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 March 2023
At the same time last year, Upper Merion Township was a Seller's Market.
Key Takeaway
Upper Merion Township is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Upper Merion Township, PA
How much do homes in Upper Merion Township, PA cost?
Median Sold Price
$506,333
$249/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Upper Merion Township have sold for 16.4% more than they did a year ago.
Summary: The median home sold price in Upper Merion Township was $506,333 in March 2024, up 16.4% from last year, and the median price per square foot was $249.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $284.5K | $240K | -15.6% |
| 2 Bedrooms | $317.5K | $300K | -5.5% |
| 3 Bedrooms | $425K | $493.4K | +16.1% |
| 4 Bedrooms | $490.5K | $539.7K | +10.0% |
| 5+ Bedrooms | $810K | $838K | +3.5% |
Summary: Upper Merion Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 15.6%, 2 bedroom homes decreased by 5.5%, 3 bedroom homes increased by 16.1%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 3.5%.
Median Sold Price Compared To Nearby Cities
| West Norriton Township | $281K | $335K | +19.2% |
| Upper Merion Township | $435K | $506.3K | +16.4% |
| King Of Prussia | $425K | $476.2K | +12.1% |
| Wayne | $626.2K | $646.6K | +3.3% |
| Bridgeport | $338.7K | $308.2K | -9.0% |
Housing Supply in Upper Merion Township, PA
How many homes are available in Upper Merion Township, PA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 115 | 123 | +7.0% |
Summary: The Upper Merion Township real estate market had 123 homes for sale in March 2024, a 7.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 7 | +16.7% |
| 2 Bedrooms | 17 | 19 | +11.8% |
| 3 Bedrooms | 51 | 52 | +2.0% |
| 4 Bedrooms | 31 | 34 | +9.7% |
| 5+ Bedrooms | 10 | 11 | +10.0% |
Summary: The Upper Merion Township housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 16.7%, 2 bedroom homes increased by 11.8%, 3 bedroom homes increased by 2%, 4 bedroom homes increased by 9.7%, and 5+ bedroom homes increased by 10%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 18 | 13 | -27.8% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
7 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. 53.8% of homes here sold above asking price last month.
Summary: A total of 13 homes were sold or pending in Upper Merion Township in March 2024, down by 27.8% month-over-month. Of the 13 sold homes, 38% were sold under asking, 8% were sold at asking, and 54% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 34 Days | 24 Days | -29.0% |
Summary: Homes in Upper Merion Township had an average of 24 days on market in Mar 2024, down by 29% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
5 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 March 2024, 13 homes were sold in Upper Merion Township; 62% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
