It's no surprise to anyone trying to buy a home in 08108 that home prices are extravagant. Significant price appreciation actually started before the pandemic, but those lockdowns and unprecented times certainly excaberated the situation.
Demand for Collingswood and Haddon Township has been through the roof since 2020, as many people were looking to escape Philadelphia and find more space and bigger yards—while still enjoying the walkability and downtown scene that they loved in the city. The 08108 zipcode offered the best of both worlds, and the demand for this area sent home prices skyrocketing.
Just one example of this is 209 N Vineyard in Collingswood:
JFKLiving Team Lead Jeremiah Kobelka helped his clients purchase this single family home in the heart of Collingswood in 2019.
With some wonderful updates, it was listed for sale right before the holidays for $370,000. Mid-January, there was a price cut to $365,000... which is when Jeremiah and his client swooped in and secured the home for $356,000! (That's a saving of $14,000 from the original list price—amazing how much negotiating power you have on a home that's been sitting on the market for a month!).
His clients lived in and loved the home for over 4 years, but it was time to find something a bit bigger in 2024. So Jeremiah ran a home equity report for them, and they were overwhelmed to discover they had significant equity in the home due to their home appreciating in price over the years!
So Jeremiah began the process of listing this Collingswood property for sale. It was listed on the market on April 5th, 2024 for $550,000...
...and after so much amazing feedback and multiple offers, they sold and closed on the home at $601,000, fetching them $51,000 over-list price, and a $245,000 profit from what they bought it for! (Okay, so it didn't quite double in price, but it was very close!).
With home prices being so high, many buyers are feeling the struggle of not being able to afford to live in the town they really want to be in.
RELATED POST: WHAT IF YOU CAN'T AFFORD THE HOME YOU WANT?
It's not all bad news though. There are opportunities to be had in South Jersey, and you can find many of them in our Deal Of The Week newsletter.
And if you want to pick our brains on the South Jersey housing market, or want to strategize how you can get into the area you want to live in, you can message The JFKLiving Team here.
