Is Lower Merion Township, PA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lower Merion Township is a seller's market

Buyer's
Market

Difference Since September 2023

Since last year, Lower Merion Township has remained a Seller's Market.

Key Takeaway

Lower Merion Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Lower Merion Township, PA

How much do homes in Lower Merion Township, PA cost?

Median Sold Price

$780,780

$310/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$28,280(+3.8%)

Key Takeaway

Homes in Lower Merion Township have sold for 3.8% more than they did a year ago.

Summary: The median home sold price in Lower Merion Township was $780,780 in September 2024, up 3.8% from last year, and the median price per square foot was $310.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $167.4K$175K
+4.5%
2 $285K$309K
+8.4%
3 $530K$625K
+17.9%
4 $875K$941K
+7.5%
5+ $1.3M$1.4M
+3.6%

Summary: Lower Merion Township housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.5%, 2 bedroom homes increased by 8.4%, 3 bedroom homes increased by 17.9%, 4 bedroom homes increased by 7.5%, and 5+ bedroom homes increased by 3.6%.

Median Sold Price Compared To Nearby Cities

Haverford Township
+10.4%
Havertown
+8.5%
Ardmore
+4.8%
Lower Merion Township
+3.8%
Narberth
-10.5%

Housing Supply in Lower Merion Township, PA

How many homes are available in Lower Merion Township, PA?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
186206+10.8%

Summary: The Lower Merion Township real estate market had 206 homes for sale in September 2024, a 10.8% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 106
-40.0%
2 2627
+3.8%
3 3440
+17.6%
4 4450
+13.6%
5+ 7283
+15.3%

Summary: The Lower Merion Township housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 40%, 2 bedroom homes increased by 3.8%, 3 bedroom homes increased by 17.6%, 4 bedroom homes increased by 13.6%, and 5+ bedroom homes increased by 15.3%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
5544-20.0%

Asking Price vs. Sold Price

22 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

17 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lower Merion Township, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 44 homes were sold or pending in Lower Merion Township in September 2024, down by 20.0% month-over-month. Of the 44 sold homes, 50% were sold under asking, 11% were sold at asking, and 39% were sold over asking.

Days on Market for Lower Merion Township, PA

How long does it take to sell a home in Lower Merion Township, PA?

Average Sale Time

Sep 2023Sep 2024CHANGE
20 Days28 Days+37.7%

Summary: Homes in Lower Merion Township had an average of 28 days on market in Sep 2024, up by 37.7% compared to last year.

Breakdown of Home Sale Times

29 Homes Were Sold
Under 30 Days

11 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Lower Merion Township are selling fast, if you're buying plan to act quickly.

Summary: During September 2024, 44 homes were sold in Lower Merion Township; 66% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 30 Days Ago

Newest Listings in Lower Merion Township, PA

Nearby Markets to Lower Merion Township, PA

What housing markets are near Lower Merion Township, PA?