Hello Main Line PA! Welcome to the September 2022 Market Update. Still on the fence about buying or selling a home on The Main Line? Keep watching because I am going to give you a quick overview of The Main Line Housing Market last month.
We have a few weeks left of Summer. Are you excited for Fall? If you are planning to sell or buy a home, whether you are downsizing or upsizing, this important information about The Main Line market will help make your decisions much easier! Buyers are still out in full force and we are still receiving multiple offers, houses are selling over asking price, the offers that are winning are usually extremely clean, which means a cash offer, contingencies removed with no inspections, escalation clauses and mortgage appraisal contingencies are being put into play for strategies to win!
I understand if you are taking your time in buying or selling a home and it is definitely beneficial for you to be knowledgeable with the housing market so you will be ready when the time comes.
As it is still a sellers’ market and most offers are being catered to the sellers’ needs in order to win, the buyers also have the advantage with reasonable interest rates of purchasing their dream home!
Let’s talk about mortgage rates! They are still increasing up to now with a 30 (thirty) year fixed rate of 5.375% , a 15 (fifteen)-year fixed rate of 4.875% , the 30 year FHA is up and now at 6% compared to July’s 5.125% and a 30 year jumbo of 4.875% . The rates are still expected to go higher, so don’t wait, it’s the perfect time to buy a home before the rates go even higher.
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 August 2022.
Let’s get started with Devon PA, 10 homes were sold last month. The median days on market was just 4 days. The median sales price in August was $602,500 and the sold price over list price was 100%. Homes were selling quickly in Devon.
For Wayne PA, there were 42 homes sold in August. The median days on market was 6 days. The median sales price for Wayne was $895,000 ) and the sold price over list price was also 100%.
In Villanova PA, homes were on the market for an average of 6 (six) days and 10 (ten) homes were sold in August. The median sales price was $941,000. The sold price over list price was also 100%.
Next, in Bryn Mawr PA – 24 homes were sold last month. The median days on market was 7 days. The median sales price was $831,944 . The sold price over list price for Bryn Mawr was 100% .
Let’s take a look at Gladwyne PA – 3 (three) homes were sold in August. The median days on market was 23 days with a median sales price of $1,650,000 (one million six hundred fifty thousand dollars). The sold price over list price was 95.6% for Gladwyne. Homes stayed on the market longer but buyers were still willing to pay over asking price.
Lastly, in Haverford PA – 10 (ten) homes were sold in August. The median days on market was 5 days with a median sales price of $1,051,250. The sold price over list price was 103%.
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 shifting and if you’re still confused, I am here to help you further understand so you can easily decide on your next move.
There you have it, your Main Line market update for the month of August. If you want more information, please subscribe to my channel and follow us on Facebook and Instagram because I will always keep you updated about the Main Line housing market whether you are looking to sell or buy a home. I’m just a call away, please feel free to reach out at any time, I’m always here to help.
Did you find the September 2022 Market Update with Kimmy Rolph useful? Follow along on our blog!