If you thought homes were sitting longer and were a bit more affordable in South Jersey throughout the summer months and into September, you’d be right.
Data released (from Bright MLS) for homes closed in September 2024 shows us lower list prices and longer days on market compared to earlier this year.
Despite this, these figures still show a hefty increase from this time in 2023, meaning if you own a home in one of these towns you probably saw a 5-15% increase in your home value in just the last 12 months! That’s so much equity.
CURIOUS TO KNOW WHAT YOUR HOME'S EQUITY IS? COMPLETE THE FORM BELOW 👇
Let's dive more deeply into these figures for the 08108 area:
Haddon Township*
The median sold price of homes in September 2024 for Haddon Township sits at $372,500, while the average sold price sits at a whopping $436,450.
The median sold price is actually down 15.7% from last September (2023), making homes more affordable for buyers this year — which is surprising considering interest rates were actually slightly lower this year than last!
In September 2024, the median days on market was just 11 days, but that's still 22% more than last year... last September homes were really flying off the shelves.
*When we say "Haddon Township" in this article and video, the data is for the Haddon Township School District, which encompasses multiple towns from Westmont to W. Collingswood Heights and everywhere inbetween.
Collingswood
The median sold price of Collingswood homes in September 2024 sits at $380,000, while the average sold price is an incredible $459,229.
When you compare Q3 of 2024 to Q3 of 2023, they are some incredible stats: the average home price appreciation was $48,000 when you look at homes that sold! Imagine buying a home worth $400,000 and it being worth nearly $450,000 in just a year 🤯
Collingswood homes sat a lot longer than Haddon Township homes did in September 2024, with an median of 33 days. Why? This appears to be an anamoly because this is a 233% increase from September 2023. Sometimes that's just the way the market goes!
What does this mean for you?
It means that the market is going to do what the market is going to do, and to try and "time the market" to find the perfect time to buy or sell your home in Collingswood or Haddon Township is an exercise in futility.
Really, you should focus on your individual needs, and strategizing with a trusted real estate agent to plan your future homeownership goals, whatever that may look like.
If you want to pick our brains on the South Jersey housing market, you can message The JFKLiving Team here.
