This post was written by Brooke Brennan, a Realtor with Main Line Haven and Keller Williams in Devon/Wayne.
If I had to describe the status of Ardmore in one word, it would be hot. Then I would also say that there are opportunities there for everyone. Affordability coupled with a close proximity to Philadelphia while still being located along the Main Line, it’s no wonder why Curbed Philly named Ardmore #2 on the list of “17 small towns near Philly you need to visit right now”. From first-time home buyers to investors looking to find a great value, Ardmore seems to be on the top of most of my client’s lists.
In an attempt to define “hot” by numbers, I pulled some data from the Multiple Listing Service (MLS) to see just how many homes were selling in town. I found that out of the 176 homes listed for sale to-date in Ardmore since January, 108 of them sold after being on the market for an average of 45 days and with a median sales price of $307,218.75. In August alone, 11 out of the 16 homes listed were sold and in July – EVERY single house out of 20 listings sold. I’ve seen listings go from active to pending on the MLS before I’ve even had a chance to view them myself, let alone show to a client!
On the residential front, there are so many wonderful opportunities. For one, right now the market is allowing for current home owners who have been waiting to sell to finally make that profit. It’s also providing investors with plenty of inventory to renovate homes and make beautiful living more accessible, a demand likely to yield great return. Plus, it’s providing buyers who have a desire or, more importantly, a need to live on the Main Line, but not the funds, with a chance to do so in top rated school districts without breaking the bank.
I would imagine I’m not the only millennial living in the city with plans to raise a family in the suburbs. Given that my friends and I and countless of others in our boat are getting close to that age, I would expect a boom of younger generations to do the same. Certainly, there is the growing trend of youth who want to raise their children in the city, but I think you’ll still have plenty of couples reverting back to their roots.
Another thing to consider about younger families now is they haven’t, in some cases, spent their earlier lifetime saving money to buy a home and are instead concerned with paying their way through school or out of their debt. Plus, there’s a huge movement nowadays where younger couples want to spend their hard earned money on experiences, like traveling, and creating quality time together versus material purchases like a home (have you seen Tiny House, Big Living?!). To attract these younger buyers, a town needs to offer more.
Aside from Ardmore having reasonable home prices, it’s great for those who value the luxury of convenience. There are endless activities outside of your doorstep and easy access to mass transit, making Center City only a short train stop away. Those who opt for suburb vs. city living can appreciate the fluidity of convenience in Ardmore. Unlike any of the other 15 towns on the Main Line, Ardmore is one place – if not the only – where you can walk to everything that you need – shopping, dining, parks, post office, nightlife, you name it – AND be able to find a newly renovated, desirable home for under $300K.
While there are many factors to consider, one obvious explanation for growth, most simply put by our friends at the Ardmore Initiative, is that retail follows dining and residential follows both. And there’s a lot of development happening on virtually every front.
We’re only beginning to witness what’s to come in Ardmore, but it’s clear that businesses and developers alike have a good read on what today’s residents want. Every time you turn around it seems there is something new and exciting happening in town, with dining’s most recent sensation being Tired Hands Brewery.
This increasingly trendy brew pub has attracted crowds from all walks of life, from college students, to recent grads, locals, working professionals and middle-aged families. So much so that, at least in my experience, you’d be hard-pressed to find a table on any given day during lunch, dinner or happy hour. With the bones already in place for entertainment, shopping and dining galore, it’s no wonder that developers are looking for ways to attract and diversify living options for residents, like Dranoff’s One Ardmore Place – a luxury high-rise and mixed-use condo building expected to house over 100 units.
When people ask, where is there opportunity in Ardmore? A better question would be – where isn’t there opportunity? As I mentioned before, there are plenty of commercial developments happening in Ardmore, including new housing, retail and restaurants as well as expanded parking, that all aim to attract and improve the quality of life for current and future residents and businesses. Even though we are starting to see prices increase, I believe that Ardmore is still in the early stages of revitalization, especially the areas closest to the downtown shopping district.
Whether your looking for your first home, need cheaper retail rent to open a shop, or want to earn extra income by renting out your home, Ardmore is a town with opportunities for everyone. As a realtor, Ardmore is my favorite place to poke around for a listing and the number one area I’ll take my first-time home buyers, investors and those looking to rent. It’s also an area where I would love to invest in for myself down the road, which could just be my first home.
As a real estate agent, I work and live for the love of home. I’m a skilled house-hunter, trusted advisor, practiced negotiator and Main Line and Philly neighborhood expert. So whether you want to buy or sell a home in Ardmore, the surrounding Main Line or Philadelphia, I am here to help. Click here to visit my website.