Homes in Cumberland County, NJ sold
for a median of $300,000 in July

New Jersey REALTORS® publishes a local market update for every county each month, and the July report for Cumberland County shows prices up and the pace of sales down. The median sale price for a single family home was $300,000, up 7.1% from $280,000 a year earlier. Homes sold for a little over the asking price on average, 100.8%, compared with 99.0% a year ago.

How long a house took to sell is the bigger change. Homes took 62 days to find a buyer, up from 42 a year ago, a 47.6% jump. 105 homes sold, down 13.9% from 122. New listings came to 146, down 9.3%. There were 357 homes on the market at the end of July, down 7.3%. At July's selling pace it would take about three and a half months to sell all of them.

The report's other two categories were too small in July to read anything into. Six townhouses and condos sold, and four homes in adult communities. The report's own footnote says percent changes on samples that size can look extreme. The single family numbers are the ones to go by.

From January through July, the median sale price for a single family home was $290,000, up 3.6% from $280,000 over the same months last year. 617 homes sold, down 6.9%, and homes took 59 days to find a buyer over those months, up from 49.

If you own here, the price is not what changed. The wait is. Twenty extra days is three more weeks of paying for a house you are trying to sell, before an offer ever comes in. Your agent can pull what homes like yours actually sold for nearby, which tells you more than a county wide number.