New Forces Are Luring Folks Away From Main Line Luxury Homes

By

A perplexing merger of modern trends is making the Main Line’s menu of luxury homes more affordable to buyers. The price tags on $1.5 million-plus properties are on sale for 10 to 15 percent less than they were a few years ago, and roughly half as many sellers have signed the dotted line compared to the market’s peak just under a decade ago, according to a new report in the Philadelphia Business Journal.

“Though economic indicators point to a strengthening economy, and low interest rates usually lure people into the housing market, there are other forces at work, including demographic shifts to renting and urban living,” the article stated.

Experts surmise that the mysterious trend could be a combination of shifting values to minimalism and high-efficiency living, the re-urbanization of Center City, the rise of exclusive senior living communities and cooling attitudes toward dated houses.

Read more about the evidence and analysis of the trending sale figures in the Philadelphia Business Journal here. Also, earlier this week we reported on Main Line Today’s listing of the most expensive homes in Chester County. Check the list out here.

Connect With Your Community

Subscribe to stay informed!

"*" indicates required fields

Hidden
VT Yes
This field is for validation purposes and should be left unchanged.
Advertisement
Creative Capital logo