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 April 2023
Since last year, Lower Merion Township has remained a Seller's Market.
Housing Prices in Lower Merion Township, PA
How much do homes in Lower Merion Township, PA cost?
Median Sold Price
$746,583
$302/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Lower Merion Township was $746,583 in April 2024, up 0.3% from last year, and the median price per square foot was $302.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $172.6K | $155K | -10.2% |
2 Bedrooms | $279.5K | $295K | +5.5% |
3 Bedrooms | $525K | $575K | +9.5% |
4 Bedrooms | $862.5K | $900K | +4.3% |
5+ Bedrooms | $1.5M | $1.4M | -5.5% |
Summary: Lower Merion Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 10.2%, 2 bedroom homes increased by 5.5%, 3 bedroom homes increased by 9.5%, 4 bedroom homes increased by 4.3%, and 5+ bedroom homes decreased by 5.5%.
Median Sold Price Compared To Nearby Cities
Narberth | $675K | $850K | +25.9% |
Ardmore | $450.8K | $493K | +9.3% |
Haverford Township | $470K | $502.7K | +7.0% |
Havertown | $447.8K | $475K | +6.1% |
Lower Merion Township | $744.4K | $746.5K | 0.3% |
Housing Supply in Lower Merion Township, PA
How many homes are available in Lower Merion Township, PA?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
185 | 214 | +15.7% |
Summary: The Lower Merion Township real estate market had 214 homes for sale in April 2024, a 15.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 8 | 8 | 0.0% |
2 Bedrooms | 41 | 36 | -12.2% |
3 Bedrooms | 39 | 43 | +10.3% |
4 Bedrooms | 27 | 39 | +44.4% |
5+ Bedrooms | 70 | 88 | +25.7% |
Summary: The Lower Merion Township housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 12.2%, 3 bedroom homes increased by 10.3%, 4 bedroom homes increased by 44.4%, and 5+ bedroom homes increased by 25.7%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
52 | 43 | -17.3% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
28 Homes Were Sold
Over Asking
Summary: A total of 43 homes were sold or pending in Lower Merion Township in April 2024, down by 17.3% month-over-month. Of the 43 sold homes, 28% were sold under asking, 7% were sold at asking, and 65% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
33 Days | 12 Days | -62.6% |
Summary: Homes in Lower Merion Township had an average of 12 days on market in Apr 2024, down by 62.6% compared to last year.
Breakdown of Home Sale Times
40 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During April 2024, 43 homes were sold in Lower Merion Township; 93% of homes were sold within 30 days, 2% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.