How’s The Real Estate Market in South Jersey and PA? – Fall 2024 Update!

Now that fall 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 fall activities, such as apple and pumpkin picking, watching football games, or going to fall festivals throughout our area, and with all that is going on in the world, including a presidential election, you may be curious about the real estate market.

Here is a snapshot of where the market is this fall:

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

The big news right now in real estate is the interest rate!  As of this writing, interest rates have crept up to about 6.80%, just hovering below 7.0%.  This is up from a low of 6.0% in September, but well below the high of 7.72% a year ago.  In September, the Federal Reserve cut the federal funds interest rates by 0.5%.  Although this interest rate is not the same as the mortgage interest rate, it has an indirect impact on housing.   I recently wrote an article explaining this a little further – check it out (CLICK HERE).  (Source:  Ycharts.com)

Inflation is also big news.  It has been slightly declining.  As of Sep 2024, is was 2.7% down from 3.7% a year ago.  Keep in mind that when the economy is good, inflation goes up.  So, when the economy slows down, inflation slows down.  Inflation is still higher than the Federal Reserve’s target of 2.6%.   When the economy slows down, then interest rates are cut.   (Source:  Otteau Reports).

According to the Bureau of Labor Statistics, the unemployment rate for Sept 2024 was 4.1%, which is about the same as the previous month, but higher than a year ago from 3.8%.     Overall, the unemployment rate has not changed much, so the economy is remaining steady.     This is good for buyers, they will have income to buy homes, but they will continue to stay on the sidelines because of lack of houses for sale and being priced out of some markets.  Also, some sellers will continue to not move forward with selling their home because they don’t want to lose the low interest rates. 

In addition, we are in a presidential election year, what I typically see during this season, is that things typically slow down, prices and interest rates either remain steady or come down slightly, until the election.   Currently, mortgage interest rates are about 6.9%, and many economists believe they will continue to go down – but only time will tell.

Overall, buyers have decided to stay on the sidelines until the new year, and sellers have decided to focus more on making their updates and repairs to get their homes ready for sale early next year.   There is a lot of uncertainty right now with the economy and the election, so it’s a wait and see.

State Economy

New Jersey – unemployment as of as of August has increased to 4.8% which is higher than the national average of 4.2%.   New Jersey job creation is seeing a considerable decline in 2024.  So far, this has not had a considerable impact on housing.   This has not deterred buyers from wanting to get into the housing market but are being held back because of the lack of houses for sale.   (Source:  Otteau Reports)

Pennsylvania – unemployment as of September is 3.4% which is lower than the national average of 4.2%, that shows that Pennsylvania’s economy is doing better than its neighboring state.  The unemployment rate has pretty much remained the same in 2024.   With good employment numbers and a strong economy housing prices are likely to increase for the remainder of the year, but lower than the previous year.   (TD Bank State Economic Forecast, Bureau of Labor Statistics)

Housing Market

New Jersey – home sales have continued to slow down this year.  The projection for 2024 is that home prices will only increase by 4% down from 12% in 2023.    The main reasons are due to less homes on the market, rising mortgage rates, and general pessimism that the economy is headed in the wrong direction.  This makes it more challenging for more home buyers.   (Source:  Otteau Reports)

As of September 2024

• Burlington County
• Burlington County is currently experiencing a seller’s market, but not as strong as previous months.  That means the stronger the seller’s market, the higher prices rise, there are more buyers than sellers – more demand. (Source: NARRPR.com)

• Median sold price is $380,000
  
• Homes are selling at approximately the asking price
  
• Average days on market is 33 (this is slightly up – homes are taking longer to sell)
  
• Prices are up 4.1% this year
  
• Here are some Burlington County housing highlights (Source:  Realtor.com):
• Moorestown has a median listing price of $924,900, making it the priciest town.
• Burlington City is the most affordable with a median price of $284,900.
• Mount Laurel homes sell the quickest.
• Marlton (Evesham) and Burlington Twp homes are selling the most over asking.
• Willingboro median sold price is $359,900, which is 2.9% higher than last year.  (Source:  Realtor.com)
  
  

• Camden County
• Camden County is currently experiencing a seller’s market, but not as strong as previous months.  The stronger the seller’s market, prices rise higher, there are more buyers than sellers – more demand as well.  (Source:  RPR)
  
• Median sold price is $345,000.
  
• Homes are selling for 1.18% over asking.
  
• Average days on market is 32 days.
  
