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Gloucester Township, NJ Housing Market Report:     May 22-28, 2023


The Gloucester Township housing market in New Jersey experienced an interesting week from May 22 to May 28, 2023. Despite a decrease in the sold dollar volume compared to the previous year, the market has shown signs of strength and resilience. This report will delve into the statistics and trends that shaped the housing market during this period, highlighting key insights and developments.

Decrease in Sold Dollar Volume:
The sold dollar volume for the specified dates amounted to $4,348,050, a notable decrease from the previous year's figure of $8,260,500. This decline can be attributed to the lack of inventory available in the market. With fewer homes for sale, buyers faced limited options, leading to a decrease in overall sales activity.

Increase in Average List Price: 

The average list price in Gloucester Township saw a significant increase from the previous week, reaching $403,300. This surge represents a substantial rise from last year's average list price of $298,846. The upward trend in list prices indicates growing demand and the willingness of sellers to capitalize on the current market conditions.

Limited New Listings:
During this week, only six new homes were listed on the market in Gloucester Township. The scarcity of new listings further underscores the inventory challenges faced by homebuyers. With fewer options available, buyers may face increased competition, potentially leading to higher prices and a faster pace of sales.

Unit Sales:

Despite the limited inventory, the housing market in Gloucester Township remained active. Fifteen units were sold during the week, although this number was lower compared to the 26 units sold during the same period in 2022. The decrease in unit sales can be attributed to the lack of available homes for buyers to purchase.

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Average Days on Market:

The average days on market for sold homes in Gloucester Township stood at 38.4, indicating a slight increase compared to the previous year's average of 26 days. This lengthening of the selling period can be attributed to the limited supply, as buyers need more time to find suitable options. However, it is worth noting that homes are still selling relatively quickly, given the current market conditions.

Increase in Sellers' Original List Price:
Despite the challenges faced by buyers, sellers in Gloucester Township are benefiting from the current market dynamics. Sellers are receiving, on average, a 3.6% increase compared to their original list price this year. This indicates that the demand for homes in the area is strong, and buyers are willing to pay a premium for well-priced properties.

Outlook for June and July:
Looking ahead, the housing market in Gloucester Township shows promising signs for June and July of 2023. With limited inventory and strong buyer demand, it is likely that prices will continue to rise. Sellers can expect favorable conditions, with the potential for their properties to sell quickly and at attractive prices.

The Gloucester Township housing market faced challenges during the week of May 22-28, 2023, due to the lack of inventory. However, the market showed resilience, with an increase in average list prices and sellers' receiving higher prices compared to their original list price. Despite the decrease in unit sales and longer average days on market, June and July are expected to bring robust activity and positive outcomes for both buyers and sellers.

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