The Gloucester County real estate market in New Jersey maintained steady performance in October 2024, with communities like Washington Township and Deptford showing resilience amid broader market adjustments. Activity levels held relatively stable as both buyers and sellers adapted to evolving conditions.
View Full Gloucester County Market Report (PDF)
What October Meant for Buyers in Gloucester County
October brought encouraging conditions for buyers throughout Gloucester County. Closed sales declined 6.6% year-over-year to 284 transactions, creating a more balanced market with reduced competition. The median home price increased 7.6% to $355,000, reflecting the county’s continued desirability among purchasers.
Homes in popular areas like Monroe Township and Pitman spent an average of 17 days on market, up from 14 days the previous October. This additional time proved beneficial for buyers conducting due diligence. While 49.6% of homes still sold over list price, this represented a decrease from 55.9% in October 2023, giving buyers more negotiating power.
Seller Highlights from October in Gloucester County
Sellers across Gloucester County experienced a shifting landscape in October. New listings increased 3.9% compared to October 2023, with homeowners in communities like Woodbury Heights and Glassboro adding inventory to the market. Active listings rose 22% year-over-year, providing buyers with more options but requiring sellers to price competitively.
Despite increased inventory, nearly half of all properties still commanded prices above their listing amounts. Properties in sought-after neighborhoods like Sewell and Mullica Hill continued to attract multiple offers when priced appropriately. Sellers who positioned their homes well in the market found success, with 22.5% of sales closing exactly at the asking price.
Key Takeaways:
- Closed sales decreased 6.6% to 284 transactions, creating more balanced market conditions
- Median prices rose 7.6% to $355,000, showing continued strength in property values
- Nearly 50% of homes sold over list price, though competition softened from previous year levels
Related Market Reports:
Compare Gloucester County’s performance with other South Jersey markets:
- Burlington County Market Recap for October 2024
- Camden County Market Recap for October 2024
- Cumberland County Market Recap for October 2024
- Salem County Market Recap for October 2024
See how the market has evolved: Gloucester County Market Recap for September 2024
