November 2024 Local Main Line Market Update is here. Many shrewd buyers and sellers out there choose this time to make their real estate moves. Let’s go over the numbers to see if it makes sense for you to buy or sell on The Main Line this season. This is looking like an exciting final quarter of year, let’s dive into all of the median sold prices, inventory, and borrowing numbers. Where real estate is concerned, I encourage you to connect with me directly, because everyone’s situation is unique.
Home prices and inventory are not experiencing significant increases. Mortgage rates have gone up and are around 7%. Our trusted lenders can discuss available assistance and your particular financial fitness to borrow. Being prequalified and fully underwritten will give you significant advantages over other buyers, and homeowners prefer it prior to showings. Here are the rates at the time of this video recording.
The 30-year fixed rate is at 7.3% (seven point three percent ), the 15-year fixed rate is at 6.3% (six points three percent ), the 30-year FHA rate is at 6.9% (six point nine percent), and a 30-year jumbo rate is at 6.7% (six point seven percent). If you were waiting to buy for lower rates, experts are not anticipating them anytime quickly.
Moving on to inventory in the townships. These are the real estate numbers from October 2024. Starting with Devon, 5 (five) homes were sold last month, with a median time on the market of 8 (eight) days. The median sale price was $300,000 (three hundred thousand dollars), and the sale-to-list price ratio was at 99% (ninety nine percent). 20% (twenty percent) of homes sold over the original asking price.
In October, 45 (forty five) homes were sold in Wayne, and the median time on the market was 12 (twelve) days. The median sale price for Wayne was $700,000 (seven hundred thousand dollars), with a sale-to-list price ratio of 101% (one hundred one percent).
In Gladwyne, the median time on the market was 5 (five) days, with only 3 (three) homes sold. The median sale price in Gladwyne was $1,100,000 (one million one hundred thousand dollars). Gladwyne had a sale-to-list price ratio of 107% (one hundred seven percent).
In Villanova, 7 (seven) homes were sold. The median time on the market was 54 (fifty four) days, and the median sale price was $1,300,000 (one million three hundred thousand dollars). The sale-to-list price ratio was at 97% (ninety seven percent).
In Bryn Mawr, 12 (twelve) homes were sold last month with a median days on market of 15 (fifteen) days. The median sale price was $500,000 (five hundred thousand dollars) and the sale to list price ratio was 98% (ninety eight percent).
In Haverford, 2 (two) homes were sold in October, and the median time on the market was 4 (four) days. The median sale price was $500,000 (five 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 $1,000,000 (one million dollars). There were 31 (thirty one) homes sold, with a median time on the market of 18 (eighteen) days. The sale-to-list price ratio was 98% (ninety eight percent).
Finally in Newtown Square, 21 (twenty one) homes were sold last month with a median days on market of 6 (six) days. The median sale price for Newtown Square was $600,000 (six hundred thousand dollars) with a sale to list price ratio of 98% (ninety eight percent). 57% (fifty seven percent) of properties were sold over asking.
The Main Line during the holidays is one of my favorite times of year, and we see sales happen really quickly with favorable terms for sellers. Even if you are not buying right away, there are rent-back programs that buyers can enter. Call me to discuss solutions. We give a comprehensive comparative market analysis to see what your home is worth and can list your home in as little as 7 days. I look forward to hearing from you.
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