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 June 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
$772,500
$305/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in Lower Merion Township have sold for 6.3% more than they did a year ago.
Summary: The median home sold price in Lower Merion Township was $772,500 in June 2024, up 6.3% from last year, and the median price per square foot was $305.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $180K | $155K | -13.9% |
| 2 Bedrooms | $280K | $299.9K | +7.1% |
| 3 Bedrooms | $515K | $610K | +18.4% |
| 4 Bedrooms | $850K | $929.5K | +9.4% |
| 5+ Bedrooms | $1.4M | $1.4M | +0.7% |
Summary: Lower Merion Township housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 13.9%, 2 bedroom homes increased by 7.1%, 3 bedroom homes increased by 18.4%, 4 bedroom homes increased by 9.4%, and 5+ bedroom homes increased by 0.7%.
Median Sold Price Compared To Nearby Cities
| Narberth | $599K | $850K | +41.9% |
| Ardmore | $445K | $501K | +12.6% |
| Haverford Township | $475K | $516.2K | +8.7% |
| Havertown | $450K | $481.2K | +6.9% |
| Lower Merion Township | $726.8K | $772.5K | +6.3% |
Housing Supply in Lower Merion Township, PA
How many homes are available in Lower Merion Township, PA?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 265 | 232 | -12.5% |
Summary: The Lower Merion Township real estate market had 232 homes for sale in June 2024, a 12.5% decrease compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 10 | 10 | 0.0% |
| 2 Bedrooms | 43 | 38 | -11.6% |
| 3 Bedrooms | 54 | 43 | -20.4% |
| 4 Bedrooms | 53 | 48 | -9.4% |
| 5+ Bedrooms | 105 | 93 | -11.4% |
Summary: The Lower Merion Township housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 11.6%, 3 bedroom homes decreased by 20.4%, 4 bedroom homes decreased by 9.4%, and 5+ bedroom homes decreased by 11.4%.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 76 | 53 | -30.3% |
Asking Price vs. Sold Price
21 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lower Merion Township, you could pay more than the asking price. 41.5% of homes here sold above asking price last month.
Summary: A total of 53 homes were sold or pending in Lower Merion Township in June 2024, down by 30.3% month-over-month. Of the 53 sold homes, 40% were sold under asking, 19% were sold at asking, and 42% 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
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 17 Days | 22 Days | +30.2% |
Summary: Homes in Lower Merion Township had an average of 22 days on market in Jun 2024, up by 30.2% compared to last year.
Breakdown of Home Sale Times
45 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
3 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 June 2024, 53 homes were sold in Lower Merion Township; 85% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
