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The real estate market in Pennsylvania and New Jersey saw a mix of rising home prices, shifting inventory levels, and changes in buyer behavior throughout January 2025. While some counties experienced strong price growth, others saw slower sales and longer days on the market. Here’s a closer look at the trends across key regions.
Bucks County, PA
Bucks County led the region in price appreciation, with the median home price jumping 15.1% to $495,000 year-over-year. The market remained active, with 346 homes sold, up 7.5% from last year. Inventory increased, with 519 active listings, reflecting a 9% gain. Despite a rise in available homes, demand kept pace, as the median days on market remained unchanged at just 12 days. The list-to-sold price ratio stayed firm at 99.5%, keeping sellers in a strong negotiating position.
Montgomery County, PA
Montgomery County saw modest price growth, with the median sold price rising 1.9% year-over-year to $436,000. Buyer activity was strong, with 512 homes sold, marking an 11.3% increase. Inventory remained stable, with 713 active listings, down only 0.3%. Homes are taking longer to sell, as the median days on market increased by five days to 15. Despite this, sellers are still closing deals at 99.3% of asking price, indicating a balanced market.
Berks County, PA
Berks County’s market remained competitive, with the median sold price climbing 11.8% year-over-year to $280,000. Sales activity was nearly unchanged, with 232 homes sold, down just 0.9%. Inventory expanded, with 338 active listings, an 8.3% increase. Homes are still selling relatively quickly, though the median days on market increased by four days to 13. Sellers remain in control, with the list-to-sold price ratio at 100.3%, showing that many homes are selling at or above asking price.
Philadelphia (PHL)
Philadelphia saw a slight dip in median home prices, down 0.5% year-over-year to $250,000, but demand remained steady. The number of homes sold increased by 4.5%, reaching 877 transactions. Inventory remained stable, with 3,786 active listings, up 0.5%. Homes are moving more quickly, as the median days on market dropped by four days to 32. Sellers are still seeing strong offers, though the list-to-sold price ratio sits at 97.8%, indicating buyers may be negotiating slightly more than in other markets.
Chester County, PA
Chester County’s market remained strong, with the median home price rising 5.7% year-over-year to $510,000. Buyer activity was consistent, with 315 homes sold, up 1%. Inventory grew, with 568 active listings, a 19.1% increase. Homes are still selling quickly, as the median days on market dropped by one day to 11. Sellers continue to benefit, with the list-to-sold price ratio holding at 100%, meaning homes are selling at full asking price.
Greater Lehigh Valley (GLVR)
The Greater Lehigh Valley market showed continued strength as home prices rose 8.6% year-over-year to a median of $315,000. Buyer demand remained solid, with 396 homes sold, a 7% increase compared to last year. However, inventory tightened slightly, with 554 active listings, marking a 3.1% decrease. Homes are taking longer to sell, with the median days on market increasing by 19% to 25 days. Despite rising prices, sellers are adjusting slightly, with the list-to-sold price ratio declining to 99.5%.
Ocean County, NJ
Ocean County’s market continues to favor sellers, with the median sold price rising 10% year-over-year to $494,900. However, home sales declined by 13.7%, with only 120 homes sold, suggesting buyers may be hesitating at higher price points. Inventory remains steady, with active listings up slightly by 1.3% to 377 homes. Homes are taking a bit longer to sell, as the median days on market increased by four days to 24. The list-to-sold price ratio stands strong at 100.4%, meaning sellers are still achieving top dollar for their properties.
Mercer County, NJ
Mercer County experienced a 5.8% increase in median home prices, reaching $407,500. However, sales activity slowed slightly, with 177 homes sold, down 1.7% from last year. Inventory is growing, with active listings increasing by 20.7% to 373, giving buyers more options. The market is shifting, as homes are now taking a median of 30 days to sell, up 14 days compared to last year. Sellers are still receiving competitive offers, with the list-to-sold price ratio holding at 99.6%.
Hunterdon County, NJ
Hunterdon County saw the most dramatic price increase, with the median sold price skyrocketing 57.8% year-over-year to $915,000. Sales activity surged as well, with 11 homes sold, marking a 57.1% increase. Inventory, however, declined slightly, with 37 active listings, down 9.8%. Homes are taking longer to sell, with the median days on market rising by eight days to 32. Sellers are still commanding strong offers, with the list-to-sold price ratio at 99.1%.
Market Outlook for 2025
As we move into 2025, home prices remain strong across most counties, with rising values in Bucks, Hunterdon, and Ocean Counties. However, sales volume is declining in several areas, and homes are beginning to take longer to sell, signaling a potential market shift. Inventory levels are mixed, with some areas seeing increases that could benefit buyers in the coming months.
Overall, sellers are still receiving strong offers, with list-to-sold price ratios holding above 99% in most regions. While buyers may be gaining a slight advantage in terms of negotiating time, the market remains competitive. If you’re considering buying or selling, staying informed about these trends will be key to making the right move in 2025.