• Some Camden County housing highlights (Source:  Realtor.com):
• Haddonfield has a median listing price of $850,000, making it the most expensive town.
• Camden City has a median listing price of $170,000, which is the most affordable area.
• Cherry Hill average home sale price is $454,300 are selling 4.7% higher than a year ago.
• Pennsauken median sold price is $305,000 and are selling 14.9% higher than a year ago.
• Winslow Twp and Blackwood homes are selling the most over asking. (Source:  Realtor.com)
  
  
• Mercer County
• Mercer County is also experiencing a seller’s market, but not as strong as a year ago.  The stronger the seller’s market, prices rise higher, there are more buyers than sellers and more demand as well. (Source:  RPR)

• Median sold price is $427,500
  
• Homes are selling for 1.62% above asking
  
• Average days on market is 35 days
  
• Here are some Mercer County housing highlights (Source:  Realtor.com):
• Princeton has a median listing price of $1,100,000, making it the priciest town. 
• Trenton City has a median listing price of $240,000, making it the most affordable.
• Ewing median sold price is $372,000.
• Robbinsville and Lawrence sell the quickest.
• Hamilton and East Windsor homes are selling the most over asking.
  
  
• Gloucester County
• Montgomery County is currently experiencing a seller’s market, but not as strong as previous months. The stronger the seller’s market, prices rise higher, there are more buyers than sellers – more demand. (Source:  RPR)
  
• Median sold price is $390,000

• Homes are selling at approximately the asking price
  
• Average days on market is 38 days
  
• Here are some Gloucester County housing highlights (Source:  Realtor.com):
• Harrison Township has a median listing price of $750,000, making it the priciest town.
• Paulsboro has a median listing price of $247,000, making it the most affordable town. 
• Mullica Hill has median sold price of $605,000.
• West Deptford sell the quickest.
• Williamstown median sold price is $350,000.

Pennsylvania – home sale prices have increased 9.2% over last year, higher than neighboring NJ.   However, in September, more houses are coming on the market , sales are slowing down, which should start to cause prices to come down slightly and bring more buyers to start their home search  Sellers will need to price their home right for the market to attract buyers and receive quick offers.  (Source:  Pennsylvania Association of Realtors)

As of September 2024:

• Bucks County
• Bucks County is currently experiencing a strong seller’s market.  The stronger the seller’s market, prices rise higher, there are more buyers than sellers – more demand. (Source:  RPR)
  
• Median sold price is $485,000

• Homes are selling at approximately their asking price
  
• Average days on market is 31
  
• There are some Bucks County housing highlights (Source:  Realtor.com).
• Buckingham has a median listing price of $1,100,000 making it the priciest town.
• Levittown has a median listing price of $395,000, making it the most affordable town. 
• Levittown, Upper Holland and Langhorne homes sell the quickest
• Yardley homes are selling the most over asking.
• Bensalem median sold price is $451,000, which is 9.8% higher than last year.
  
  

• Far Northeast Philadelphia
• Far Northeast Philadelphia is currently experiencing a strong seller’s market.  The stronger the seller’s market, prices rise higher, there are more buyers than sellers – more demand. (Source:  RPR)
  
• Median sold price is $342,000
  
• Homes are selling at approximately their asking price
  
• Average days on market is 27  
  
• Here are some Far Northeast Philadelphia housing highlights (Source:  Realtor.com).
• Huntington Valley has a median listing price of $707,400, making it the priciest city.
• Frankford has a median listing price of $175,000, making it the most affordable city. 
• Bustleton, Somerton, Torresdale, and Fox Chase homes sell the quickest.
• Rhawnhurst homes median selling price is $310,000.
• Mayfair homes median selling price is $230,500.
• Huntington Valley homes are selling the most over asking.
  
  

• Near Northeast Philadelphia
• Near Northeast Philadelphia is currently experiencing a seller’s market.  The stronger the seller’s market, prices rise higher, there are more buyers than sellers – more demand. (Source:  RPR)
  
• Median sold price is $265,000
  
• Homes are selling at approximately their asking price
  
• Average days on market is 37  
  
• Here are some Near Northeast Philadelphia housing highlights (Source:  Realtor.com).
• Feltonville has a median listing price of $169,900, making it the most affordable city. 
• Oxford Circle and Fox Chase homes sell the quickest.
• Lawndale homes are selling the most over asking.
• Mayfair homes median selling price is $230,500.
• Wissinoming homes median selling price is $175,000.

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).   

I’m seeing that homes are starting to stay on the market longer and prices are not rising as much.  Could the market be changing to start to favor buyers?  Only time will tell. 

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 are in to better inform yourself on marketing, pricing, and coordination, all with the help of your real estate agent.  If you are ready to to start the conversatio, schedule a time for a quick chat here (Click Here To Schedule) and let’s see if the time is right for you.  😊