We are “marching” into Spring Selling season 2025! I prepare these monthly reports for my clients and share them across my social media and website. Welcome to the March Market update. This report includes the February market reports for the local townships and current buyer conditions. If you are a seller or buyer who would like a customized forecast for buying or selling, please do not hesitate to contact me directly.
Lets start with the current market conditions for borrowers. Mortgage rates are around 7% and have not had significant fluctuations in several months. We highly recommend that you get prequalified prior to house hunting. It gives you significant advantages over other buyers, and homeowners prefer it before showings, especially if you are looking at luxury homes like those on The Main Line. We have preferred lenders on my website who can discuss available options and your particular financial fitness to borrow. The 30-year fixed rate is around 6.8% (six point eight percent ), the 15-year fixed rate is around 5.9% (five point nine percent ), the 30-year FHA rate is around 6.5% (six point five percent), and a 30-year jumbo rate is around 6.5% (six point five percent). These are good terms for buyers who find the right home, but understanding inventory, gives you a fuller picture of the buying landscape.
Let’s talk nventory and what has sold in February on The Main Line. Starting with Wayne, 20 (twenty) homes were sold, and the median time on the market was 51 (fifty one) days. The median sale price for Wayne was $800,000 (eight hundred thousand dollars), with a sale-to-list price ratio of 98% (ninety eight percent).
In Gladwyne, the median time on the market was 18 (eighteen) days, with 4 (four) homes sold. The median sale price in Gladwyne was $1,800,000 (one million eight hundred thousand dollars). Gladwyne had a sale-to-list price ratio of 101% (one hundred one percent). 50% (fifty percent) of the properties were sold over the asking price.
In Villanova, only 1 (one) home was sold. The median time on the market was 11 (eleven) days, and the median sale price was $700,000 (seven hundred thousand dollars). The sale-to-list price ratio was at 100% (one hundred percent).
In Bryn Mawr, 7 (seven) homes were sold last month with median time on market of 18 (eighteen) days. The median sale price was $500,000 (five hundred thousand dollars) and the sale to list price ratio was 102% (one hundred two percent).
In Haverford, 2 (two) homes were sold in February, and the median time on the market was 28 (twenty eight) days. The median sale price was $1,000,000 (one million dollars), and the sale-to-list price ratio was 105% (one hundred five percent) with both homes sold over original asking price.
In Radnor the median sale price last month was at $1,000,000 (one million dollars). There were 14 (fourteen) homes sold, with a median time on the market of 32 (thirty two) days. The sale-to-list price ratio was 99% (ninety nine percent).
Next, in Rosemont, the median time on the market was 18 (eighteen) days, with 3 (three) homes sold. The median sale price in Rosemont was $500,000 (five hundred thousand dollars) and had a sale-to-list price ratio of 103% (one hundred three percent).
Finally in Newtown Square, 12 (twelve) homes were sold last month with a median days on market of 15 (fifteen) days. The median sale price for Newtown Square was $600,000 (six hundred thousand dollars) with a sale to list price ratio of 99% (ninety nine percent). 33% (thirty three percent) of properties were sold over asking.
It is essential to consider local market conditions and how long you are looking to be in a home before investing. The Main Line market is one of the most desirable areas on the east coast and if you would like to live here, you must be prequalified, patient, have an agent who understands Main Line buying. It is a very competitive market and consistently has had inventory shortages since before 2020. If you are looking to sell, it is always a good time. Especially in Spring. We offer comprehensive and individualized market analyses, can get your home listed in as little as 7 days, and assist buyers immediately.
This is one of the busiest months for Main Line real estate. If you want to take advantage of spring selling, remember that Kimmy Rolph Sells The Main Line and Local Areas.
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