Welcome to my September 2023 Main Line PA Market Update. We also have updates on the current national housing market and forecasts and rates for borrowing, so this information is vital if you are thinking about buying or selling in the next six months.
We are still seeing constricted inventory causing incremental increases in home prices and values, however the pace is not as fast as in 2022. While many sellers are tempted to list homes at prices that are higher than their estimated market value, overpriced homes are not selling and will sit on the market. We are seeing some properties stagnate for this reason. My last two closings went under contract in less than a week at list or over listing price, so if you are serious about selling, be sure that you have the price correct.
Another particular consideration that has been a frequently asked question by my buyers on The Main Line , and that is why are mortgages more expensive in certain locations. This has to do with home values on The Main Line. Currently, we have a 30-year fixed rate of 7%, a 15-year fixed rate of 7%, a 30-year FHA rate of 6.75%, and a 30-year jumbo rate of 7.125%. It is imperative for today’s home buyers to consider the context of today’s mortgage rates because in comparison, rates are not unreasonable. Keep in mind that the impact of interest rates can vary depending on the location and type of property you’re looking at.
Now let’s talk Main Line numbers. Starting with Devon, 29 homes were sold last month, with a median time on the market of 6 days. The median sale price in August was $840,000, and the sale-to-list price ratio was at 104%. And 62% of properties were sold above the original asking price, indicating Devon remains a seller’s market.
Moving on to Wayne, there were 47 homes sold in August, and the median time on the market was 6 days. The median sale price for Wayne was $863,500, with a sale-to-list price ratio of 103% with 55% of properties that were sold above the asking price.
In Gladwyne, the median time on the market was 5 days, with only 2 homes sold. The median sale price in Gladwyne was $2,198,000. Gladwyne had a sale-to-list price ratio of 105%.
Next we have Villanova, 5 homes were sold in August. The median time on the market was 3 days, and the median sale price at $1,526,000. The sale-to-list price ratio was at 106%. Villanova is still a seller’s market, with most homes getting more than one offer. In fact, 80% of homes were sold for more than their asking price.
Radnor median sale price last month was at $1,030,000. There were 21 homes sold, with a median time on the market of just 5 days. The sale-to-list price ratio was 104% with 71% of homes being sold for more than the asking price.
Next, in Haverford, 46 homes were sold in August, and the median time on the market was 6 days. The median sale price was $497,500, and the sale-to-list price ratio was 103%. Haverford continues to be a seller’s market, with 63% of properties selling above the asking price.
Finally in Newtown Square, 29 homes were sold last month with median days on the market of 6 days. The median sale price for Newtown Square was $561,000 with a sale-to-list price ratio of 102%. It remains a seller’s market with 55% of properties sold above the asking price.
Ultimately, we are seeing market fluctuations, but this summer represented a huge opportunity for sellers, and many took it. My clients took advantage of the market and sold with very favorable terms. If you want to sell your home this summer, truly you should not wait. Contact a reliable Realtor with five-star reviews to draw up a Main Line CMA for you. In our cases, we are seeing multiple offers, and properties are being sold over the asking price, so the extra experience in negotiating is essential for acquisitions on The Main Line. Of course, you can contact me and I will make sure that your offer, gets accepted. If you have any questions, please reach out.
Did you find September 2023 Main Line PA Market Update with Kimmy Rolph useful? See my latest blogs for Main Line PA Buyers and Sellers Here!
