Siobhan Cooney will always remember the prospective buyers who came to her with an especially rigorous wish list. The house had to be single-family, detached and within walking or biking distance of the Ardmore train station. Other requirements included hardwood floors throughout—to accommodate someone who enjoys dancing. And there had to be a kitchen large enough to accommodate three cooks, with a walk-in pantry and professional-style appliances.
“Most buyers are OK with eight out of 10 things on their wish list,” says Cooney, an agent with Compass in Ardmore. “But these buyers were serious about getting everything they wanted—and putting in the time required to find it.”
Even with residential real estate prices at an all-time high, persistently low inventory and hefty property taxes, the Main Line region remains a magnet for buyers. Many families are after the top-ranked public schools in Lower Merion, Radnor and Tredyffrin/Easttown townships. The commuter rail line that forms the spine of the traditional Main Line offers ready access to Center City Philadelphia. Lower Merion alone boasts six libraries—and there’s so much more. “Farmers markets, hospitals, movie theaters, parks, shopping, restaurants, and beautiful, pedestrian-friendly communities,” Cooney says. “This is the lifestyle you’re paying for.”
The persistently stiff competition for available homes has evolved into a generational tug-of-war. Millennials (aged 28-43) want homes to accommodate growing families. But not enough baby boomers (aged 57-75) are leaving those houses. Other would-be sellers are reluctant to swap 3% mortgages for 6% loans. “With fewer homes hitting the market, prices are driven up due to the classic supply-and-demand dynamic, increasing the value of properties owned by boomers,” says Deb Dorsey, who leads her team at Berkshire Hathaway in Rosemont. “This bottleneck limits options for younger buyers.”
For the past decade, a second-floor laundry room has been a popular update on buyer wish lists. These days, it’s a mudroom with a washer and dryer and a drop zone where kids can stow their backpacks and sports gear
Meanwhile, estates have become a significant source of listings, with realtors even assisting heirs with such responsibilities as selling furniture.
“Still, there’s not enough inventory,” says Ayse Clay of Keller Williams in Wayne.
As you’d expect, the paucity of properties continues to drive up home values. Sale prices are about 5% higher than a year ago, according to Tri-County Suburban Realtors in Malvern, the largest local realtor association in Pennsylvania. Redfin is reporting the median home price in Wayne at just over $1 million. In St. Davids, it’s $1.4 million, and it’s hovering at just under $2 million in Gladwyne.
Even so, there are houses to be had for less than $1 million. In Wynnewood, the median price for a detached home is $857,000. Head farther from Philly to Paoli, and it’s $633,000. But prospective buyers with a budget of less than $500,000 will likely wind up in a twin or a townhouse instead of a detached home in those areas. Many millennials with bigger budgets are getting a financial boost from their parents. Sellers favor buyers with cash offers or conventional mortgages over buyers with government-backed loans. “I haven’t done a VA or FHA loan in five years,” Clay says.
And though the crazy bidding wars have mostly dissipated in the past year, many homes are still selling above list price. In Gladwyne, a stately 1933 stone colonial in need of updating garnered $1.25 million—$50,000 over list. In Narberth, a move-in-ready Craftsman-style home within walking distance of downtown listed for $740,000 and sold for $806,000. A meticulously maintained two-bedroom, two-bath condo in Ardmore sold for $355,000, $30,000 over asking price.
“Anything priced between $600,000 and $1.6 million is still moving exceptionally quickly—five to nine days on the market at 100% of the asking price,” Cooney says.
That’s especially true for homes in pristine condition with such enticements as two home offices. “Because values are at an all-time high, we see buyers with dual incomes,” Clay says. “They’re very busy and with both buyers working, they’d rather pay more for a house that is move-in-ready than pay less for a fixer-upper.”
But even in a strong seller’s market, listers aren’t likely to get top dollar for homes that need TLC, says Collin Whelan of Compass in Wayne. “I tell them decluttering is just the beginning,” says Whelan, who’s also a builder.
He also urges sellers to upgrade kitchens with such features as islands with waterfall edges. “Buyers are looking for properties where they can visualize themselves walking in the door and getting on with life. That’s why I encourage sellers to, at the very least, paint the house from top to bottom.”
For the past decade, a second-floor laundry room has been a popular update on buyer wish lists. These days, it’s a mudroom with a washer and dryer and a drop zone where kids can stow their backpacks and sports gear. “And what I wouldn’t give for a dog-washing station,” Cooney says.
Cooney lives in Narberth in a circa-1925 Dutch colonial she and her husband bought as a fixer upper in 2018, when the seller’s market was just heating up. They’ve been working on it ever since, replacing knob-and-tube wiring and installing a new kitchen in a space that once housed a one-car attached garage. “Our agent found a house off-market, and we were able to get it under contract before other people knew about it,” she recalls. “Is the house perfect? Not at all. But we have great neighbors, and we can walk into town and to parks.”
And what about the exacting would-be buyers searching for a home in Ardmore? In the end, they found precisely what they wanted, down to the kitchen pantry. “It took 14 months of looking, but they were committed to the process,” Cooney says. “Now they’re living in a home they love.”
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