Mercer County Real Estate Market Update – October 2024

10/27/2024

Hey everyone! Here’s a update of the Mercer County real estate market as of October 2024. Whether you’re thinking about buying or selling, these trends are super important to know.

The real estate market in Mercer County, NJ, saw some interesting trends in October 2024. Here’s a breakdown of the key statistics:

1. Average Sales Price: The average sales price for properties, including single-family homes, townhomes, and condominiums, is $539,000, showing a 10% decrease compared to previous months.
2. Median List Price: The median list price has increased by 2% to $450,000, suggesting that sellers remain optimistic about property values.
3. Sales Price to List Price Ratio: Properties are selling at about 102.2% of their list prices.  Competitive offers are still common in this market.
4. Average Days on Market: Homes are selling faster, with an average of 24 days on the market, showing a 3% decrease. This suggests that demand remains steady.
5. Number of Properties for Sale: The inventory has grown significantly, with a 25% increase, bringing the total number of properties for sale to 705. This rise in available properties could mean more opportunities for buyers.

What This Means for You:

Buyers have more options and potential negotiating power due to increased inventory and lower prices, but they should still act quickly as desirable homes remain competitive and sell fast.

Sellers need to price competitively and focus on effective marketing due to increased inventory, but well-presented homes can still sell quickly in a market with steady demand.

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 October 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!