Realtor Jon Swartz of RE/MAX has seen houses in South Jersey sell for wildly high prices, but he says buyers are starting to question how much they’re willing to pay for new homes.
The Philadelphia Business Journal spoke to Swartz in the latest installment of the PBJ series outlining residential real estate trends throughout Greater Philadelphia.
South Jersey counties saw the biggest uptick in median sale prices out of the entire Philadelphia region in September, increasing double-digit percentage points over the prior year, according to data from MarketStats by ShowingTime based on listing activity from Bright MLS. The median sale price in Burlington County increased 15.5% to $305,000, Camden County’s sale prices rose 11.6% to $251,000 and Gloucester County prices surged nearly 20% to $274,000. Burlington County’s median sale price hit a 10-year high last month.
The culprit for the high prices is the same as in much of the country: low inventory, reports PBJ.com.
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Inventory in South Jersey picked up a bit in the summer, but it fell again in September, Swartz said. The number of new listings fell across the board in South Jersey — down 13.8% in Burlington County (769 homes listed), down 8.5% in Camden County (747 homes listed) and down 14.8% in Gloucester County (467 homes listed).
“Anything we put up, we’ve been moving pretty quickly,” Swartz said.
PBJ.com dives deeper into the South Jersey real estate market being "on a tear" during the COVID-19 pandemic.