Low inventory and higher interest rates have impacted the Main Line real estate market, but not as dramatically as the media would have you believe. All real estate is local so national statistics make as much sense as national weather. What really counts is what our local market is doing. Studying one month compared to the same month last year offers a limited view of the market, that's why I've included the year to date (YTD) stats as well, to offer a fuller picture. An 5.8% average increase YTD and median increase of 2.2% YTD are slightly lower than the year-over-year stats from the last five years. What's really changed is our lack homes for sale - we're closing 23% less homes this year vs last YTD (that adds up to 450 less houses selling) when less than 2,000 sold last year. This demand is ongoing, even with the sharp increase in rates. The statistics below are from Bright MLS and include the townships of Lower Merion, Radnor, Tredyffrin, and Easttown.
