Despite nationwide slowing sales and warnings of potential buyers walking away due to rising prices, the Main Line housing market is showing no signs of cooling. Ryan Mulligan unlocked the details for the Philadelphia Business Journal.
Most properties in the highly desirable area still face competing bids, propelling this suburb to new heights despite external pressures that often produce a rapidly cooling market.
As of June, the area bounded by Route 476, the Schuylkill Expressway, and City Line Avenue is seeing a record high median sale price of $697,500, along with its highest sale-to-list price ratio of 104.4 percent. The lower Main Line is also recording the highest percentage of homes to go above list price at 59.3 percent. Meanwhile, homes are leaving the market at an average of 15 days, which is the lowest in five years.
For example, Lisa Yakulis, a Main Line agent with Kurfiss Sotheby’s International Realty, sold a home that started showings on Friday for well over the asking price before the end of the weekend.
“Everything I’m reading and seeing is that the market is cooling right now and that’s certainly not happening on the Main Line,” Yakulis said.
Read more about the Main Line housing market in the Philadelphia Business Journal.
