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 May 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
$773,333
$306/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lower Merion Township have sold for 9.1% more than they did a year ago.
Summary: The median home sold price in Lower Merion Township was $773,333 in May 2024, up 9.1% from last year, and the median price per square foot was $306.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $181.5K | $155K | -14.6% |
| 2 Bedrooms | $279.5K | $309.5K | +10.7% |
| 3 Bedrooms | $500.3K | $599.7K | +19.9% |
| 4 Bedrooms | $860K | $910K | +5.8% |
| 5+ Bedrooms | $1.5M | $1.4M | -4.8% |
Summary: Lower Merion Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 14.6%, 2 bedroom homes increased by 10.7%, 3 bedroom homes increased by 19.9%, 4 bedroom homes increased by 5.8%, and 5+ bedroom homes decreased by 4.8%.
Median Sold Price Compared To Nearby Cities
| Narberth | $614.9K | $862.5K | +40.2% |
| Ardmore | $440K | $499.4K | +13.5% |
| Lower Merion Township | $708.7K | $773.3K | +9.1% |
| Haverford Township | $470K | $510K | +8.5% |
| Havertown | $443.5K | $479.9K | +8.2% |
Housing Supply in Lower Merion Township, PA
How many homes are available in Lower Merion Township, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 221 | 269 | +21.7% |
Summary: The Lower Merion Township real estate market had 269 homes for sale in May 2024, a 21.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 10 | 11 | +10.0% |
| 2 Bedrooms | 36 | 41 | +13.9% |
| 3 Bedrooms | 44 | 54 | +22.7% |
| 4 Bedrooms | 42 | 52 | +23.8% |
| 5+ Bedrooms | 89 | 111 | +24.7% |
Summary: The Lower Merion Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10%, 2 bedroom homes increased by 13.9%, 3 bedroom homes increased by 22.7%, 4 bedroom homes increased by 23.8%, and 5+ bedroom homes increased by 24.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 46 | 52 | +13.0% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
29 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. 55.8% of homes here sold above asking price last month.
Summary: A total of 52 homes were sold or pending in Lower Merion Township in May 2024, up by 13.0% month-over-month. Of the 52 sold homes, 33% were sold under asking, 12% were sold at asking, and 56% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 28 Days | 34 Days | +20.7% |
Summary: Homes in Lower Merion Township had an average of 34 days on market in May 2024, up by 20.7% compared to last year.
Breakdown of Home Sale Times
41 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
7 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 May 2024, 52 homes were sold in Lower Merion Township; 79% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
