May 2023 Main Line Market Update is Here! If you’re looking to buy or sell a home on The Main Line, I’m going to share with you important updates on The Main Line Housing Market for April last month.
The market is slowly going back to normal but the housing inventory is still very low, and demand is pretty high. Homes are selling quickly and buyers are still active as ever since we are still seeing homes that are selling over asking with multiple offers.
Mortgage rates! In the past months, it has been going up and down and buyers are concerned. As of April 28th, we have a 30 year fixed-rate of 6.375%, a 15 year fixed rate of 5.999%, the 30 year FHA is 5.750% and a 30 year VA of 6.125%. The Federal Reserve is saying that the rates increase is nearly coming to an end. This is an excellent outlook if you are planning on buying a home.
Moving on for our Main Line sellers, Here are the market updates for April 2023. In Devon, 16 homes were sold last month. The median days on market was just 5 days. The median sale price in April was $987,500 and the sale-to-list price ratio was 102%. 50% of properties were sold over original asking price. Which means that it was a seller’s market in Devon and homes were being sold quickly with multiple offers.
For Wayne, there were 30 homes sold in April. The median days on market was 5 days. The median sale price for Wayne was $569,000 and the sale to list price ratio was 105% and homes sold quickly with 70% of properties being sold over asking!
In Gladwyne, the median days on market were 17 days. There were 4 homes sold. The median sale price was $3,320,000. The sale to list price ratio was 96%.
In Bryn Mawr, only 1 home was sold last month with a median sale price of $250,000 and the median days on market was 7 days. The sale to list price ratio for Bryn Mawr was 100% and the home was sold over asking!
Moving on, in Villanova, 4 homes were sold in April. The median days on market was 7(seven) days with a median sale price of $1,167,500. The sale to list price ratio was 100% for Villanova.
Next is Radnor with 18 homes sold last month. The median days on market was 5 days. The median sale price is $782,500 and the sale to list price ratio was 107%. Homes are selling quickly with multiple offers with 72% of homes being sold over asking.
Lastly, in Haverford- 34 homes were sold in April. The median days on market was 4 days with a median sale price of $486,000. The sale to list price ratio was 105% and it’s still a seller’s market with 65% of properties being sold over asking price.
The market is shifting a bit but still remains a strong sellers market with multiple offers and those properties selling for asking if not over asking price. If you have any questions I am always here to guide you in any way. Whether you are looking to purchase or sell a home on The Main Line or outside the area, I have connections to out-of-state agents and I would be happy to introduce you to an out-of-state agent who can help you with your needs.
That completes your Main Line market update for the month of April. If you live in a town that’s not listed, please see the description below for links, or feel free to reach out to me.
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