$10,000 Closing Credit*
$1,149,999
3,151 SqFt
6 Beds
•3 Full Baths, 1 Partial
Stephen M Kennedy, Listing Office: KW Empower
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 October 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
$785,000
$310/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$35,642(+4.8%)
Key Takeaway
Homes in Lower Merion Township have sold for 4.8% more than they did a year ago.
Summary: The median home sold price in Lower Merion Township was $785,000 in October 2024, up 4.8% from last year, and the median price per square foot was $310.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $181.3K | $171K | -5.7% |
| 2 Bedrooms | $288.1K | $315K | +9.3% |
| 3 Bedrooms | $552K | $619K | +12.1% |
| 4 Bedrooms | $875K | $957.5K | +9.4% |
| 5+ Bedrooms | $1.3M | $1.4M | +2.2% |
Summary: Lower Merion Township housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.7%, 2 bedroom homes increased by 9.3%, 3 bedroom homes increased by 12.1%, 4 bedroom homes increased by 9.4%, and 5+ bedroom homes increased by 2.2%.
Median Sold Price Compared To Nearby Cities
| Haverford Township | $485K | $531.3K | +9.6% |
| Havertown | $470K | $510K | +8.5% |
| Lower Merion Township | $749.3K | $785K | +4.8% |
| Ardmore | $470K | $485K | +3.2% |
| Narberth | $850K | $750K | -11.8% |
Housing Supply in Lower Merion Township, PA
How many homes are available in Lower Merion Township, PA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 199 | 204 | +2.5% |
Summary: The Lower Merion Township real estate market had 204 homes for sale in October 2024, a 2.5% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 10 | +25.0% |
| 2 Bedrooms | 28 | 24 | -14.3% |
| 3 Bedrooms | 42 | 41 | -2.4% |
| 4 Bedrooms | 45 | 47 | +4.4% |
| 5+ Bedrooms | 76 | 82 | +7.9% |
Summary: The Lower Merion Township housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes decreased by 14.3%, 3 bedroom homes decreased by 2.4%, 4 bedroom homes increased by 4.4%, and 5+ bedroom homes increased by 7.9%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 46 | 46 | 0.0% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
20 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. 43.5% of homes here sold above asking price last month.
Summary: A total of 46 homes were sold or pending in Lower Merion Township in October 2024, the same as the previous month. Of the 46 sold homes, 41% were sold under asking, 15% were sold at asking, and 43% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 16 Days | 16 Days | -1.6% |
Summary: Homes in Lower Merion Township had an average of 16 days on market in Oct 2024, down by 1.6% compared to last year.
Breakdown of Home Sale Times
39 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
0 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 October 2024, 46 homes were sold in Lower Merion Township; 85% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
