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  • Justin Kelly

Housing Market Update 2021

Gloucester County, NJ


The average sales price of single-family homes in Gloucester County rose +22.3% YoY as the housing market continues to thrive with the elevated buyer demand, low rates, and historically low inventory (-69% YoY). This has lead to many properties receiving multiple offers over asking price as soon as they hit the market, with the average marketing period down -54.2% YoY. Even with the low inventory, closed sales have risen a staggering +27.5% YoY!


Camden County, NJ


Average Sales Price: + 20.8%

Inventory: - 69.4%

Closed Sales: + 20.5%

Average Marketing Period: - 49.1%


Burlington County, NJ


Average Sales Price: + 17.9%

Inventory: - 63.7%

Closed Sales: + 32.1%

Average Marketing Period: - 42.1%


Conclusion


• The housing market is in an extreme seller's market. Now is the time to sell if you were thinking of doing so.


• There is no telling how long these elevated prices will last, however they will begin to come back down as rates rise and inventory increases.


• If you are a buyer in this market, be prepared to bid aggressively with pricing and with offer terms.


• From my experience, the winning bids in this market have been from buyers who are non-contingent (no home to sell), bid $15k-$25k over asking (varies depending on price point), use cash or a conventional loan, put down a larger escrow deposit and waive repair requests and/or appraisal contingencies.



If yourself or any of your friends/family members are thinking of buying or selling - please do not hesitate to reach out. My team and I would be more than happy to share our knowledge and experience with you to successfully guide you through this competitive market.


Get Started Now!


Buyer Seller


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