The Burlington County real estate market continued to show balanced activity in August 2024. New Jersey’s largest county saw moderate buyer engagement across communities like Cherry Hill, Mount Laurel, and Evesham Township as market conditions remained steady compared to recent months.
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What August Meant for Buyers in Burlington County
August brought 519 closed sales to Burlington County, down 3.9% from the previous August. While this represents a modest decline, buyers found reasonable inventory levels with homes averaging 14 days on the market. The typical marketing period remained brief, giving motivated buyers limited time to make competitive offers across townships like Moorestown, Medford, and Willingboro.
Buyer competition softened slightly from last year’s intensity. About 58.2% of homes sold over their listing price in August, down from 60.9% in August 2023. This shift provided buyers with marginally better negotiating positions, particularly in neighborhoods where properties lingered beyond the typical two-week marketing window.
Seller Highlights from August in Burlington County
Sellers received encouraging news with the median sales price reaching $390,000 in August, representing a solid 6.8% increase from the previous year. This price growth reflects continued appreciation across diverse communities from suburban Cinnaminson to rural Tabernacle Township. Properties in established neighborhoods like Marlton and Mount Holly maintained strong value propositions.
New listings declined 17.1% compared to August 2023, which helped support pricing despite softer buyer demand. Sellers who priced competitively found success, with 17.5% of homes selling exactly at their list price. The combination of reduced competition and sustained buyer interest created favorable conditions for well-prepared sellers throughout the county.
Key Takeaways:
- Median home prices rose 6.8% year-over-year to $390,000, showing continued appreciation
- Days on market remained low at 14 days, indicating efficient sales processes
- New listings dropped 17.1% from last August, reducing seller competition
Related Market Reports:
Compare Burlington County’s performance with other South Jersey markets:
- Camden County Market Recap for August 2024
- Cumberland County Market Recap for August 2024
- Gloucester County Market Recap for August 2024
- Salem County Market Recap for August 2024
See how the market has evolved: Burlington County Market Recap for July 2024
