The Long & Foster Market Minute

Focus On: Mainline Housing Market October 2023

Zip Code(s): 19010, 19085, 19035 and 19041
Units Sold
Active Inventory
Median Sale Price
Days On Market
Vs. Year Ago
Down -29%
Vs. Year Ago
Up 11%
Vs. Year Ago
Down -23%
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in October, with 33 sold this month in Mainline Real Estate. This month's total units sold was lower than at this time last year, a decrease from October 2022.

Active Inventory
Versus last year, the total number of homes available this month is lower by 27 units or 29%. The total number of active inventory this October was 67 compared to 94 in October 2022. This month's total of 67 is lower than the previous month's total supply of available inventory of 76, a decrease of 12%.

Median Sale Price
Last October, the median sale price for Mainline Homes was $880,000. This October, the median sale price was $975,000, an increase of 11% or $95,000 compared to last year. The current median sold price is 7% higher than in September.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Up 5%
Vs. Year Ago
Up 57%
Vs. Year Ago
No Change
Vs. Year Ago
Down -25%
Vs. Year Ago

Months of Supply
In October, there was 2.0 months of supply available in Mainline, compared to 2.7 in October 2022. That is a decrease of 24% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 43 homes newly listed for sale in Mainline compared to 41 in October 2022, an increase of 5%. There were 44 current contracts pending sale this October compared to 28 a year ago. The number of current contracts is 57% higher than last October.

Sale Price to List Price Ratio
In October, the average sale price in Mainline was 99.5% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 23, lower than the average last year, which was 30, a decrease of 23%.

The Long & Foster Market Minute Mainline are defined as properties listed in zip code/s 19010, 19085, 19035 and 19041.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.