Is Penns Grove, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Penns Grove has remained a Seller's Market.
Key Takeaway
Penns Grove is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Penns Grove, NJ
How much do homes in Penns Grove, NJ cost?
Median Sold Price
$207,000
$164/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Penns Grove have sold for 12.8% more than they did a year ago.
Summary: The median home sold price in Penns Grove was $207,000 in May 2024, up 12.8% from last year, and the median price per square foot was $164.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $63.2K | $126K | +99.2% |
| 2 Bedrooms | $120K | $157.5K | +31.3% |
| 3 Bedrooms | $187.5K | $215K | +14.7% |
| 4 Bedrooms | $235K | $230K | -2.1% |
| 5+ Bedrooms | $244K | $140K | -42.6% |
Summary: Penns Grove housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 99.2%, 2 bedroom homes increased by 31.3%, 3 bedroom homes increased by 14.7%, 4 bedroom homes decreased by 2.1%, and 5+ bedroom homes decreased by 42.6%.
Median Sold Price Compared To Nearby Cities
| Wilmington | $267.5K | $316.6K | +18.4% |
| Carneys Point Township | $202.5K | $229K | +13.1% |
| Penns Grove | $183.5K | $207K | +12.8% |
Housing Supply in Penns Grove, NJ
How many homes are available in Penns Grove, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 56 | 65 | +16.1% |
Summary: The Penns Grove real estate market had 65 homes for sale in May 2024, a 16.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 12 | 15 | +25.0% |
| 3 Bedrooms | 29 | 34 | +17.2% |
| 4 Bedrooms | 10 | 13 | +30.0% |
| 5+ Bedrooms | 5 | 3 | -40.0% |
Summary: The Penns Grove 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 increased by 25%, 3 bedroom homes increased by 17.2%, 4 bedroom homes increased by 30%, and 5+ bedroom homes decreased by 40%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 12 | +71.4% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Penns Grove, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in Penns Grove in May 2024, up by 71.4% month-over-month. Of the 12 sold homes, 33% were sold under asking, 17% were sold at asking, and 50% were sold over asking.
Days on Market for Penns Grove, NJ
How long does it take to sell a home in Penns Grove, NJ?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 47 Days | 71 Days | +50.3% |
Summary: Homes in Penns Grove had an average of 71 days on market in May 2024, up by 50.3% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Penns Grove are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 12 homes were sold in Penns Grove; 42% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 42% 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.