October Main Line PA Market Update is in!
One of the trends that is continuing this fall is a lack of inventory. On The Main Line in particular there is a noticeable constriction of inventory and home prices are continuing to inch up. What is very important to note about this incremental increase is that it is not like in 2020 or 2021, where we saw huge increases in home value, These increases are more subtle.
A lot of sellers might think about putting their homes on the market for more money than they’re actually worth, but homes that are too expensive aren’t getting sold and instead stay on the market, without interest and without buyers, which also is a waste of time and money. Make sure that you have the pricing right for your home before listing. If you are unsure the value of your home, please reach out, we are happy to assist.
In terms of borrowing conditions, mortgage rates are increasing, but your rate depends on the area you are considering. Currently, we have a 30-year fixed rate of 7.5%, a 15-year fixed rate of 7.125%, a 30-year FHA rate of 7.5%, and a 30-year jumbo rate of 7.625%. It is imperative for today’s home buyers to consider the context of today’s mortgage rates because in comparison, rates are not unreasonable.
Let’s move on to The Main Line numbers last September. Across The Main Line, it is a sellers market. Starting with Devon, 11 homes were sold last month, with a median time on the market of 5 days. The median sale price in September was $662,000, and the sale-to-list price ratio was at 102%. And 64% of properties were sold above the original asking price.
Moving on to Wayne, there were 20 homes sold in September, and the median time on the market was 9 days. The median sale price for Wayne was $935,000, with a sale-to-list price ratio of 103%.
In Gladwyne, the median time on the market was 29 days, with only 3 homes sold. The median sale price in Gladwyne was $2,208,888. Gladwyne had a sale-to-list price ratio of 95%.
Next we have Villanova, 2 homes were sold in September. The median time on the market was 7 days, and the median sale price was $1,208,090. The sale-to-list price ratio was at 100%.
Radnor median sale price last month was at $945,000. There were 15 homes sold, with a median time on the market of just 10 days. The sale-to-list price ratio was 104% with 47% of homes being sold over the asking price.
Next, in Haverford, 25 homes were sold in September, and the median time on the market was 5 days. The median sale price was $465,000, and the sale-to-list price ratio was 102%.76% of properties sold above the asking price.
In Rosemont, 2 homes with a median days on market of 7 days. The median sale price was $777,500 with a sale to list price ratio of 100%.
Finally in Newtown Square, 20 homes were sold last month with a median days on market of 7 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 45% of properties sold above the asking price.
In nearly all of The Main Line, homes sold for asking price or above, without lots of time on the market, and with multiple offers. My clients who sold during this period also received multiple offers and sold above ask. If you want to sell your home this fall, I highly recommend you reach out for a comparative market analysis to a licensed realtor. Especially in this market, having an experienced realtor assisting with your transaction is essential. Contact Kimmy Rolph Real Estate and see why we are top-rated on The Main Line.
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