Is Lower Merion Township, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Lower Merion Township was a Seller's Market.
Key Takeaway
Lower Merion Township is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Lower Merion Township, PA
How much do homes in Lower Merion Township, PA cost?
Median Sold Price
$728,000
$297/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Lower Merion Township have sold for 1.6% less than they did a year ago.
Summary: The median home sold price in Lower Merion Township was $728,000 in March 2024, down 1.6% from last year, and the median price per square foot was $297.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $173.7K | $157.5K | -9.3% |
| 2 Bedrooms | $280K | $295K | +5.4% |
| 3 Bedrooms | $525K | $565K | +7.6% |
| 4 Bedrooms | $850K | $900K | +5.9% |
| 5+ Bedrooms | $1.4M | $1.4M | -0.3% |
Summary: Lower Merion Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 9.3%, 2 bedroom homes increased by 5.4%, 3 bedroom homes increased by 7.6%, 4 bedroom homes increased by 5.9%, and 5+ bedroom homes decreased by 0.3%.
Median Sold Price Compared To Nearby Cities
| Haverford Township | $469.6K | $501K | +6.7% |
| Havertown | $447K | $475.5K | +6.4% |
| Ardmore | $455K | $475K | +4.4% |
| Lower Merion Township | $739.9K | $728K | -1.6% |
Housing Supply in Lower Merion Township, PA
How many homes are available in Lower Merion Township, PA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 331 | 344 | +3.9% |
Summary: The Lower Merion Township real estate market had 344 homes for sale in March 2024, a 3.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 17 | 16 | -5.9% |
| 2 Bedrooms | 53 | 56 | +5.7% |
| 3 Bedrooms | 70 | 71 | +1.4% |
| 4 Bedrooms | 50 | 53 | +6.0% |
| 5+ Bedrooms | 141 | 148 | +5.0% |
Summary: The Lower Merion Township housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 5.9%, 2 bedroom homes increased by 5.7%, 3 bedroom homes increased by 1.4%, 4 bedroom homes increased by 6%, and 5+ bedroom homes increased by 5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 36 | 49 | +36.1% |
Asking Price vs. Sold Price
25 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lower Merion Township, you may be able to get a good deal. 51% of homes here sold below asking price last month.
Summary: A total of 49 homes were sold or pending in Lower Merion Township in March 2024, up by 36.1% month-over-month. Of the 49 sold homes, 51% were sold under asking, 14% were sold at asking, and 35% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 37 Days | 39 Days | +5.9% |
Summary: Homes in Lower Merion Township had an average of 39 days on market in Mar 2024, up by 5.9% compared to last year.
Breakdown of Home Sale Times
32 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
9 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lower Merion Township are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 49 homes were sold in Lower Merion Township; 65% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.
