Is Galloway Township, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Galloway Township is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Galloway Township has remained a Seller's Market.

Key Takeaway

Galloway Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Galloway Township, NJ

How much do homes in Galloway Township, NJ cost?

Median Sold Price

$300,000

$188/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$34,316(+12.9%)

Key Takeaway

Homes in Galloway Township have sold for 12.9% more than they did a year ago.

Summary: The median home sold price in Galloway Township was $300,000 in May 2024, up 12.9% from last year, and the median price per square foot was $188.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $127K$167K
+31.5%
2 $179.9K$217K
+20.6%
3 $310K$347.5K
+12.1%
4 $382.9K$415K
+8.4%
5+ $457.5K$444K
-3.0%

Summary: Galloway Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 31.5%, 2 bedroom homes increased by 20.6%, 3 bedroom homes increased by 12.1%, 4 bedroom homes increased by 8.4%, and 5+ bedroom homes decreased by 3%.

Median Sold Price Compared To Nearby Cities

Galloway Township
+12.9%
Brigantine
+12.5%
Absecon
+10.9%
Egg Harbor City
+3.8%

Housing Supply in Galloway Township, NJ

How many homes are available in Galloway Township, NJ?

Number of Homes For Sale

Apr 2024May 2024CHANGE
170168-1.2%

Summary: The Galloway Township real estate market had 168 homes for sale in May 2024, a 1.2% decrease compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 88
0.0%
2 4546
+2.2%
3 6861
-10.3%
4 3338
+15.2%
5+ 1615
-6.3%

Summary: The Galloway Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 2.2%, 3 bedroom homes decreased by 10.3%, 4 bedroom homes increased by 15.2%, and 5+ bedroom homes decreased by 6.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
4547+4.4%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

12 Homes Were Sold
At Asking

19 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Galloway Township, you could pay more than the asking price. 46.3% of homes here sold above asking price last month.

Summary: A total of 47 homes were sold or pending in Galloway Township in May 2024, up by 4.4% month-over-month. Of the 41 sold homes, 24% were sold under asking, 29% were sold at asking, and 46% were sold over asking.

Days on Market for Galloway Township, NJ

How long does it take to sell a home in Galloway Township, NJ?

Average Sale Time

May 2023May 2024CHANGE
38 Days23 Days-38.9%

Summary: Homes in Galloway Township had an average of 23 days on market in May 2024, down by 38.9% compared to last year.

Breakdown of Home Sale Times

35 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Galloway Township are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 47 homes were sold in Galloway Township; 74% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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