"I can't afford to buy a house." ⬅️ The sentiment echoing around first time homebuyers in South Jersey. Particularly in Burlington County and Camden County, we've seen an incredible rise in home prices over the last 5 years. Let's take a look at some data:
We ran the numbers and while we were expecting a decent difference between a 'normal' market and today in South Jersey, we were still shocked (for this comparison, we are using 2018 as an example of a more 'normal' market):
- During the third week of July in 2018, the combined number of Active and Coming Soon listings in Burlington + Camden Counties was 5,655
- On 7/16/2024, the combined number of Active and Coming Soon listings in Burlington + Camden Counties was 1,323
- That is 4,332 homes for sale we're missing from the market to help us achieve a more balanced South Jersey real estate market!
And this is why homes are expensive. We've seen expotential shrinking “inventory” (what real estate professionals call the number of homes that are listed as Active or Coming Soon on the market), and yet the demand to live in South Jersey has not stopped… if anything it’s grown since the pandemic as lockdowns triggered more and more Philadelphians to cross the Delaware into South Jersey looking for more space and bigger yards.
While it might appear that the market is slowing down as we’ve gone from spring into summer (and, naturally, it has) homes in 08108 and the surrounding area that are presented well, staged well, and priced right are still flying off the market in a weekend and receiving multiple offers.
If you're looking to sell your home in South Jersey, or need help finding your next home, send The JFKLiving Team a message here.
