Princeton + Jersey Shore - Christopher Norton Lieutenant Colonel Retired USAR

Mercer County, NJ Real Estate Market Update-October 2024

Using data through Sepetember 30, 2024

DALL·E 2024-10-28 16.17.19 - A vibrant header image representing Mercer County, New Jersey's housing market. The image should feature a balanced mix of suburban homes, including .jpg

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.

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