Gloucester County real estate market in New Jersey delivered strong results during July 2024, with impressive gains in both sales volume and pricing across the region. Communities like Washington Township, Deptford Township, and Woodbury Heights drove activity that showcased the county’s continued appeal among South Jersey homebuyers seeking quality and value.
View Full Gloucester County Market Report (PDF)
What July Meant for Buyers in Gloucester County
Homebuyers found a vibrant but competitive market in Gloucester County during July. The median sales price climbed to $360,000, up 10.1% from $327,000 in July 2023, reflecting strong demand across communities from Mantua Township to Monroe Township. Properties moved swiftly, with homes spending just 13 days on market, up slightly from 11 days last year but still indicating rapid turnover in desirable neighborhoods.
Competition among buyers remained robust throughout the month. About 57.9% of homes closed above their asking price, though this represented a decrease from 63.3% in July 2023. Meanwhile, 16.7% of properties sold exactly at list price, down from 17.6% the previous year. These trends suggest buyers faced significant competition but experienced slightly more balanced conditions in areas like Glassboro, Pitman, and Sewell.
Seller Highlights from July in Gloucester County
Sellers enjoyed excellent market conditions with 318 closed transactions, marking a solid 14.4% increase from 278 closings in July 2023. This growth occurred across diverse price ranges and reflected strong demand in both established neighborhoods and newer developments. Year-to-date performance remained essentially flat with 1,968 total sales compared to 1,967 in 2023, demonstrating market stability throughout areas like Mullica Hill, Woodstown, and Turnersville.
Inventory conditions continued supporting seller interests despite some market evolution. New listings totaled 398 properties in July, down 15.9% from 473 new listings last year. This reduction in fresh supply helped maintain competitive bidding in many neighborhoods. Active inventory averaged 608 homes during the month, up 33.1% from 457 last July, providing buyers with improved selection while preserving favorable conditions for sellers in premium locations like Elk Township and Woolwich Township.
Key Takeaways:
- 318 closed sales showed robust 14.4% year-over-year growth, indicating strong buyer demand across price ranges
- Median price appreciation of 10.1% to $360,000 reflects the county’s continued desirability
- New listings declined 15.9% while buyer competition moderated slightly from last year’s peak levels
Related Market Reports:
Compare Gloucester County’s performance with other South Jersey markets:
- Burlington County Market Recap for July 2024
- Camden County Market Recap for July 2024
- Cumberland County Market Recap for July 2024
- Salem County Market Recap for July 2024
See how the market has evolved: Gloucester County Market Recap for June 2024
