Welcome to the November Main Line PA Market Update and forecast for the month of November. I provide my clients and new followers the latest in the national housing market news and borrowing rates, and most importantly a thorough local Main Line PA market update. If you are considering buying or selling on The Main Line, or are also curious how The Main Line market compares to other areas around Philadelphia and New York, this is the resource for you.
We are continuing to see a lack of inventory and has been a persistent trend in the past few years on The Main Line, potentially more so as the holidays approach. Home prices are unlikely to decrease with sustained buyer demand, and mortgage rates are expected to hover around 7-8%, but we still have many buyers looking for entry when homes come to market. Some buyers and sellers find that the holidays can really be a sweet spot to transact, and I think this season might also provide that opportunity.
Let’s start with our mortgage rates. Currently, we have a 30-year fixed rate of 7.7%, a 15-year fixed rate of 6.875%, a 30-year FHA rate of 7.375%, and a 30-year jumbo rate of 7.5%. These rates are not exceptionally high given the past 30 years, and there are a number of ways to borrow wisely that can help make the most of the rates. If you are looking for someone to help structure your lending, I have great recommendations on my website.
Let’s move on to The Main Line real estate numbers in October. Across The Main Line, it remains a sellers market. Starting with Devon, 23 homes were sold last month, with a median time on the market of 8 days. The median sale price in October was $640,000, and the sale-to-list price ratio was at 99%. And 39% of properties were sold above the original asking price.
Moving on to Wayne, there were 31 homes sold in October, and the median time on the market was 6 days. The median sale price for Wayne was $1,000,000, with a sale-to-list price ratio of 103%.
In Gladwyne, the median time on the market was 7 days, with only 4 homes sold. The median sale price in Gladwyne was $912,500. Gladwyne had a sale-to-list price ratio of 102%.
Next, in Villanova, 2 homes were sold in October. The median time on the market was 6 days, and the median sale price was $1,875,000. The sale-to-list price ratio was at 102%.
Radnor’s median sale price last month was at $1,088,878. There were 23 homes sold, with a median time on the market of just 14 days. The sale-to-list price ratio was 104% with 57% of homes being sold over the asking price.
Next, in Haverford, 41 homes were sold in October, and the median time on the market was 8 days. The median sale price was $515,000, and the sale-to-list price ratio was 103%. 56% of properties sold above the asking price.
In Rosemont, 2 homes with a median days on market of 13 days. The median sale price was $595,000 with a sale-to-list price ratio of 97%.
Finally in Newtown Square, 24 homes were sold last month with a median days on market of 8 days. The median sale price for Newtown Square was $591,000 with a sale-to-list price ratio of 101%. It remains a seller’s market with 42% of properties sold above the asking price.
Once again, in nearly all of The Main Line townships, homes sold for asking price or above, likely with multiple offers, and for great terms to sellers. All last year there were predictions that there would be a downturn and housing prices would decline but we are not seeing that. We are seeing steady increases in home values. If you want to sell your home this fall, I highly recommend you reach out for a comparative market analysis to see what your home is worth. Similarly, if you are a buyer who felt like prices were coming down, they definitely are not, so delaying home buying is not in your best interest. Especially in this market, having an experienced realtor assisting with your transaction, negotiating on your behalf, and representing your best interests, is essential. Contact Kimmy Rolph Real Estate and see why we are top-rated on The Main Line.
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