Wayne is a small, cozy community located 18 miles northwest of downtown Philadelphia. Considered part of the Radnor Township in Delaware County.
Wayne real estate is diverse and unique, ranging from historic homes, ramblers, and split-level houses to modern condos, single-family homes, and apartments. If you plan to enter the Wayne real estate market, keeping tabs on the crucial things that could impact the market is advisable.
Wayne, Pa., current real estate market prices and trends
Like all other neighborhoods in Pennsylvania, the Wayne real estate market is experiencing a significant shift amid rising interest rates and inflation. Here are some of the critical happenings in the local housing market to keep in mind:
Increasing median price
Generally, home prices in Wayne increased substantially in 2023 year-on-year in response to rising interest rates, while the number of homes has dropped due to rising costs of construction. Recent industry data shows that the median listing price of single-family homes in Wayne and across Delaware County was $363,818 in April 2023, a substantial increase from $357,430 in April 2022. This trajectory reflects the national trend of high demand and low supply amid rising interest rates. Across the state, home prices will likely keep rising in the short term before they stabilize.
Shorter listing
On average, homes in Wayne stay on the market for 45 days in 2023 compared to 60 days last year. Wayne is a desirable location with fewer homes available for sale compared to the number of buyers looking. Today, the average time that available homes are on the market in Delaware is two months, a slight increase from 1.5 months last year. This ultimately leads to a seller's market with enhanced buyer competition and quicker sales.
Mortgage rates have doubled
Mortgage rates in Wayne are currently at 7.43% for a 30-year fixed mortgage, with experts predicting it to average 7.1% to 7.4% by the end of 2023. The rising mortgage rates will likely trigger higher home prices and sluggish demand. However, experts expect this trend to cool down in the short term, leading to the market favoring neither buyers nor sellers.
Rental rates
As home prices have gone up, more residents have chosen to rent properties instead of buying. This trend ultimately increased rental prices, attracting investors looking to invest their money into rental property.
Population
Wayne County has a cumulative population of 50,654 in 2023, with a -0.33% growth rate in the past year. The 2010 population was 52,822 and has decreased by 4.1% in the last decade. The current trend can be attributed to rapid aging, which could have the opposite effect of slowing population growth even as housing expands.
Is Wayne, Pa., a seller's or a buyer's market in 2023?
2023 is unusual compared to other housing market trends in the preceding years. As with all the other neighborhoods in the US, buyers entering the Wayne real estate market are few due to relatively high mortgage rates and high prices. Similarly, the area is experiencing low inventory with reduced listings, indicating sellers' reluctance to sell. These factors combine to make Wayne's housing market a seller's market, slowly shifting to a neutral market.
Future predictions: Will Wayne real estate crash in 2023?
Several experts believe the Philadelphia housing market will slow down at the tail end of the 2023/24 financial year but not crash. As the mortgage rates stabilize, more buyers feel confident entering the housing market. Here are some of the reasons experts believe the housing market in Wayne is unlikely to crash:
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Stabilizing rates: Pennsylvania interest rates are expected to stabilize going forward as the Fed reins in runaway inflation. Generally, potential homebuyers can better predict their future housing costs when interest rates are stable. This reduced uncertainty can make people more confident about buying a home, as they are less concerned about their mortgage payments increasing dramatically in the near future.
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Affordability: Stable interest rates can make homes more affordable for buyers. When rates are low and stable, monthly mortgage payments are more predictable and may be lower, making it easier for people to qualify for loans and purchase homes. This can stimulate demand, especially among first-time buyers.
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Fewer home sales: Compared to last year, the number of homes sold in the area has plunged substantially. When there are fewer homes available in a particular market, it typically leads to increased competition among potential buyers. This competition can drive up prices, as buyers are willing to pay more to secure a limited supply of homes. As a result, the demand for the available homes increases, often leading to bidding wars and higher selling prices.
Should you sell your Wayne, Pa., home now or continue to wait?
Many homeowners believe now is an excellent time to sell a home in Wayne. Home prices are still at record highs, with experts predicting the market will decline substantially as inflation and interest rates ease. The greater Pennsylvania area is expected to see a decrease in home prices in the coming months. If you're ready, consider selling your home now to maximize the high prices.
Wayne's proximity to Philadelphia makes it an attractive option for those who work in the city but prefer suburban living. Commuting to Philadelphia is relatively easy, and the accessibility to major highways and public transportation is a significant draw. This picturesque neighborhood features a charming downtown area with historic architecture, boutique shops, restaurants, and cultural attractions, making it an attractive place to live.
Wayne's proximity to Philadelphia makes it an attractive option for those who work in the city but prefer suburban living. Commuting to Philadelphia is relatively easy, and the accessibility to major highways and public transportation is a significant draw. This picturesque neighborhood features a charming downtown area with historic architecture, boutique shops, restaurants, and cultural attractions, making it an attractive place to live.
If you want to buy or sell a home in Wayne contact Debbie Quigley. We aim to help our clients find the right home that matches their needs or sell their current home for the top price. Contact us today to get started!
*Header photo courtesy of Shutterstock
