The latest data on Burlington County’s housing market in September 2024 shows a complex but steady environment across different property segments, with modest price increases and varied buyer demand.
Single-Family Homes: New listings rose slightly by 1.8%, while closed sales declined by 7.5%. The median sales price went up by 3.9% to $400,000, and homes are taking longer to sell, with days on market increasing 30.4% to an average of 30 days. This suggests buyer interest remains, but transactions are moving at a more cautious pace.
Townhouses and Condos: In this segment, we saw a 3.9% decrease in new listings and a 4.3% increase in closed sales, pointing to stronger demand relative to the available supply. Prices surged with a 21.9% increase in the median sales price to $340,000. Days on market jumped 50% to 24 days, reflecting an active but more selective buyer pool.
Adult Communities: Listings dropped by 10.7%, yet closed sales slightly increased by 2.4%. The median price rose 11.5% to $435,000, with homes selling faster than last year, averaging just 20 days on the market. This indicates solid interest in these properties, even with a tighter supply.
Overall Inventory and Supply: Inventory levels and months’ supply varied, generally showing small increases, hinting at a market balancing supply and demand while navigating shifts in buyer and seller activity.
Burlington County’s market is in a phase where prices are climbing but sales momentum is varied. Buyers are still actively engaged, though they’re taking a bit longer to make decisions as they navigate changing inventory and price points.