The 3 Housing Market Questions Every South Jersey Homeowner Asks This Season
Holiday get-togethers always bring up housing market talk. Whether you’re at a family dinner in Franklinville or a work party in Cherry Hill, real estate chat is unavoidable.
Here are the top three questions we’re hearing across South Jersey this season, with straightforward answers to help you navigate conversations.
1. “Can I actually find a house in South Jersey right now?”
Yes, you have more options than last year.
The housing inventory has grown steadily throughout our region. While Gloucester County inventory remains flat, Burlington, Cumberland, and Salem Counties have increased 100-15%, and Camden County has 30% more homes for sale than this time last year. Nationwide, according to data from Realtor.com, there have been more than one million homes on the market nationally for six straight months, something we haven’t seen since 2019 (see graph below):
This trend means two important things for local buyers and sellers:
- Buyers have more choices across all price points.
- Sellers can find their next home more easily.
Many Voorhees and Mullica Hill homeowners who postponed moves are now seeing more inventory. If you paused your search last year due to slim pickings, it’s time to look again.
Homes in desirable areas like Haddonfield still move quickly. But overall, the frantic pace has calmed down. You now have time to compare options, visit multiple properties, and make confident decisions.
2. “Will I ever be able to afford a house in this market?”
Affordability is improving in our region.
The past few years challenged many South Jersey buyers. But recent trends show positive changes that help local homebuyers:
- Mortgage rates have decreased from their peaks.
- Home price growth has slowed across most towns.
These factors create monthly payments that are noticeably lower than just months ago (see graph below):
The market remains competitive. But for many locals, homeownership is becoming more attainable again.
First-time buyers should also explore New Jersey-specific programs. The NJHMFA offers assistance programs that can make buying more affordable for qualified buyers.
3. “Should I wait for prices to drop in South Jersey?”
Many people ask if they should wait for a market crash. The data doesn’t support this strategy for our region.
South Jersey has historically maintained stability compared to more volatile markets. We don’t typically experience the dramatic swings seen in places like California or Florida.
Local inventory has increased but not enough to cause significant price drops. Most homeowners in towns like Marlton and Glassboro have substantial equity and strong financial positions.
Each town behaves differently. Some areas may see slight corrections while others continue steady growth. However, experts surveyed by Fannie Mae project continued moderate price increases nationally (see graph below):
Waiting for a major price drop isn’t a sound strategy in our market. History consistently shows that time in the market builds wealth more reliably than trying to time the market perfectly.
Bottom Line
The housing conversation can feel overwhelming with conflicting opinions and predictions. If you want to understand what these trends mean for your specific situation in the local area, let’s connect and develop a plan tailored to your goals.
