March 2024 Main Line Local Market Update is here! March feels like Spring on The Main Line and Spring is THE season for selling. If you are thinking of buying or selling on The Main Line, Spring is the most popular time to buy or sell and this market update can be a real resource in your research. Let me get you up to speed on the latest on The Main Line and report the local real estate market forecast.
Sellers continue to be in an excellent position to get high values from their homes, with constricted inventory, hovering around a 3 month supply. We are seeing incremental increases in home values with sustained buyer demand and mortgage rates hovering around 6-8%. Experts anticipate that rates will gradually lower this spring, and for more specific mortgage news, you can follow my blog. It is important to remember for buyers and sellers that The Main Line market is unlike many other markets, it is luxury real estate, with a great lifestyle, and some of the best schools in the country, so property is always in demand and there are many alternatives to financing and different ways to finance. I have excellent resources on my website.
First, let’s discuss buyer information. We are finally seeing lower mortgage rates that the experts have been predicted. The 30-year fixed rate is at 6.625% (six point six two five percent), the 15-year fixed rates is at 6.625% (six point six two five percent), the 30-year FHA rate is at 6.625% (six point six two five percent), and a 30-year jumbo rate is at 6.9% (six point nine percent). If you were waiting to buy for lower rates, this is your time. Getting preapproved with a lender from our site and start your search.
Moving on to our seller information and update. Here is my list of Main Line real estate numbers from February 2024. Starting with Devon, only 1 (one) home was sold last month, with a median time on the market of 10 (ten) days. The median sale price in February was $1,000,000 (one million dollars), and the sale-to-list price ratio was at 103% (one hundred three percent). The home was sold over the original asking price.
In Wayne, there were 29 (twenty nine) homes sold in February, and the median time on the market was 10 (ten) days. The median sale price for Wayne was $550,000 (five hundred fifty thousand dollars), with a sale-to-list price ratio of 99% (ninety nine percent).
In Gladwyne, the median time on the market was 6 (six) days, with 5 (five) homes sold. The median sale price in Gladwyne was $1,150,000 (one million one hundred fifty thousand dollars). Gladwyne had a sale-to-list price ratio of 102% (one hundred two percent). 80% (eighty percent) of properties were sold over asking price!
In Villanova, only 3 (three) homes were sold in February. The median time on the market was 17 (seventeen) days, and the median sale price was $1,700,000 (one million seven hundred thousand dollars). The sale-to-list price ratio was at 106% (one hundred six percent) with 67% (sixty seven percent) of homes sold over asking price.
In Bryn Mawr, 11 (eleven) homes were sold last month with a median days on market of 6 (six) days. The median sale price was $600,000 (six hundred thousand dollars) and the sale to list price ratio was 101% (one hundred one percent).
In Haverford, 4 (four) homes were sold in February, and the median time on the market was 15 (fifteen) days. The median sale price was $1,900,000 (one million nine hundred thousand dollars), and the sale-to-list price ratio was 96% (ninety six percent).
In Radnor the median sale price last month was at $1,300,000 (one million three hundred thousand dollars). There were 21 (twenty one) homes sold, with a median time on the market of 8 (eight) days. The sale-to-list price ratio was 99% (ninety nine percent) with 38% (thirty eight percent) of homes being sold over the asking price.
For Rosemont, only 1 (one) home was sold in February with a median sale price of $850,000 (eight hundred fifty thousand dollars) and a median days on market of 2 (two) days. The sale to list price ratio was 100% (one hundred percent).
Finally in Newtown Square, 9 (nine) homes were sold last month with a median days on market of 4 (four) days. The median sale price for Newtown Square was $640,000 (six hundred forty thousand dollars) with a sale to list price ratio of 101% (one hundred one percent). 56% (fifty six percent) of properties were sold over asking.
Sellers are receiving asking price or above for homes in nearly every sale. Your typical sale will consist of multiple offers, and excellent terms for sellers. The Main Line has witnessed steady increases in home values in 2023, and we continue to see increases in 2024. It is important to note that we are also seeing more favorable terms for buyers and many incentives for first time homebuyers. There are many ways to purchase the home of your dreams, reach out to see what your options are. Similarly, if you are a seller looking to take advantage of these conditions, reach out directly for a comparative market analysis to see what your home is worth.
Contact Kimmy Rolph today to learn more about buying and selling on The Main Line.
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