There are bidding wars for Main Line homes currently selling well above their asking price, writes Ryan Mulligan for the Philadelphia Business Journal.
The prestige of living on the Main Line is causing a gold rush mentality for people hoping to buy property there.
Realtor Karen Strid listed a Radnor home on Tuesday as a “Compass private exclusive” at $1.975 million, which was $200,000 above what similar homes have sold for, and the next day, an offer came in for full price.
On Wednesday, the home was listed publicly on the Multiple Listing Service, and an offer came in on Friday at 1 PM, “well over” the asking price. The sellers accepted that offer.
She ended up sending attendees of an open house for the property to other homes on the street, hitting the market. One of the attendees bought a neighboring home, also over the asking price.
“That’s the kind of stuff that’s happening right now,” she said.
The Main Line’s century-old stone homes near train lines and quaint downtowns are also in some of the top school districts in Pennsylvania and often rank among the top 12 places to live in the U.S.
Read more about the lure of the Main Line for home buyers in the Philadelphia Business Journal.
Discussion of the Main Line starts at the 21-minute mark.
