The September 2024 housing market in Collingswood — based off the 08108 zip code — has seen a series of dynamic shifts that both buyers and sellers need to understand to stay ahead.
Here's a detailed breakdown of the most important statistics from last month to help you make informed decisions, whether you're buying or selling a house in Collingswood.
1. The average home sale price dropped by 18%
The average home sale price in September was $459,229, representing a significant 18% drop compared to the previous month. This may present an opportunity for buyers to find more affordable deals as the market cools (likely due to an abundance of potential-movers being occupied with back to school life).
2. The number of properties sold increased by 21%
Sales volume picked up with 17 properties sold, marking a 21% increase from August 2024. This indicates that demand remains strong, with buyers taking advantage of more attractive price points.
3. The average days on market surged by 67%
On average, properties in Collingswood spent 30 days on the market in September, which is a 67% increase from the prior month! That's a huge difference! However, with fall being a typically busier time in the South Jersey housing market, it's possible this number will drop back down again as we move through October and into November. If you're thinking about selling, consider staging your home professionally to fetch a higher offer and shorter days on market.
RELATED POST: HOW TO MAKE YOUR PROPERTY STAND OUT IN THE MARKET
4. New listings align with 5 year averages
In September, we saw 22 new properties listed. This number is just shy of the 5 year average of 23 listings. This suggests that, while new supply remains steady, sellers may need to be more strategic with pricing given the extended time on market.
5. What were the Neighborhood Highlights?
Let's break down Collingswood, New Jersey into some more specific neighborhoods:
- Bluebird: Home values increased by 8.2%, reaching $446,500
- Cooper River Park: Prices climbed to $375,500, up 14.7%
- Emerald Hills: The median sale price rose to $602,500, a whopping 28.2% increase from 2023
What Does This Mean for You?
Whether you're planning to buy or sell, it’s crucial to understand the numbers. Buyers can take advantage of lower prices, but should expect more competition as we move into fall. Sellers may need to adjust their strategies to navigate longer market times — such as pricing more competitively and thinking about staging tactics to ensure their home looks the best it can.
If you want to discuss your moving strategy, message The JFKLiving Team here.
