Gloucester County Housing Market Update - September 2019
Gloucester County home sales rose year-over-year for the month of September as the market continues to thrive with the high buyer demand and low inventory, leading to rapid sales of desirable homes when they hit the market.
Single family home sales for Gloucester County were up 14.1%, totaling 348 sales for the month of September. Along with the increase in sales, there was the increase in median sales price of 12.3%, resulting in a median sales price of $199,000, up from $177,250 in September 2018
Inventory for single family homes in Gloucester County is close to an all-time low. Down 28.2% from September 2018! Demand is high and supply is low!
Inventory accumulation slowed drastically as well, even with the dominant seller's market that we are in. September 2019 inventory is at 410 for single family homes in Gloucester County, down 13.7% from last September!
Days on Market remained relatively the same, with a reduction of 2 days on the market, or down 3.1% from September 2018.
Home sales have seesawed for much of this year as a chronic lack of properties on the market has inflated prices. Now is the time to start thinking if you are ready to sell in the upcoming year or hold for the next few years. At this time, home prices are near the top of the market and soon to peak out!