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 buyer's market

Buyer's
Market

Difference Since January 2023

At the same time last year, Lower Merion Township was a Neutral 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

$731,666

$293/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2023

+$3,666(+0.5%)

Key Takeaway

Homes in Lower Merion Township have sold for 0.5% more than they did a year ago.

Summary: The median home sold price in Lower Merion Township was $731,666 in January 2024, up 0.5% from last year, and the median price per square foot was $293.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 $149.2K$167.4K
+12.2%
2 $275K$295K
+7.3%
3 $500K$565K
+13.0%
4 $841.6K$900K
+6.9%
5+ $1.4M$1.4M
+2.9%

Summary: Lower Merion Township housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.2%, 2 bedroom homes increased by 7.3%, 3 bedroom homes increased by 13%, 4 bedroom homes increased by 6.9%, and 5+ bedroom homes increased by 2.9%.

Median Sold Price Compared To Nearby Cities

Narberth
+42.9%
Haverford Township
+8.8%
Havertown
+8.7%
Ardmore
+8.2%
Lower Merion Township
0.5%

Housing Supply in Lower Merion Township, PA

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

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
316284-10.1%

Summary: The Lower Merion Township real estate market had 284 homes for sale in January 2024, a 10.1% decrease compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 1715
-11.8%
2 5346
-13.2%
3 6659
-10.6%
4 5750
-12.3%
5+ 123114
-7.3%

Summary: The Lower Merion Township housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 11.8%, 2 bedroom homes decreased by 13.2%, 3 bedroom homes decreased by 10.6%, 4 bedroom homes decreased by 12.3%, and 5+ bedroom homes decreased by 7.3%.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
5529-47.3%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

12 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lower Merion Township, you could pay more than the asking price. 41.4% of homes here sold above asking price last month.

Summary: A total of 29 homes were sold or pending in Lower Merion Township in January 2024, down by 47.3% month-over-month. Of the 29 sold homes, 38% were sold under asking, 21% were sold at asking, and 41% 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

Jan 2023Jan 2024CHANGE
34 Days23 Days-33.3%

Summary: Homes in Lower Merion Township had an average of 23 days on market in Jan 2024, down by 33.3% compared to last year.

Breakdown of Home Sale Times

20 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

1 Home Was 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 January 2024, 29 homes were sold in Lower Merion Township; 69% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 3% 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 26 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?