A Closer Look at the Gloucester Township NJ  Real Estate Market: 2022 vs 2023

Introduction:
The real estate market is ever-evolving, impacted by various factors, from economic conditions to buyer preferences. In this article, we will compare the real estate market data from January 1, 2022, through August 31, 2022, and the same dates in 2023, with a particular focus on the number of homes sold, average days on the market, average sold price, and buyer financing methods. By examining these trends, we can gain valuable insights into the market's performance and identify potential shifts. This data is from BrightMLS and may have errors but is deemed reliable. This is also only for Gloucester Township NJ for the dates 1/1/2022- 8/31/2022 and 2023 the same time frame. 

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Housing Market Trends in 2022:
In 2022, the housing market in all of Gloucester Twp NJ saw a total of 649 homes sold between January 1 and August 31. Buyers were keen on making quick moves, with an average days-on-market of just 25 days. The average sold price stood at $279,153, while the average list price was slightly lower at $270,089. This trend indicated a healthy market demand, with prices reaching around 3% above the initial asking price on average. 

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Buyer Financing in 2022:
Analyzing the buyer financing methods reveals interesting insights into the market landscape. Out of the homes sold, 110 buyers paid in cash. Conventional mortgages were the second most popular financing option, with 331 buyers opting for this route. Additionally, 152 buyers utilized FHA loans, and 41 buyers went through the VA loan process. The remaining buyers fell under the "other" category.

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Real Estate Market Outlook for 2023:
As we transition into 2023, certain shifts become apparent within the real estate market. From January 1 to August 31, the number of homes sold decreased to 455, suggesting a potential slowdown in market activity. There is a few reasons for this. Rising interest rates, or home sellers are just concerned that won't find another home to move to and they're not willing to give up their interest rate. The average days-on-market also increased to 32, indicating that homes were taking slightly longer to sell. I believe buyers are starting to "second guess" home prices.

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Impact on Average Sold and List Prices:
Despite the decline in the number of homes sold, the average sold price experienced a notable increase, rising to $293,521 in 2023. Simultaneously, the average list price increased to $290,311, which meant that sellers were receiving offers approximately 1% above their initial asking price. This may indicate a potential indication that the market is approaching a peak.

Changing Buyer Financing Preferences:
When examining the buyer financing methods in 2023, a notable shift can be observed. While the number of cash buyers decreased to 87, the popularity of conventional mortgages decreased, (of course we have less homes sold) with 216 buyers opting for this financing method. Additionally, 119 buyers utilized FHA loans, and 19 buyers turned to VA loans. The remaining buyers fell under the "other" category, showcasing a varied range of financing options.

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Conclusion:
The real estate market is influenced by various factors, driving its fluctuations and shaping trends. Comparing data from January 1, 2022, through August 31, 2023, enables us to identify significant changes in the market. In 2022, we witnessed robust activity with a high number of homes sold, quick transactions, and prices consistently exceeding the asking price. However, in 2023, we noticed a decline in the number of homes sold, longer days-on-market, and a potential plateau in average sold prices. These changes suggest that the market may be approaching a peak, calling for cautious observation and analysis as we move forward.

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Gloucester Twp NJ

Contact Dave Sulvetta 856.889.8163

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