Main Line real estate is always in high demand so it is important to stay informed on the monthly numbers to make a move at the right time.
First, for our borrowers, the 30-year fixed rate is at 7.125%, 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 6.5%. If you were waiting to buy for lower rates, this indicates that they are stabilized. Get preapproved to see current buying power.
Let’s move on to inventory in the townships. These are the real estate numbers from May 2024. Starting with Devon, 10 homes were sold last month, with a median time on the market of 6 days. The median sale price in May was $780,000, and the sale-to-list price ratio was at 105%. 70% of homes sold over the original asking price.
In May, 33 homes were sold in Wayne, and the median time on the market was 5 days. The median sale price for Wayne was $690,000, with a sale-to-list price ratio of 105%.
In Gladwyne, the median time on the market was 6 days, with only 3 homes sold. The median sale price in Gladwyne was $1,900,000. Gladwyne had a sale-to-list price ratio of 105%.
In Villanova, only 2 homes were sold in May. The median time on the market was 102 days, and the median sale price was $2,500,000. The sale-to-list price ratio was at 92%.
In Bryn Mawr, 14 homes were sold last month with a median days on market of 6 days. The median sale price was $500,000 and the sale to list price ratio was 103% .
In Haverford, 11 homes were sold in May, and the median time on the market was 6 days. The median sale price was $1,100,000 (one million one hundred thousand dollars), and the sale-to-list price ratio was 101%.
In Radnor the median sale price last month was at $600,000. There were 28 homes sold, with a median time on the market of 6 days. The sale-to-list price ratio was 104% with 57% of homes being sold over the asking price.
Finally in Newtown Square, 28 homes were sold last month with a median days on market of 6 days. The median sale price for Newtown Square was $600,000 with a sale to list price ratio of 104% (one hundred four percent). 64%of properties were sold over asking.
A typical Main Line sale closes quickly with great terms to sellers. Most sellers receive multiple offers and the option to close quickly. Buyers this summer should get prequalified if you are borrowing as soon as possible. Contact me to see how to best strategize your buying or selling. Reach out to discuss pricing and a comparative market analysis to see what your home is worth, your home can be listed in as little as 7 days.
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