Is Mercer County, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Mercer County has remained a Seller's Market.
Housing Prices in Mercer County, NJ
How much do homes in Mercer County, NJ cost?
Median Sold Price
$409,598
$256/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Mercer County was $409,598 in April 2024, up 8% from last year, and the median price per square foot was $256.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $170K | $196K | +15.3% |
2 Bedrooms | $284.7K | $320.2K | +12.5% |
3 Bedrooms | $365K | $399.1K | +9.3% |
4 Bedrooms | $520.6K | $554.6K | +6.5% |
5+ Bedrooms | $760K | $860K | +13.2% |
Summary: Mercer County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.3%, 2 bedroom homes increased by 12.5%, 3 bedroom homes increased by 9.3%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 13.2%.
Median Sold Price Compared To Nearby Counties
Middlesex County | $440K | $485.4K | +10.3% |
Burlington County | $325.5K | $355K | +9.0% |
Monmouth County | $580K | $627.9K | +8.3% |
Mercer County | $379.2K | $409.5K | +8.0% |
Bucks County | $446.5K | $460K | +3.0% |
Housing Supply in Mercer County, NJ
How many homes are available in Mercer County, NJ?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
940 | 1,025 | +9.0% |
Summary: The Mercer County real estate market had 1,025 homes for sale in April 2024, a 9.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 26 | 21 | -19.2% |
2 Bedrooms | 166 | 167 | +0.6% |
3 Bedrooms | 374 | 393 | +5.1% |
4 Bedrooms | 262 | 313 | +19.5% |
5+ Bedrooms | 112 | 131 | +17.0% |
Summary: The Mercer County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 19.2%, 2 bedroom homes increased by 0.6%, 3 bedroom homes increased by 5.1%, 4 bedroom homes increased by 19.5%, and 5+ bedroom homes increased by 17%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
231 | 193 | -16.5% |
Asking Price vs. Sold Price
48 Homes Were Sold
Under Asking
20 Homes Were Sold
At Asking
125 Homes Were Sold
Over Asking
Summary: A total of 193 homes were sold or pending in Mercer County in April 2024, down by 16.5% month-over-month. Of the 193 sold homes, 25% were sold under asking, 10% were sold at asking, and 65% were sold over asking.
Days on Market for Mercer County, NJ
How long does it take to sell a home in Mercer County, NJ?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
30 Days | 29 Days | -4.7% |
Summary: Homes in Mercer County had an average of 29 days on market in Apr 2024, down by 4.7% compared to last year.
Breakdown of Home Sale Times
131 Homes Were Sold
Under 30 Days
37 Homes Were Sold
In 30 - 90 Days
16 Homes Were Sold
Over 90 Days
Summary: During April 2024, 193 homes were sold in Mercer County; 68% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.