Is Salem County, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Salem County was a Seller's Market.
Key Takeaway
Salem County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Salem County, NJ
How much do homes in Salem County, NJ cost?
Median Sold Price
$255,000
$174/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Salem County have sold for 13.5% more than they did a year ago.
Summary: The median home sold price in Salem County was $255,000 in May 2024, up 13.5% from last year, and the median price per square foot was $174.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $69K | $126K | +82.6% |
| 2 Bedrooms | $150.5K | $180K | +19.6% |
| 3 Bedrooms | $220K | $259.7K | +18.0% |
| 4 Bedrooms | $286.5K | $306K | +6.8% |
| 5+ Bedrooms | $310K | $281.5K | -9.2% |
Summary: Salem County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 82.6%, 2 bedroom homes increased by 19.6%, 3 bedroom homes increased by 18%, 4 bedroom homes increased by 6.8%, and 5+ bedroom homes decreased by 9.2%.
Median Sold Price Compared To Nearby Counties
| Salem County | $224.6K | $255K | +13.5% |
| Gloucester County | $293.7K | $320K | +8.9% |
| Cumberland County | $224.9K | $240K | +6.7% |
| New Castle County | $329.8K | $349.9K | +6.1% |
Housing Supply in Salem County, NJ
How many homes are available in Salem County, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 247 | 273 | +10.5% |
Summary: The Salem County real estate market had 273 homes for sale in May 2024, a 10.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 41 | 43 | +4.9% |
| 3 Bedrooms | 122 | 137 | +12.3% |
| 4 Bedrooms | 67 | 74 | +10.4% |
| 5+ Bedrooms | 17 | 18 | +5.9% |
Summary: The Salem County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 4.9%, 3 bedroom homes increased by 12.3%, 4 bedroom homes increased by 10.4%, and 5+ bedroom homes increased by 5.9%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 38 | 37 | -2.6% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
20 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem County, you could pay more than the asking price. 54.1% of homes here sold above asking price last month.
Summary: A total of 37 homes were sold or pending in Salem County in May 2024, down by 2.6% month-over-month. Of the 37 sold homes, 30% were sold under asking, 16% were sold at asking, and 54% were sold over asking.
Days on Market for Salem County, NJ
How long does it take to sell a home in Salem County, NJ?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 38 Days | 41 Days | +7.8% |
Summary: Homes in Salem County had an average of 41 days on market in May 2024, up by 7.8% compared to last year.
Breakdown of Home Sale Times
21 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Salem County are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 37 homes were sold in Salem County; 57% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.
Disclaimer: The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the South Jersey Shore Regional (SJSR) MLS. Real estate listings held by brokerage firms are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. © 2024 SJSR MLS. All rights reserved.