Mercer County Real Estate Market Update – June 2024

Hey everyone! Just wanted to share the latest on what’s happening in the Mercer County real estate market as of June 2024. Whether you’re thinking about buying or selling, these trends are super important to know.

Market Highlights:

1. Average Sales Price: The average sales price has jumped to $716,000, which is up by a whopping 39%. This means homes are in high demand, pushing prices up.
2. Median List Price: The median list price is now $450,000, a 4% increase. Sellers are definitely catching on to the hot market and adjusting their prices accordingly.
3. Sales Price to List Price Ratio: Homes are selling for about 105.8% of their list price, up 2%. Basically, properties are often going for more than the asking price, showing just how competitive things are right now.
4. Average Days on Market: Homes are flying off the market, with the average time dropping to just 17 days—a 51% decrease. So if you’re thinking about buying, be ready to move fast!
5. Number of Properties for Sale: There are currently 653 properties listed, a 47% increase. While this gives buyers more options, the competition is still fierce.

What This Means for You:

For buyers, it’s a hot market out there! Make sure you have your financing in order and be prepared to make quick decisions. Offering above the asking price might also give you an edge.

For sellers, now’s a fantastic time to list your home. With high demand and rising prices, you can get great offers and sell quickly.

As always, staying informed and working with a real estate pro can make all the difference. If you have any questions or want to chat about your real estate goals, I’m here for you.

Let’s Connect!

Got questions or need more info about the June 2024 report or do you want data for another NJ area? Let me know and I’ll get that over to you.  And don’t forget to check out my other articles and resources for the latest updates (CLICK HERE to access my blog). Want weekly market info? Let’s connect on Instagram (CLICK HERE to connect on Instagram).  Happy house hunting!