Gloucester Township, NJ: Market Comparison (First 6 Months of 2022 vs. First 6 Months of 2023)

The real estate market in Gloucester Township, New Jersey, experienced some notable changes when comparing the first six months of 2022 to the first six months of 2023. Let's dive into the numbers and examine the key differences.

In the first half of 2022, a total of 469 homes were sold in Gloucester Township. These properties had an average sold price of $276,206, resulting in a total sales volume of $129,540,747. On average, homes spent about 25 days on the market, showcasing a relatively quick turnover. Among these sales, only 19 properties were distressed, indicating a relatively stable market with minimal distressed inventory.

However, the first half of 2023 witnessed a decrease in the number of homes sold, with 332 properties changing hands during this period. The average list price for these homes was slightly higher at $285,264. In terms of total sales volume, the figure amounted to a significant sum of $94 million, reflecting a substantial decrease from the previous year. This decrease may be attributed to the decreased number of homes sold combined with a slightly higher average list price. More likely, lack of inventory.

Another noteworthy change observed in the market was the increase in the average number of days a property spent on the market, which rose to 31 days in the first half of 2023. This indicates a slightly slower pace in selling homes compared to the previous year.

Regarding distressed properties, the first half of 2023 saw a slight decrease, with 14 distressed homes sold during this period. Although this change was relatively minor, it may suggest a slight shift in the market dynamics.

When analyzing the financing methods used for these transactions, it's worth noting that cash sales accounted for a significant portion of the market in both years, with 63 homes purchased with cash during the first half of 2023. Additionally, conventional mortgages were the most common financing option, representing 160 transactions. FHA loans were utilized for 92 home purchases, while VA loans were employed for 14 transactions.

Overall, the first six months of 2023 in Gloucester Township, NJ, exhibited some fluctuations compared to the same period in 2022. While the number of homes sold decreased, the average list price increased slightly. The market also witnessed a higher total sales volume in 2022. However, the presence of distressed properties remained relatively consistent. It is important to consider these factors when assessing the current state of the real estate market in Gloucester Township.

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