Owing to a tight squeeze on inventory, home prices on the Main Line have gone up by close to 37 percent year over year in March. The average sale price has inched closer to $1 million, reported Ryan Mulligan in the Philadelphia Business Journal.

The effect of low inventory in Philadelphia’s already pricey suburbs went well beyond anything seen elsewhere in the entire region. The average sale price of a Main Line home reached $927,453 in March, compared with $678,184 in March 2022.

At the same time, the number of sold homes went down in the same period by 32 percent, from 249 to 169.

“Sales are down simply because there’s a severe lack of inventory, that’s kept the prices high as well,” said Lisa Yakulis, an agent with Kurfiss Sotheby’s International Realty, which services Montgomery, Bucks, Chester, Delaware, and Philadelphia counties. “We’re still seeing things move relatively quickly across the board; there are bidding wars still in the more reachable price points.”

Residential real estate price-war increases are becoming common in communities beyond the Main Line as well, including:

• Bala Cynwyd
• Lower Merion
• Wynnewood

Read more about local home prices in the Philadelphia Business Journal.

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A 2021 video look at the area’s most expensive homes.