Is Magnolia, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Magnolia has remained a Seller's Market.
Key Takeaway
Magnolia is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Magnolia, NJ
How much do homes in Magnolia, NJ cost?
Median Sold Price
$292,500
$219/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Magnolia have sold for 12.3% more than they did a year ago.
Summary: The median home sold price in Magnolia was $292,500 in May 2024, up 12.3% from last year, and the median price per square foot was $219.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $277.5K | $275K | -0.9% |
| 3 Bedrooms | $260K | $290K | +11.5% |
| 4 Bedrooms | $260K | $325K | +25.0% |
| 5+ Bedrooms | - | - | N/A |
Summary: Magnolia housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 0.9%, 3 bedroom homes increased by 11.5%, 4 bedroom homes increased by 25%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Somerdale | $261.5K | $317.9K | +21.6% |
| Lawnside | $260K | $299.9K | +15.3% |
| Barrington | $315K | $356K | +13.0% |
| Magnolia | $260.5K | $292.5K | +12.3% |
| Runnemede | $260K | $277.5K | +6.7% |
Housing Supply in Magnolia, NJ
How many homes are available in Magnolia, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 14 | 18 | +28.6% |
Summary: The Magnolia real estate market had 18 homes for sale in May 2024, a 28.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 1 | 2 | +100.0% |
| 3 Bedrooms | 9 | 11 | +22.2% |
| 4 Bedrooms | 3 | 4 | +33.3% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Magnolia 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 100%, 3 bedroom homes increased by 22.2%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1 | 5 | +400.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Magnolia, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Magnolia in May 2024, up by 400.0% month-over-month. Of the 5 sold homes, 60% were sold under asking, 0% were sold at asking, and 40% were sold over asking.
Days on Market for Magnolia, NJ
How long does it take to sell a home in Magnolia, NJ?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 24 Days | 17 Days | -27.6% |
Summary: Homes in Magnolia had an average of 17 days on market in May 2024, down by 27.6% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Magnolia are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 5 homes were sold in Magnolia; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
