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Local Real Estate Market Snapshot
Bucks County
Bucks County has seen a significant increase in inventory, with a 36.5% rise year-over-year, bringing available homes to 980 in August 2024 compared to 718 in 2023. Despite more available homes, sold units dropped by 5.9%, with 603 homes sold. Pending contracts rose by 8.2%, signaling a potential increase in future sales.
Median sold prices increased by 7.9%, now at $510,000. Homes are moving slightly faster with an average of 26 days on market (CDOM) compared to 28 last year, and sellers are getting close to their asking prices, with the list-to-sold price ratio at 96.0%, a slight drop from 97.2% in 2023.
Montgomery County (Montco)
Montgomery County experienced a 27.8% rise in inventory, reaching 1305 homes, alongside a 9.3% increase in sold units (897 homes). Pending contracts also saw a 2.1% uptick, showing a steady flow of buyer activity.
Median sold prices increased by 3.2%, now at $465,000, with homes taking slightly longer to sell at 30 days, up from 28. The sold-to-list price ratio dipped to 94.8% from 97.6%, reflecting slightly less seller leverage.
Chester County
In Chester County, inventory rose by 26.1% to 908 homes, though the number of sold units dropped by 8.1% to 569. Pending contracts decreased by 6.4%, indicating a slight slowdown in future sales.
Median home prices showed a small increase of 0.9% to $535,000. Homes sold in an average of 24 days, slightly faster than the previous year. The sold-to-list price ratio remained unchanged at 98.1%, indicating a stable seller’s market.
Berks County
Berks County reported a 4.8% increase in inventory, reaching 417 homes, with sold units rising by 2.5% to 410 homes. Pending contracts also rose by 3.1%, suggesting steady demand.
Home prices increased by 7.6% to $285,300. The average days on market increased slightly to 24 days, and the sold-to-list price ratio dropped to 98.2%, down from 100.0% last year.
Northeast Philadelphia (NEPHL)
NE Philadelphia saw a 12.4% increase in inventory, with 500 homes available, but a 5.0% decline in sold units to 247 homes. Pending contracts grew by 2.9%, indicating a potential increase in sales soon.
Median sold prices increased by 5.6% to $290,000. Homes are selling faster, with the average days on market dropping to 31 days from 36. The sold-to-list price ratio inched up to 96.6% from 96.4%.
Mercer County
Mercer County was a standout performer, with a 23.5% increase in inventory, reaching 689 homes. However, sold units decreased by 9.4% to 317 homes. Pending contracts showed strong growth, rising by 18.4%, signaling a potential uptick in future sales.
Home prices jumped by 10.0%, reaching a median of $467,000. Homes sold faster, with an average of 29 days on the market, and the sold-to-list price ratio improved to 98.9%, reflecting strong demand.
Greater Lehigh Valley Region (GLVR)
GLVR saw a 12.0% increase in inventory, with 768 homes available, but sold units declined by 9.7%. However, pending contracts rose by 7.9%, suggesting potential growth in sales.
The median sold price increased by 4.2% to $345,000, with homes taking an average of 16 days to sell. The sold-to-list price ratio remains strong at 101.1%, though it has dropped slightly from 102.4% in 2023.
Month-Over-Month Updates for Southern New Jersey Areas
Cape May County, NJ
Cape May County’s market continues to heat up. The median sold price increased significantly by 29.92%, reaching $692,500 in August 2024. Homes sold jumped by 25%, with 30 homes sold compared to the previous month. Inventory also increased by 11.5%, with 97 active listings, giving buyers more options.
Homes are selling faster, with the average days on market (CDOM) dropping by 25% to 24 days. The list-to-sold price ratio improved to 98.4%, up by 1.55%, showing that sellers are receiving offers close to their asking prices.
Ocean County, NJ
In contrast, Ocean County saw a slight cooling. The median sold price dropped by 2.11%, settling at $465,000. The number of homes sold also decreased by 1.9%, with 858 homes sold in August 2024. Active listings experienced a significant decrease of 21.8%, bringing the total to 5,219 homes.
Homes are staying on the market slightly longer, with the average DOM increasing by 4% to 26 days. The list-to-sold price ratio dropped in line with median prices, reflecting a softening market.
Atlantic County, NJ
Atlantic County’s market showed a mix of positive and negative changes. The median sold price surged by 11.03% to $365,300, while the number of homes sold dipped by 1.1% to 271. Inventory increased by 5.6%, with 1,042 active listings.
Homes are taking longer to sell, with the average DOM rising by 13.04% to 26 days. Despite this, the list-to-sold price ratio improved to 99%, up by 0.72%, reflecting continued buyer interest.
Market Summary by Category
Across all these regions, there are a few key trends to note:
- Inventory: Inventory levels have generally increased in most areas, providing more options for buyers. The exception is Ocean County, where a significant drop in active listings was observed.
- Sold Units: Year-over-year trends showed declines in sold units across many regions, though some areas like Cape May and Montco posted monthly or annual increases.
- Median Sold Pricing: Price growth was a common theme across most markets, with the highest increase in Cape May County. Ocean County was the only exception, with a slight drop in median pricing.
- Days on Market: In most areas, homes are moving quickly, with some regions like Cape May and Mercer showing reduced DOM. Ocean and Atlantic Counties saw slight increases in selling times.
- List-to-Sold Price Ratio: While many regions reported slight declines in sold-to-list price ratios, several areas like Cape May, Atlantic County, and Mercer saw improvements, indicating continued demand.
These insights offer a comprehensive look at the real estate market across various counties in Pennsylvania and New Jersey as of August 2024, helping both buyers and sellers navigate a complex and shifting landscape.
Compare to last month’s market, HERE!
