Gloucester Township NJ Real Estate Market Review: 2023 vs. 2024
From Dave Sulvetta, eXp Realty – Local Knowledge, Proven Results
Are you curious about how the real estate market in Gloucester Township, NJ, performed in 2024 compared to 2023? Here’s a breakdown of the numbers that matter most for buyers and sellers.
Market Highlights
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Number of Properties Sold:
- 2023: 685 homes closed.
- 2024: 721 homes closed.
- That’s an increase of 36 homes sold, showcasing a more active market in 2024. 💥
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Average Sold Price:
- 2023: $300,520
- 2024: $338,576
- This represents a significant 12.6% increase🚀 in property values, making 2024 an excellent year for sellers to maximize their returns. 💵
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Original Listing Price Growth: 📈
- 2023: $291,989
- 2024: $334,213
- A 14.4% rise in original listing prices shows increased seller confidence and stronger demand in the market.
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Days on Market (DOM):
- 2023: 29.5 days
- 2024: 30.1 days
- Homes took slightly longer to sell in 2024, reflecting a balanced pace for buyers and sellers.
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Expired Listings: Gloucester Twp NJ is in demand! 👍
- 2023: 117 homes expired without selling.
- 2024: 97 homes expired, which means 20 fewer homes went unsold, a promising trend for sellers.
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Distressed Properties:
- 2023: 29 distressed or bank-owned properties.
- 2024: 18 distressed properties.
- This decline of 11 fewer distressed sales indicates a healthier local market.
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Financing Trends:
- Conventional loans dominated in 2024, with 42 more homes purchased using conventional financing compared to other payment methods.
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Senior Community Sales:
- 2023: 18 homes sold in senior communities.
- 2024: 16 homes sold.
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Types of Homes Sold in 2024:
- Detached Homes: 499
- Townhomes: 178
- Twins: 12
- Condos: 24
- Other/Manufactured Homes: 10
What This Means for Buyers and Sellers
For sellers, 2024 was an exceptional year to capitalize on higher property values and fewer expired listings. Buyers faced a competitive market with rising prices but could still take advantage of conventional financing options.
Gloucester Township’s real estate market is thriving and balanced, with strong demand for detached homes and a steady decline in distressed sales, reflecting overall market health.
Thinking about buying or selling in Gloucester Township, NJ? I’m Dave Sulvetta, your local real estate expert. Let’s connect to discuss how these market trends impact your goals!
📞 Call me today!
🌐 Visit my website for more insights!
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