The Burlington County real estate market in New Jersey delivered solid performance during July 2024, with notable gains across several key metrics. Areas like Mount Laurel, Evesham Township, and Moorestown Township contributed to a month that showed encouraging signs for both buyers and sellers throughout the region.
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What July Meant for Buyers in Burlington County
July brought encouraging news for homebuyers across Burlington County. The median sales price rose to $395,000, representing a healthy 9.7% increase from last year’s $360,000. This growth reflects the continued desirability of communities like Cherry Hill, Medford, and Cinnaminson. Days on market held steady at 12 days, matching both June’s pace and last year’s timeline, indicating properties continued moving at a brisk pace.
Buyer competition remained strong but showed signs of moderation. About 64% of homes closed over their list price in July, a slight uptick from last year’s 63.1%. However, the percentage of homes selling at list price dropped to 16.3% from 15.5% a year ago, suggesting buyers had slightly more negotiating room in certain price ranges across towns like Willingboro, Burlington Township, and Delran.
Seller Highlights from July in Burlington County
Home sellers experienced a robust July with 547 closed sales, marking a solid 6.2% increase from the 515 closings recorded in July 2023. This uptick demonstrated healthy demand across diverse communities from Marlton to Mount Holly. Year-to-date performance showed resilience despite broader market challenges, with 2,997 total closings representing only a 7.4% decline from 2023’s pace.
New inventory dynamics presented a mixed picture for sellers. New listings totaled 557 properties in July, down 29.5% from last year’s 790 new listings. This reduction in fresh inventory helped maintain seller leverage in negotiations. Active inventory averaged 897 homes during the month, up 15.9% from July 2023, providing buyers with more options while still maintaining a competitive environment in desirable neighborhoods like Medford Lakes and Lumberton.
Key Takeaways:
- 547 closed sales in July represented a solid 6.2% increase year-over-year, showing sustained buyer demand
- Median price growth of 9.7% to $395,000 reflects Burlington County’s continued appreciation trajectory
- New listings declined 29.5% while active inventory rose 15.9%, creating a balanced but still competitive market
Related Market Reports:
Compare Burlington County’s performance with other South Jersey markets:
- Camden County Market Recap for July 2024
- Cumberland County Market Recap for July 2024
- Gloucester County Market Recap for July 2024
- Salem County Market Recap for July 2024
See how the market has evolved: Burlington County Market Recap for June 2024
