Homes in Gloucester County, NJ sold
at a median $428,000 in July

New Jersey REALTORS® publishes a local market update for every county each month, and the July report for Gloucester County shows prices still moving up while the pace of sales slows. The single family median sale price was $428,000, up 1.9% from $420,000 a year earlier. Homes sold for a little over the asking price on average, 101.5%, compared with 101.8% a year ago.

In July the biggest change was how long a house took to sell. Homes took 31 days to find a buyer, up from 26 a year ago, a 19.2% increase. 241 homes sold, down 7.3% from 260. New listings came to 283, down 4.4%. There were 516 homes on the market at the end of July, up 1.8%. At July's selling pace it would take about two and a half months to sell all of them, up from a little over two months a year ago.

Townhouse and condo prices went the other direction. The median was $303,500, down 2.9%, and those homes took 28 days to find a buyer, up from 19. There were 95 townhouses and condos for sale at the end of the month, up 23.4%. In adult communities the median was $411,500, down 6.5%, and homes took 39 days to find a buyer.

From January through July, the median sale price for a single family home was $400,000, up 8.5% from $368,750 over the same months last year. 1,354 homes sold, down 9.6%.

If you own here, the slower pace is what changes your plan, not the price. A house that took 26 days to find a buyer last summer is taking 31 days now. That is five more days of paying for a house you are trying to sell. Your agent can pull the sale prices for homes like yours, which tells you more than a county wide number.