Is Medford Township, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Medford Township was a Seller's Market.
Key Takeaway
Medford Township is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Medford Township, NJ
How much do homes in Medford Township, NJ cost?
Median Sold Price
$550,000
$228/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Medford Township have sold for 5.8% more than they did a year ago.
Summary: The median home sold price in Medford Township was $550,000 in May 2024, up 5.8% from last year, and the median price per square foot was $228.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $155K | $170K | +9.7% |
| 2 Bedrooms | $361K | $489.5K | +35.6% |
| 3 Bedrooms | $425K | $442.5K | +4.1% |
| 4 Bedrooms | $585K | $595K | +1.7% |
| 5+ Bedrooms | $615K | $750K | +22.0% |
Summary: Medford Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.7%, 2 bedroom homes increased by 35.6%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 1.7%, and 5+ bedroom homes increased by 22%.
Median Sold Price Compared To Nearby Cities
| Lumberton Township | $310K | $453K | +46.1% |
| Medford Lakes | $400K | $510K | +27.5% |
| Evesham Township | $363.6K | $420.3K | +15.6% |
| Medford | $501K | $550K | +9.8% |
| Medford Township | $520K | $550K | +5.8% |
Housing Supply in Medford Township, NJ
How many homes are available in Medford Township, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 92 | 97 | +5.4% |
Summary: The Medford Township real estate market had 97 homes for sale in May 2024, a 5.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 4 | 4 | 0.0% |
| 3 Bedrooms | 26 | 29 | +11.5% |
| 4 Bedrooms | 41 | 47 | +14.6% |
| 5+ Bedrooms | 20 | 16 | -20.0% |
Summary: The Medford Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 11.5%, 4 bedroom homes increased by 14.6%, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 23 | 12 | -47.8% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Medford Township, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in Medford Township in May 2024, down by 47.8% month-over-month. Of the 12 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.
Days on Market for Medford Township, NJ
How long does it take to sell a home in Medford Township, NJ?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 29 Days | 22 Days | -23.1% |
Summary: Homes in Medford Township had an average of 22 days on market in May 2024, down by 23.1% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Medford Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 12 homes were sold in Medford Township; 83% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
