The market data was just released for last month and — oh boy — was home price appreciation a hot topic 🔥. South Jersey is not shy of some severe home appreciation, especially since 2020 lockdowns caused an influx of city folk to move across the Delaware River in search of larger homes.
But now with those lockdowns in the rear view mirror and ~7% interest rates, you'd expect some "normalization". Not so fast: the year-over-year appreciation for many South Jersey towns is still mind-bogglingly high. Since June 2024's data was just released, let's talk about what we're seeing (view the full post on Facebook for more info):
Nationwide, we expect home price appreciation to be between 3% and 5%, on average. Looking at the year-over-year data from June 2023 to June 2024, homeowners in Camden County, New Jersey saw an average home appreciation of 9.5% — more than double industry standard.
Meanwhile Burlington County's average appreciation for the year was even higher: 11.6%. Essentially if you own a home in either of these counties you're making a sound investment. Let's look at some standout towns in those counties:
- Audubon NJ: average sold price is up 27.5%
- Barrington NJ: average sold price is up 24%
- Browns Mills NJ: average sold price is up 12%
- Medford NJ: average sold price is up 28.2%
- Mount Holly NJ: average sold price is up 22.7%
- Oaklyn NJ: average sold price is up a whopping 37.8%!
Needless to say, if you want a rapid (and accurate) free home valuation of your South Jersey home, send us a message here.
