Is Salem County, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Salem County was a Seller's Market.
Key Takeaway
Salem County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Salem County, NJ
How much do homes in Salem County, NJ cost?
Median Sold Price
$252,000
$171/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Salem County have sold for 12% more than they did a year ago.
Summary: The median home sold price in Salem County was $252,000 in April 2024, up 12% from last year, and the median price per square foot was $171.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $70K | $124K | +77.1% |
| 2 Bedrooms | $159K | $179.9K | +13.2% |
| 3 Bedrooms | $220K | $255K | +15.9% |
| 4 Bedrooms | $287K | $300.5K | +4.7% |
| 5+ Bedrooms | $300K | $288K | -4.0% |
Summary: Salem County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 77.1%, 2 bedroom homes increased by 13.2%, 3 bedroom homes increased by 15.9%, 4 bedroom homes increased by 4.7%, and 5+ bedroom homes decreased by 4%.
Median Sold Price Compared To Nearby Counties
| Salem County | $225K | $252K | +12.0% |
| Gloucester County | $290.6K | $318.1K | +9.5% |
| Cumberland County | $224.6K | $240K | +6.8% |
| New Castle County | $329.8K | $345K | +4.6% |
Housing Supply in Salem County, NJ
How many homes are available in Salem County, NJ?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 262 | 245 | -6.5% |
Summary: The Salem County real estate market had 245 homes for sale in April 2024, a 6.5% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 45 | 42 | -6.7% |
| 3 Bedrooms | 126 | 123 | -2.4% |
| 4 Bedrooms | 73 | 63 | -13.7% |
| 5+ Bedrooms | 18 | 17 | -5.6% |
Summary: The Salem County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 6.7%, 3 bedroom homes decreased by 2.4%, 4 bedroom homes decreased by 13.7%, and 5+ bedroom homes decreased by 5.6%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 76 | 34 | -55.3% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem County, you may be able to get a good deal. 41.2% of homes here sold below asking price last month.
Summary: A total of 34 homes were sold or pending in Salem County in April 2024, down by 55.3% month-over-month. Of the 34 sold homes, 41% were sold under asking, 21% were sold at asking, and 38% were sold over asking.
Days on Market for Salem County, NJ
How long does it take to sell a home in Salem County, NJ?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 49 Days | 65 Days | +32.5% |
Summary: Homes in Salem County had an average of 65 days on market in Apr 2024, up by 32.5% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
8 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Salem County are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 34 homes were sold in Salem County; 59% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 24% of homes were sold over 90 days.
Disclaimer: The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the South Jersey Shore Regional (SJSR) MLS. Real estate listings held by brokerage firms are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. © 2024 SJSR MLS. All rights reserved. 
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Monmouth/Ocean MLS Monmouth County Association Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. Copyright © 2024 Monmouth/Ocean MLS Monmouth County Association Board of Realtors. All Rights Reserved.