Is Medford, 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, Medford was a Seller's Market.
Key Takeaway
Medford is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Medford, NJ
How much do homes in Medford, NJ cost?
Median Sold Price
$545,000
$226/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Medford have sold for 7.1% more than they did a year ago.
Summary: The median home sold price in Medford was $545,000 in March 2024, up 7.1% from last year, and the median price per square foot was $226.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $156K | $170K | +9.0% |
| 2 Bedrooms | $361K | $480K | +33.0% |
| 3 Bedrooms | $422.5K | $439K | +3.9% |
| 4 Bedrooms | $585K | $600K | +2.6% |
| 5+ Bedrooms | $610K | $615K | +0.8% |
Summary: Medford housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9%, 2 bedroom homes increased by 33%, 3 bedroom homes increased by 3.9%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes increased by 0.8%.
Median Sold Price Compared To Nearby Cities
| Lumberton Township | $315K | $426K | +35.2% |
| Medford Lakes | $407.5K | $455K | +11.7% |
| Evesham Township | $365K | $406.7K | +11.4% |
| Medford | $509K | $545K | +7.1% |
| Medford Township | $522.5K | $545K | +4.3% |
Housing Supply in Medford, NJ
How many homes are available in Medford, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 121 | 120 | -0.8% |
Summary: The Medford real estate market had 120 homes for sale in March 2024, a 0.8% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 2 | -33.3% |
| 2 Bedrooms | 7 | 8 | +14.3% |
| 3 Bedrooms | 34 | 28 | -17.6% |
| 4 Bedrooms | 53 | 52 | -1.9% |
| 5+ Bedrooms | 24 | 30 | +25.0% |
Summary: The Medford housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 14.3%, 3 bedroom homes decreased by 17.6%, 4 bedroom homes decreased by 1.9%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 21 | 17 | -19.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Medford, you could pay more than the asking price. 70.6% of homes here sold above asking price last month.
Summary: A total of 17 homes were sold or pending in Medford in March 2024, down by 19.0% month-over-month. Of the 17 sold homes, 12% were sold under asking, 18% were sold at asking, and 71% were sold over asking.
Days on Market for Medford, NJ
How long does it take to sell a home in Medford, NJ?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 24 Days | 20 Days | -16.0% |
Summary: Homes in Medford had an average of 20 days on market in Mar 2024, down by 16% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Medford are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 17 homes were sold in Medford; 82% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
