In Mercer County’s real estate market, September 2024 reveals continued growth in listings and stable pricing trends, with some shifts in buyer demand and inventory.
Single-Family Homes: New listings grew by 12.4% year-over-year, and closed sales increased by 8.5%, suggesting solid buyer activity. The median sales price rose by 9.7% to $447,500, reflecting continued demand. However, homes are taking slightly longer to sell, with an average of 30 days on the market.
Townhouses and Condos: This segment saw a notable 35.8% increase in new listings, though closed sales fell by 13.9%, signaling a softening in demand relative to inventory growth. The median sales price climbed by 5.8% to $372,500. Homes in this category are staying on the market a bit longer, averaging 24 days.
Adult Communities: Active growth in listings (up 22.2%) was met with a 42.9% increase in closed sales, showing strong interest in this segment. Median prices jumped by 12.7% to $465,000, while days on market dropped to 17, indicating high demand for these properties.
Inventory and Supply: Across all categories, the inventory levels have risen substantially, with months of supply increasing by up to 50% in some segments, allowing more choices for buyers but creating more competitive pricing conditions for sellers.
Mercer County’s market is leaning towards a balanced environment with a healthy inventory increase and stable, though slightly extended, sales cycles across property types. This landscape offers both buyers and sellers opportunities, depending on their market strategies.