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July 2024 Real Estate Market Update: Trends Across Pennsylvania and New Jersey
As we step into the second half of 2024, the real estate markets across several counties in Pennsylvania and New Jersey present a mixed bag of trends. From rising median prices to fluctuating inventory levels, here’s a detailed look at the performance across these regions for July 2024.
Berks County, PA
Berks County saw a modest increase in its median sold price, which climbed to $286,000, marking a 2.14% rise month-over-month (mo/mo). A total of 361 homes were sold, reflecting a 2.8% increase from the previous month. The number of active listings also grew, with 390 properties on the market, a 4% rise. Notably, homes in Berks County continue to sell quickly, with a median of just 7 days on the market. The list-to-sold price ratio is robust at 101.8%, up 0.2% mo/mo, indicating a strong seller’s market.
Bucks County, PA
Bucks County experienced a notable drop in its median sold price, which fell by 4.76% to $500,000. Despite this, the market remained active, with 599 homes sold—a significant 16.8% increase mo/mo. Active listings, however, declined by 12.5%, leaving 678 homes available. The median days in RPR increased to 12, a 33.33% jump. Sellers are still seeing high returns, with a list-to-sold price ratio of 103%, up 1.09% mo/mo.
Chester County, PA
In Chester County, the market showed signs of cooling off. The median sold price decreased by 5.13% to $540,767, and the number of homes sold dropped by 10.9% to 540. Active listings fell by 9.2%, leaving 603 homes on the market. Despite these declines, homes are moving quickly, with a median of just 6 days on the market. The list-to-sold price ratio remains strong at 103.3%.
Lehigh Valley, PA
Lehigh Valley’s real estate market also saw a decline in July. The median sold price dropped by 5.56% to $340,000, with 337 homes sold, down 6.6% from the previous month. Active listings increased by 16.4%, bringing the total to 490. Homes spent a median of 8 days on the market, and the list-to-sold price ratio slightly decreased to 101.8%, down 0.66%.
Mercer County, NJ
Mercer County faced a significant decline in its median sold price, plummeting by 27.06% to $155,000. However, the number of homes sold increased by 25% to 5. Active listings dropped by 14.8% to 23. The median days in RPR also fell sharply by 46.15%, now at 35 days. Despite the price drop, the list-to-sold price ratio surged by 8.22%, reaching 101.3%.
Montgomery County, PA
Montgomery County remained relatively stable, with a median sold price of $259,000. The number of homes sold jumped significantly by 150% to 5, while active listings stayed at 3. Homes sold quickly with a median of 5 days on the market, though the list-to-sold price ratio was 96.3%.
Philadelphia, PA
In Philadelphia, the median sold price slightly decreased by 1.65% to $280,000. The number of homes sold also saw a small decline of 1.5%, with 1,213 transactions. Active listings grew by 4.4% to 3,961. The median days in RPR stood at 25, and the list-to-sold price ratio increased by 4.23% to 102.6%, suggesting competitive bidding.
Atlantic County, NJ
Atlantic County experienced a strong increase in its median sold price, which rose by 17% to $234,000. However, the number of homes sold dropped by 40% to 21. Active listings rose by 15% to 238, while the median days in RPR decreased by 12.2% to 36 days. The list-to-sold price ratio also improved, up 4.34% to 97.1%.
Ocean County, NJ
Ocean County’s market showed positive trends, with the median sold price increasing by 3.26% to $475,000. The number of homes sold went up by 6.5% to 847, while active listings fell by 7.2% to 2,202. The median days in RPR increased by 23.81% to 26 days. The list-to-sold price ratio slightly decreased by 0.07% to 99.9%.
Cape May, NJ
Cape May saw a significant drop in its median sold price, which fell by 22.15% to $541,000. The number of homes sold also declined by 12.5% to 21. Active listings decreased by 8.8% to 83, and the median days in RPR increased by 20% to 36 days. The list-to-sold price ratio fell by 1.76% to 96.7%.
Greater Lehigh Valley REALTORS® (GLVR)
The GLVR market showed growth with a 6.9% increase in the median sold price, reaching $348,500. Homes sold went up by 9.7% to 600, and active listings surged by 19.3% to 802. The average days on the market rose by 20% to 18 days. The list-to-sold price ratio slightly decreased by 0.2% to 102%.
These figures highlight the dynamic nature of the real estate markets in Pennsylvania and New Jersey. While some areas are seeing price drops and slower sales, others continue to experience robust demand and quick turnovers. Keeping an eye on these trends will be crucial for both buyers and sellers in navigating the market as we progress through 2024.
