Is Upper Merion Township, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Upper Merion Township was a Seller's Market.
Key Takeaway
Upper Merion Township is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Upper Merion Township, PA
How much do homes in Upper Merion Township, PA cost?
Median Sold Price
$521,625
$251/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Upper Merion Township have sold for 18.6% more than they did a year ago.
Summary: The median home sold price in Upper Merion Township was $521,625 in May 2024, up 18.6% from last year, and the median price per square foot was $251.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $215K | $240K | +11.6% |
| 2 Bedrooms | $315K | $300K | -4.8% |
| 3 Bedrooms | $425K | $503K | +18.4% |
| 4 Bedrooms | $498K | $549.9K | +10.4% |
| 5+ Bedrooms | $820K | $815.5K | -0.5% |
Summary: Upper Merion Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.6%, 2 bedroom homes decreased by 4.8%, 3 bedroom homes increased by 18.4%, 4 bedroom homes increased by 10.4%, and 5+ bedroom homes decreased by 0.5%.
Median Sold Price Compared To Nearby Cities
| Upper Merion Township | $440K | $521.6K | +18.6% |
| King Of Prussia | $417.5K | $488.7K | +17.1% |
| West Norriton Township | $290.7K | $335K | +15.2% |
| Wayne | $625K | $675K | +8.0% |
| Bridgeport | $353.5K | $311K | -12.0% |
Housing Supply in Upper Merion Township, PA
How many homes are available in Upper Merion Township, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 87 | 93 | +6.9% |
Summary: The Upper Merion Township real estate market had 93 homes for sale in May 2024, a 6.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 3 | -25.0% |
| 2 Bedrooms | 15 | 14 | -6.7% |
| 3 Bedrooms | 37 | 45 | +21.6% |
| 4 Bedrooms | 26 | 26 | 0.0% |
| 5+ Bedrooms | 5 | 5 | 0.0% |
Summary: The Upper Merion Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes decreased by 6.7%, 3 bedroom homes increased by 21.6%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 25 | 14 | -44.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Upper Merion Township, you could pay more than the asking price. 71.4% of homes here sold above asking price last month.
Summary: A total of 14 homes were sold or pending in Upper Merion Township in May 2024, down by 44.0% month-over-month. Of the 14 sold homes, 21% were sold under asking, 7% were sold at asking, and 71% were sold over asking.
Days on Market for Upper Merion Township, PA
How long does it take to sell a home in Upper Merion Township, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 18 Days | 5 Days | -68.5% |
Summary: Homes in Upper Merion Township had an average of 5 days on market in May 2024, down by 68.5% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Upper Merion Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 14 homes were sold in Upper Merion Township; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
