Is Margate City, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Margate City was a Seller's Market.
Key Takeaway
Margate City is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Margate City, NJ
How much do homes in Margate City, NJ cost?
Median Sold Price
$975,000
$533/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Margate City have sold for 18.9% more than they did a year ago.
Summary: The median home sold price in Margate City was $975,000 in March 2024, up 18.9% from last year, and the median price per square foot was $533.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $320K | $392.5K | +22.7% |
| 2 Bedrooms | $455K | $539.2K | +18.5% |
| 3 Bedrooms | $769.7K | $875K | +13.7% |
| 4 Bedrooms | $985K | $1.1M | +11.7% |
| 5+ Bedrooms | $2.1M | $2.0M | -7.7% |
Summary: Margate City housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.7%, 2 bedroom homes increased by 18.5%, 3 bedroom homes increased by 13.7%, 4 bedroom homes increased by 11.7%, and 5+ bedroom homes decreased by 7.7%.
Median Sold Price Compared To Nearby Cities
| Margate City | $820K | $975K | +18.9% |
| Egg Harbor Township | $339.3K | $373.3K | +10.0% |
| Ventnor City | $455K | $485K | +6.6% |
Housing Supply in Margate City, NJ
How many homes are available in Margate City, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 106 | 113 | +6.6% |
Summary: The Margate City real estate market had 113 homes for sale in March 2024, a 6.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 7 | -12.5% |
| 2 Bedrooms | 14 | 18 | +28.6% |
| 3 Bedrooms | 22 | 24 | +9.1% |
| 4 Bedrooms | 24 | 23 | -4.2% |
| 5+ Bedrooms | 38 | 41 | +7.9% |
Summary: The Margate City housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 12.5%, 2 bedroom homes increased by 28.6%, 3 bedroom homes increased by 9.1%, 4 bedroom homes decreased by 4.2%, and 5+ bedroom homes increased by 7.9%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 14 | 19 | +35.7% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Margate City, you may be able to get a good deal. 55.6% of homes here sold below asking price last month.
Summary: A total of 19 homes were sold or pending in Margate City in March 2024, up by 35.7% month-over-month. Of the 18 sold homes, 56% were sold under asking, 22% were sold at asking, and 22% were sold over asking.
Days on Market for Margate City, NJ
How long does it take to sell a home in Margate City, NJ?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 48 Days | 66 Days | +37.1% |
Summary: Homes in Margate City had an average of 66 days on market in Mar 2024, up by 37.1% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Margate City are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 19 homes were sold in Margate City; 53% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 32% 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.