There are a lot of headlines that include housing, and I wanted to share some of what experts are forecasting and how they may impact your selling or buying decisions locally. This is looking like an excited final quarter of year, so pay attention as these numbers will signal moves to make. This report includes median sold prices, inventory, and borrowing climate buyers. However, where your unique real estate is concerned, I encourage you to connect with me directly. Let’s get started. Home prices stabilize without a significant increase in inventory. Mortgage rates are finally below 6%, within 30-year averages. With the recent discussion of the Fed lowering interest rates, it is an excellent time to make borrowing moves. We have trusted lenders to discuss available assistance and your particular financial fitness to borrow. Being prequalified is the first step and many homeowners prefer it prior to showing.
Let’s talk more about borrowing first with our mortgage rate report. The 30-year fixed rate is at 5.95% (five point ninety-five percent), the 15-year fixed rate is at 5.25% (five point twenty-five percent), the 30-year FHA rate is at 5.625% (five point six two five percent), and a 30-year jumbo rate is at 6% (six percent). If you were waiting to buy for lower rates, experts are not anticipating them. Again, we recommend getting preapproved to know your exact buying power.
Moving on to inventory in the townships. These are the real estate numbers from September 2024. Starting with Devon, 5 (five) homes were sold last month, with a median time on the market of 30 (thirty) days. The median sale price in September was $800,000 (eight 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 September, 28 (twenty eight) homes were sold in Wayne, and the median time on the market was 8 (eight) days. The median sale price for Wayne was $800,000 (eight 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 9 (nine) days, with only 4 (four) homes sold. The median sale price in Gladwyne was $1,000,000 (one million dollars). Gladwyne had a sale-to-list price ratio of 97% (ninety seven percent).
In Villanova, 8 (eight) homes were sold in September. The median time on the market was 17 (seventeen) days, and the median sale price was $1,700,000 (one million seven hundred thousand dollars). The sale-to-list price ratio was at 95% (ninety five percent).
In Bryn Mawr, 9 (nine) homes were sold last month with a median days on market of 32 (thirty two) days. The median sale price was $900,000 (nine hundred thousand dollars) and the sale to list price ratio was 98% (ninety eight percent).
In Haverford, 8 (eight) homes were sold in September, and the median time on the market was 17 (seventeen) days. The median sale price was $1,200,000 (one million two hundred thousand dollars), and the sale-to-list price ratio was 100% (one hundred percent) with 50% (fifty percent) of homes sold over original asking price.
In Radnor the median sale price last month was at $1,100,000 (one million one hundred thousand dollars). There were 16 (sixteen) homes sold, with a median time on the market of 15 (fifteen) days. The sale-to-list price ratio was 99% (ninety nine percent).
Finally in Newtown Square, 22 (twenty two) homes were sold last month with a median days on market of 10 (ten) days. The median sale price for Newtown Square was $500,000 (five hundred thousand dollars) with a sale to list price ratio of 100% (one hundred percent). 55% (fifty five percent) of properties were sold over asking.
The Main Line in the fall is one of the most charming times of the year. We are seeing favorable terms for sellers and quick closings. With the lower interest rates we may see more buyers coming forward, so sellers who are considering selling should make a move in the next two months. Even if you are not buying right away, there are rent-back programs that buyers are eager to enter. Call me to discuss solutions. We deliver a comprehensive comparative market analysis to see what your home is worth, and marketing strategy so your home can be listed in as little as 7 days. Our buyers get an overview of the real estate landscape and all of the properties on and off market our network has access to. I look forward to hearing from you.
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