Welcome to the June Local Main Line Market Update! We have some interesting national and local news this month in real estate; you won’t want to miss this month’s market update. If you’re looking to better understand buyer conditions and local township information, you’re in the right place. We combine buyer and seller information if you are looking to buy or sell in the coming months. Let’s dive in.
Beginning with our buyer information. Here are the current market conditions for borrowers. Mortgage rates are currently around 6% and have remained relatively stable for several months. We recommend that you get pre-qualified before house hunting. It gives you significant advantages over other buyers, and homeowners prefer it before showings, especially when looking at Main Line luxury homes. We have preferred lenders listed on my website resources who can discuss available options and your specific financial situation to determine your eligibility for borrowing. The 30-year fixed rate is 6.8% (six-point-eight percent), the 15-year fixed rate is around 5.8% (five-point-eight percent), the 30-year FHA rate is around 6.5% (six-point-five percent), and the 30-year jumbo rate is 6.5% (six-point-five percent). These are favorable terms for buyers who find the right home, but understanding the inventory gives you a more comprehensive picture of the buying landscape.
Moving on to inventory and what has sold in May on The Main Line. Starting with Devon, 10 (ten) homes were sold, and the median time on the market was 8 (eight) days. The median sale price for Devon was $700,000 (seven hundred thousand dollars), with a sale-to-list price ratio of 104% (one hundred four percent). Sixty percent (60%) of properties were sold over the asking price.
In May, 40 (forty) homes were sold in Wayne, and the median time on the market was 5 (five) days. The median sale price for Wayne was $600,000 (six hundred thousand dollars), with a sale-to-list price ratio of 104% (one hundred four percent).
In Gladwyne, the median time on the market was 3 (three) days, with 4 (four) homes sold. The median sale price in Gladwyne was $1,200,000 (one million two hundred thousand dollars). Gladwyne had a sale-to-list price ratio of 115% (one hundred fifteen percent).
Next is Villanova with only 2 (two) homes sold last month, with a median time on market of 31 (thirty-one) days. The median sale price was $1,700,000 (one million seven hundred thousand dollars), and the sale-to-list price ratio was 96% (ninety-six percent). Fifty percent (50%) of homes were sold above asking!
In Bryn Mawr, 20 (twenty) homes were sold last month with a median time on market of only 6 (six) days. The median sale price was $700,000 (seven hundred thousand dollars), and the sale-to-list price ratio was 103% (one hundred three percent).
In Haverford, only 2 (two) homes were sold in May, and the median time on the market was 3 (three) days. The median sale price was $1,000,000 (one million dollars), and the sale-to-list price ratio was 101% (one hundred one percent).
In Radnor, the median sale price last month was $1,000,000 (one million dollars). There were 27 (twenty-seven) homes sold, with a median time on the market of 8 (eight) days. The sale-to-list price ratio was 101% (one hundred one percent), with 44% (forty-four percent) of homes sold for more than the asking price.
Next, in Rosemont, the median time on the market was 39 (thirty-nine) days, with 4 (four) homes sold. The median sale price in Rosemont was $400,000 (four hundred thousand dollars) and had a sale-to-list price ratio of 99% (ninety-nine percent).
Finally, in Newtown Square, 23 (twenty-three) homes were sold last month with a median days on market of 12 (twelve) days. The median sale price for Newtown Square was $700,000 (seven hundred thousand dollars) with a sale-to-list price ratio of 104% (one hundred four percent). 57% (fifty seven percent) of properties were sold over asking.
I saved the biggest national news for last. We are seeing an increasing number of sellers enter the market. According to numbers from April, there are 34% more sellers on the market. On the Main Line, we often see slightly less due to the location’s desirability; however, if you’re looking to buy, the conditions are finally more favorable. It is important to remember that you must be prequalified, patient, and have an agent who understands this specific market. Similarly, for sellers, a proper local strategy will maximize the potential of their sales. We offer comprehensive and individualized market analyses, can get your home listed in as little as 7 days, and assist buyers immediately.
Make the most of this buying moment and reach out to me directly to learn about buying and selling strategies that work for you on The Main Line.
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