November 2022 Main Line Market Update is here! If you’re considering buying or selling a home on The Main Line I am pleased to share some important data and a quick overview of The Main Line Housing Market last month.
It’s the month of November when we give thanks and gratitude for the wonderful things in our lives this year! If you are considering selling or buying a home, or whether you are downsizing, upsizing, or looking for an investment property, the stats in this video about the Main Line market will provide important information that can help you move forward. Yes, the market continues to shift but homebuyers are still actively searching for homes. We still are seeing some multiple offers although the numbers have been reduced considerably, offers at times are clean without contingencies, but some homes are sitting on the market longer and there are definitely fewer offers on the table. However, it is still a seller’s market. There are many ways to write a competitive offer that can put you at an advantage and help you win, and I am always happy to strategize and help you based on your needs and the current market condition.
I understand if you are taking your time with buying or selling a home and it is definitely beneficial for you to stay informed with the housing market so you will be ready when the time is right for you.
Since the housing market is slowing down a bit, most offers are still being catered to the sellers’ needs in order to win. Buyers are still taking advantage of the reasonable mortgage rates even though they have gone up quite a bit.
Let’s go ahead and talk about mortgage rates! They are still increasing up to now with a 30 year fixed-rate of 7.25%, a 15 -year fixed rate is up and now at 6.625% compared to last month’s 6%, the 30 year FHA is also up and now at 6.625% and a 30 year jumbo of 6.75%. The rates are still expected to go higher, so don’t wait, it’s the perfect time and opportunity to buy a home.
If you are buying a home soon, we have the tools and knowledge to help your offer be accepted so please reach out at any time so that I can help and guide you with the strongest offer to present to win.
Let’s see the market updates for October 2022.
Let’s get started with Devon, 16 homes were sold last month. The median days on market were just 12 days. The median sale price in October was $700,000, the same as last September and the sale-to-list price ratio was 100%. It shows that the Devon market is still receiving multiple offers and houses are selling quickly with 31% of properties sold over the original asking price.
For Wayne, there were 28 homes were sold in October. The median days on market was 9 days. The median sale price for Wayne was $507,000 and the sale to list price ratio was 101% and 61% of properties were sold over asking.
In Gladwyne, homes were on the market for a median of 16 days and 4 homes were sold in October. The median sale price was $2,337,500. The sale to list price ratio was 99%.
In Newtown Square, there were 19 homes sold last month with a median sale price of $715,000 and the median days on market was 5 days. The sale to list price ratio for Newtown Square was 101% (one hundred one percent). 32% of properties were sold over the original asking price.
Next, we have Bryn Mawr- 5 homes were sold last month. The median days on market was 8 days. The median sale price was $281,000 . The sale to list price ratio for Bryn Mawr was 102% (one hundred two percent). It was a seller’s market last month for Bryn Mawr with 40% of properties sold over asking.
Let’s take a look at Villanova, 6 homes were sold in October. The median days on market was 11 days with a median sale price of $1,175,000 . The sale to list price ratio was 97% for Villanova.
Lastly, in Haverford- 41 homes were sold in October. The median days on market was 9 days with a median sale price of $450,000. The sale-to-list price ratio was 101% and 46% of properties were sold over asking price.
If you decide to buy, I will make sure that your offer stands out from the rest of the buyers to make sure you look the most competitive to win.
The housing market is continuing to shift and if you have any questions, I am here to help so you can easily decide on your next move.
You can click on the towns below for additional stats, if you live in a town that’s not listed below please reach out to me and I can definitely send you those data.
That completes your Main Line market update for the month of October. If you would like more information, please don’t hesitate to give me a call at any time, I’m always here to help. You can subscribe to my YouTube channel at Kimmy Rolph Real Estate and follow us on Facebook and Instagram because I will always keep you updated about the Main Line housing market.
