Gloucester Township, NJ Real Estate Market Update: November 24 – November 30, 2024 🏡
Welcome to the latest real estate market update for Gloucester Township, NJ! If you're a buyer, seller, or just keeping an eye on the market, here's a detailed breakdown of this week’s activity. Let’s dive into the numbers and trends shaping the market! 📊
Market Snapshot
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Active Listings: 72 homes are currently on the market.
- Average Listing Price: $362,560.
- Total Value of Active Listings: $25,561,640.
- Homes Under Contract: 4 homes under contract, with a total value of $319,725.
New and Upcoming Inventory
- Coming Soon: 2 new properties are in the pipeline. Stay tuned for fresh options!
Pending Sales
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Pending Properties: 4 homes, averaging $366,398.
- 📉 This is a drop from last week, indicating potential cooling in buyer activity.
Closed Sales
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Settled Homes: 11 homes closed last week, also down compared to the previous week.
- Average Closed Price: $320,791 (a slight dip).
- Total Value of Sold Homes: $3,528,700.
- Price Per Square Foot: $199.25, an increase from last week.
Market Performance Metrics
- Days on Market (DOM): Properties averaged just 15 days, highlighting high demand.
- Seller Success: Sellers achieved an average of 3.47% above asking price, a significant jump from the previous week.
- Expired Listings: 4 homes were removed from the market.
- No Bank-Owned Sales: A stable sign for the market’s health.
- No Seller Concessions: Buyers are shouldering closing costs, reflecting market competitiveness.
Buyer Financing Insights
- Cash Buyers: 1.
- Conventional Loans: 7.
- FHA Loans: 2.
- VA Loans: 1.
Home Features in Demand
- Basements: 4 of last week’s sold homes included basements.
- Garages: 6 homes boasted garages, appealing to buyers seeking extra space.
Key Takeaways
Despite slight dips in pending and closed sales, Gloucester Township’s market remains active and competitive. Homes are selling quickly, prices are holding strong, and sellers are seeing premium returns above asking prices. The increase in price per square foot suggests growing buyer interest in quality over quantity.
Looking Ahead
With new properties on the horizon and competitive trends continuing, the coming weeks could bring more action. Buyers should stay vigilant, and sellers should capitalize on the current demand. 🏘️
FAQs
What’s the average home price in Gloucester Township?
The average price of active listings is $362,560.How quickly are homes selling?
Homes are selling in just 15 days on average!Are sellers getting offers above asking?
Yes, sellers averaged 3.47% above asking price last week.What financing methods are buyers using?
Buyers are leveraging cash, conventional loans, FHA, and VA options.Are there any bank-owned properties?
No bank-owned properties were sold last week.
Contact Dave Sulvetta☎️ 856.889.8163
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