How’s The Real Estate Market in South Jersey and PA? – Summer Update! 

Now that summertime is in full swing, it is a good time to check out how the current market is doing in our South Jersey and Pennsylvania areas.   While you are involved in your summer activities, such as cookouts, camping, going down the shore, visiting, or going on trips, it’s time to take a break and enjoy spending time with family and friends. 

And while you are spending time with them, here may be a good conversation starter – I mean, who doesn’t like talking about real estate? 

Anyway, here is a snapshot of where the market is today:

National Economy (because it has some effect on the local market)

Overall, the economy has slowed its growth in the first quarter of this year, which is what the federal reserve’s actions wanted to happen to reduce inflation.  Also, job creation is still strong, but unemployment is starting to creep up.   The national unemployment rate is 3.7%.   The longer job creation remains strong, then interest rates will not be coming down anytime soon.  (Source:  Otteau Reports)

As of this writing the mortgage interest rates are hovering above 7%, which is 2% higher than a year ago.  This is causing some buyers to stay on the sidelines and some sellers not to move forward with selling because they don’t want to lose the low interest rates.

State Economy

New Jersey   unemployment as of May is 3.6%, and continuing unemployment claims have gone down as of June.  That means the home prices won’t be coming down anytime soon. (Source:  Otteau Reports)

Pennsylvania – unemployment as of May is 4% and continuing unemployment claims have gone down.  That also means the home prices won’t be coming down anytime soon.  (PA Center for Workforce Information & Analysis)

Housing Market

New Jersey – home sales have continued to slow this year.   Sales are down 21% from last year.  The main reasons are due to less homes on the market and rising mortgage rates.  Buyers’ options are restricted.   This is an unusual market.  (Source:  Otteau Reports)

As of June 2023:

• Burlington County
  • Burlington County is currently experiencing a very strong seller’s market.  It has only 1.12 months of inventory.  The stronger the seller’s market, prices rise higher, there are more buyers than sellers – more demand. (Source:  RPR)
    
  • Homes are selling at 2.5% over asking price
    
  • Average days on market is 19 (that is low!)  
    
  • Median sold price is $379,950
    
  • There are 52 cities in Burlington County. (Source:  Realtor.com)
    • Moorestown has a median listing price of $687,300, making it the priciest town.
    • Maple Shade has a median listing price of $281,000, making it the most affordable town. 
    • Mount Laurel homes sell the quickest.
    • Marlton (Evesham) and Burlington Twp sell the most over asking
    • Willingboro median sold price is $330,000, which is 6.3% higher than last year.

• Camden County
  • Camden County is currently experiencing a very strong seller’s market.  It only has 1.05 months of inventory.  The stronger the seller’s market, prices rise higher, there are more buyers than sellers – more demand as well.  (Source:  RPR)
    
  • Homes are selling for 4.5% over asking.
    
  • Average days on market is 15!!  (that is incredibly low!)
    
  • Median sold price is $310,000
    
  • There are 52 cities in Camden County. (Source:  Realtor.com)
    • Haddonfield has a median listing price of $710,000, making it the most expensive town
    • Camden City has a median listing price of $132,500, which is the most affordable area.
    • Cherry Hill and Voorhees homes sell the most over asking
    • Pennsauken median sold price is $282,500 and are selling 8% higher than a year ago
    • Winslow Twp median sold price was $340,000, 5.1% higher than a year ago
      
• Mercer County
  • Mercer County is also experiencing a very strong seller’s market.  It only has 1.29 months inventory.  The stronger the seller’s market, prices rise higher, there are more buyers than sellers and more demand as well. (Source:  RPR)
    
  • Homes are selling for 4.5% above asking
    
  • Average days on market is 24 days
    
  • Median sold price is $410,000
    
  • There are 22 towns in Mercer County. (Source:  Realtor.com)
    • Princeton has a median listing price of $969,700, making it the priciest town. 
    • Trenton City has a median listing price of $200,000, making it the most affordable.
    • Robbinsville, Trenton, Lawrence, East Windsor sold the most over asking.
    • East Windsor sells the homes the quickest
    • Hamilton median sold price was $348,500, which is 15.5% higher than a year ago.
    • Ewing Twp median sold price was $350,000, which is 10.7% than a year ago.
       

Pennsylvania – home sales have continued to slow this year.   Sales are down 17.4% from last year.  Similar to New Jersey, the main reasons are due to less homes on the market and rising mortgage rates.  Buyers and sellers continue to see multiple offers and homes selling over asking due to a lot of competition. (Source:  Pennsylvania Association of Realtors)

As of June 2023:

• Bucks County
  • Bucks County is currently experiencing a very strong seller’s market.  It has only 1.09 months of inventory.  The stronger the seller’s market, prices rise higher, there are more buyers than sellers – more demand. (Source:  RPR)
    
  • Homes are selling at 3.4% over asking price
    
  • Average days on market is 7 (WOW!)  
    
  • Median sold price is $485,000
    • There are 84 cities in Bucks County. (Source:  Realtor.com)
    • New Hope has a median listing price of $1,400,000 making it the priciest town.
    • Levittown has a median listing price of $369,500, making it the most affordable town. 
    • Upper Holland homes sell the quickest
    • Quakertown and Southampton homes sell the most over asking
    • Bensalem median sold price is $383,000, which is 7.4% higher than last year
    • Langhorne homes median sold price $519,900, which is 4.2% higher than last year.

• Montgomery County
  • Montgomery County is currently experiencing an extremely strong seller’s market.  It has only 0.93 months of inventory.  The stronger the seller’s market, prices rise higher, there are more buyers than sellers – more demand. (Source:  RPR)
    
  • Homes are selling at 3.2% over asking price
    
  • Average days on market is 7 (that is extremely low!)  
    
  • Median sold price is $450,000
    
  • There are 113 cities in Montgomery County. (Source:  Realtor.com)
    • Lower Merion has a median listing price of $825,000, making it the priciest town.
    • Black Horse has a median listing price of $267,500, making it the most affordable town. 
    • Lansdale, Norristown, Ambler, and Collegeville sell the most over asking.
    • Norristown median sold price is $295,000, which is 25.5% higher than last year – that’s a big increase!
      
• Philadelphia County
  • Philadelphia County is currently experiencing a seller’s market.  It has only 3.32 months of inventory.  Not as strong as the surrounding counties.  The stronger the seller’s market, prices rise higher, there are more buyers than sellers – more demand. (Source:  RPR)
    
  • Homes are selling at 98.04% of the asking price
    
  • Average days on market is 25 (that is low!)  
    
  • Median sold price is $274,700
    
  • There are 7 cities in Philadelphia County. (Source:  Realtor.com)
    • Middle City East has a median listing price of $779,000, making it the priciest city.
    • Overbrook Hills has a median listing price of $199,900, making it the most affordable city. 
    • Philadelphia city median sold price was $285,000, which is 5.5% less than the previous year.
    • Mid City West median sold price is $491,300, which is 3.9% higher than last year.

That is a snapshot of the real estate market in our area today.  If you want to get the knowledge of a specific town or neighborhood, feel free to reach out to me anytime (click here).   

Remember, despite what is happening in the market, buyers still need to buy, and sellers still need to sell. 

So, if you need to buy or sell, or both at the same time, make sure you are aware of the type of market you