An Overview of the 2024 Real Estate Market in South Jersey

The South Jersey real estate market in 2024 presents a mix of challenges and opportunities for both buyers and sellers. 

Here are the key trends and updates for our region:

Key Trends:

Price Trends:

Due to limited inventory, the median sale price in South Jersey is expected to increase marginally. This follows the statewide trend, where the sale-to-list price ratio remains high at 101.1%. 

Inventory Levels:

The number of homes for sale in New Jersey has decreased slightly by 2.2% year over year, contributing to the tight inventory situation.

Sales Volume:

The number of closed sales in New Jersey has declined by 16.8% over the past year, indicating slower market activity than in previous years.

Market Dynamics:

The real estate market in South Jersey is experiencing a slower pace than in previous years. Despite the slowdown, buyers and sellers who navigate the market carefully can still find opportunities.

In summary, the South Jersey real estate market in 2024 is characterized by limited inventory and stable, albeit slightly rising, home prices. Market activity has slowed, offering a more balanced environment for both buyers and sellers.

Current Market Conditions

Inventory and Listings

• New listings have slightly decreased by 2.8% year over year, but they have increased by 4.8% year to date, indicating gradual improvement in market availability [1].

• Overall inventory has tightened with a 5.1% decrease in homes for sale, leading to increased buyer competition.

Pricing Trends

• Median sale prices continue to rise marginally due to tight inventory, with the sale-to-list price ratio at approximately 101.1%, indicating strong demand relative to supply.

Buyer and Seller Dynamics

• The competitive nature of the marketplace has led to multiple offers on properties, even those that have been on the market for a while.

• Sellers are advised to price their homes competitively and consider professional staging to attract serious buyers.

Market Opportunities

• Despite the challenges, opportunities still exist for buyers.

Conclusion

Overall, the South Jersey real estate market remains dynamic, with tight inventory and rising prices creating a competitive environment. Buyers and sellers must stay informed and work with knowledgeable real estate professionals to effectively navigate the current market conditions.