May 2024 Main Line Market Update is here! May on The Main Line may be my favorite time of year, everything is in bloom and sellers and buyers are taking advantage of this time to make moves. We usually see a slowdown during summer, so if you are thinking of buying or selling before school lets out, you will want to see what this report has in store for the township you are looking to call home. This report includes all of the local Main Line median sold prices and inventory and borrowing information for buyers, let’s dive in!
Main Line inventory continues to be constricted at around a 3-month supply. Home values are rising incrementally and we are continuing to see buyer demand come back as well with mortgage rates stabilizing at around 6-8%. Many buyers have made the decision to borrow at this rate and historically, it is not high. If you are looking for financing, we have a number of great recommendations on our site. Overall, it is important to remember for buyers and sellers that The Main Line market is a luxury market and each township is in high demand. Keeping informed on the particular information in each area is key to making a move at the right time. Here are the local numbers.
First, for borrowers, are the mortgage rates. The 30-year fixed rate is at 7.4%, the 15-year fixed rates is at 6.62 , the 30-year FHA rate is at 6.75%, and a 30-year jumbo rate is at 7.1%. If you were waiting to buy for lower rates, this is a good indication that they are stabilized. Get preapproved to see your buying power.
Moving on to the local inventory and recent sales. These are the real estate numbers from April 2024. Starting with Devon, 6 homes were sold last month, with a median time on the market of 26 days. The median sale price in April was $670,000, and the sale-to-list price ratio was at 102% . 50% of homes sold over the original asking price.
In Wayne, there were 34 homes sold in April, and the median time on the market was 5 days. The median sale price for Wayne was $820,000, with a sale-to-list price ratio of 104%.
In Gladwyne, the median time on the market was 20 days, with only 3 homes sold. The median sale price in Gladwyne was $1,100,000. Gladwyne had a sale-to-list price ratio of 98%.
In Villanova, only 4 homes were sold in April. The median time on the market was 4 (four) days, and the median sale price was $1,300,00 . The sale-to-list price ratio was at 108% (one hundred eight percent) with 75% of homes sold over asking price.
In Bryn Mawr, 17 homes were sold last month with a median days on market of 5 days. The median sale price was $880,000 and the sale to list price ratio was 102%.
In Haverford, 9 homes were sold in April, and the median time on the market was 5 (five) days. The median sale price was $960,000 (nine hundred sixty thousand dollars), and the sale-to-list price ratio was 104%.
In Radnor the median sale price last month was at $890,000. There were 20 homes sold, with a median time on the market of 5 days. The sale-to-list price ratio was 104%with 65% of homes being sold over the asking price.
For Rosemont, 5 homes were sold in April with a median sale price of $460,000 and a median days on market of 5 days. The sale to list price ratio was 102%.
Finally in Newtown Square, 22 homes were sold last month with a median days on market of 6 days. The median sale price for Newtown Square was $560,000 with a sale to list price ratio of 102%. 55% of properties were sold over asking.
Typical home sales on The Main Line are closing quickly with properly priced homes receiving asking price or above. Most sellers receive multiple offers, and great terms for sellers. Buyers looking to purchase for the first time also have several incentives. Contact me to see what strategies benefit your situation. If you are a seller we can also discuss pricing. Do not hesitate to reach out for a comparative market analysis to see what your home is worth, we can list your home and have it ready for sale in 7 days.
Contact Kimmy Rolph today to learn more about buying and selling on The Main Line.
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