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.