Gloucester Township, NJ Real Estate Market: 2023 vs. 2024 Summary
The Gloucester Township real estate market demonstrated strong growth and stability from 2023 to 2024, with several key improvements:
- Properties Sold: Sales increased from 685 in 2023 to 721 in 2024, reflecting a more active market.
- Average Sold Price: Home values surged by 12.6%, rising from $300,520 in 2023 to $388,576 in 2024.
- Original Asking Prices: The average original price grew by 14.4%, from $291,989 to $334,213, showcasing seller confidence.
- Days on Market: Homes stayed on the market slightly longer in 2024, averaging 30.1 days compared to 29.5 in 2023.
- Expired Listings: 20 fewer homes expired without selling in 2024, signaling more successful transactions.
- Distressed Properties: 11 fewer distressed or bank-owned homes entered the market, indicating a healthier environment.
- Financing Trends: Conventional loans were the most common method of purchase in 2024, with 42 more homes financed this way than other methods.
- Senior Community Sales: Sales dipped slightly, with 18 homes sold in 2023 and 16 in 2024.
- Property Types Sold in 2024: Detached homes led the market with 499 sales, followed by 178 townhomes, 12 twins, 24 condos, and 10 other/manufactured homes.
With higher home values, fewer expired listings, and a diverse range of property options, 2024 was a robust year for Gloucester Township real estate.
For more insights or assistance buying or selling in Gloucester Township, contact Dave Sulvetta today!
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