November 2024 Market Statistics

Real Estate Market Report

Greater Lehigh Valley Region (GLVR)

The Greater Lehigh Valley region showed strong growth in November 2024 compared to the previous year. The median sold price increased to $345,000, a 9.5% increase year-over-year. Homes sold also rose by 8% with 542 homes sold, while active listings grew by 2% to 718. However, the average days on market (DOM) climbed by 14.2% to 24 days, indicating homes are taking slightly longer to sell. The list-to-sold price ratio declined slightly by 0.2% year-over-year, settling at 100.5%.

Cape May, NJ

Cape May’s market saw a month-over-month decline in most metrics for November 2024. The median sold price dropped significantly to $676,750, a 26.4% decrease month-over-month. Homes sold fell by 5.9% with just 32 homes sold, while active listings decreased slightly by 2.6% to 86. The average DOM jumped by an impressive 119.0%, reaching 46 days. The list-to-sold price ratio also fell by 3.13% to 95.6%, signaling reduced buyer urgency and seller leverage.

Ocean County, NJ

Ocean County experienced a mix of trends in November. The median sold price rose modestly by 2.2% month-over-month to $465,000, showing some market strength. However, homes sold dipped by 1% to 786 units. Active listings saw a steep decline, dropping by 68.7% month-over-month to 7,024, which could indicate reduced seller activity. The average DOM increased by 11.54% to 29 days, while the list-to-sold price ratio fell slightly by 0.53% to 99.3%.

Atlantic County, NJ

Atlantic County’s real estate market experienced mostly downward trends in November. The median sold price decreased by 1.33% month-over-month to $370,000. Homes sold took a sharp decline, falling 24.9% to 232 homes sold. Active listings saw a slight dip of 2.9% to 1,054, while the average DOM improved, decreasing by 4.35% to 22 days. Despite these declines, the list-to-sold price ratio rose by 0.63% to 98.6%, suggesting sellers are still capturing strong offers.

Bucks County, PA

Bucks County saw significant improvements in inventory and sales year-over-year. Active inventory grew by 19.5% to 907 homes (up from 759 in 2023). Sold units increased by 7.2% to 493 homes. The median sold price jumped by 12.6% to $500,000, compared to $444,000 last year. Average DOM improved slightly, dropping to 26 days. However, the list-to-sold price ratio decreased to 96.0% from 96.7% last year.

Montgomery County, PA

Montgomery County showed strong performance across most key metrics. Active listings rose by 14.9% to 1,267 homes (from 1,103 in 2023). Sold units surged by 16% to 738 homes. The median sold price increased by 7.2% to $450,000, up from $420,000 last year. Average DOM increased slightly to 31 days. The list-to-sold price ratio declined to 95.9% from 97.0% year-over-year.

Chester County, PA

Chester County saw moderate improvements in inventory and pricing. Active listings rose by 11.4% to 840 homes (up from 754 in 2023). However, sold units declined slightly by 3.2% to 454 homes. The median sold price increased by 5.7% to $520,400, compared to $492,200 last year. Average DOM remained steady at 25 days, while the list-to-sold price ratio improved slightly to 97.9%.

Mercer County, NJ

Mercer County experienced positive year-over-year growth in inventory and pricing. Active listings increased by 21.1% to 614 homes (from 507 in 2023). Sold units grew slightly by 1.2% to 251 homes. The median sold price rose by 2.0% to $400,000 (up from $392,200 last year). Average DOM improved slightly to 30 days, while the list-to-sold price ratio climbed to 100.0%, indicating strong buyer demand.

Berks County, PA

Berks County saw modest year-over-year growth in key metrics. Active listings increased slightly by 2.2% to 422 homes (from 413 in 2023). Sold units rose by 6.7% to 336 homes. The median sold price increased by 3.4% to $275,000, up from $265,000 last year. Average DOM rose slightly to 23 days, while the list-to-sold price ratio improved to 100.0%, indicating strong market competitiveness.

Northeast Philadelphia, PA

Northeast Philadelphia faced mixed results year-over-year. Active listings grew by 13.1% to 525 homes (from 464 in 2023), but sold units fell by 14.3% to 216 homes. The median sold price increased by 7.9% to $292,500, compared to $271,000 last year. Average DOM improved slightly to 32 days, while the list-to-sold price ratio dropped to 96.6%.

Summary of November 2024

The November 2024 real estate market showcased varied results across counties. The GLVR region and many parts of Pennsylvania saw year-over-year growth in sold prices and active listings, indicating a healthy market. However, Cape May and Ocean County, NJ, reported month-over-month declines, suggesting seasonal adjustments or reduced buyer demand. As we close out the year, these trends highlight the importance of local market knowledge for both buyers and sellers.

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