Is Mercer County, 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, Mercer County was a Seller's Market.
Key Takeaway
Mercer County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Mercer County, NJ
How much do homes in Mercer County, NJ cost?
Median Sold Price
$402,519
$253/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Mercer County have sold for 6% more than they did a year ago.
Summary: The median home sold price in Mercer County was $402,519 in March 2024, up 6% from last year, and the median price per square foot was $253.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $172K | $190K | +10.5% |
| 2 Bedrooms | $283.3K | $319.9K | +12.9% |
| 3 Bedrooms | $364.4K | $395K | +8.4% |
| 4 Bedrooms | $525K | $543.5K | +3.5% |
| 5+ Bedrooms | $782.5K | $851.6K | +8.8% |
Summary: Mercer County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.5%, 2 bedroom homes increased by 12.9%, 3 bedroom homes increased by 8.4%, 4 bedroom homes increased by 3.5%, and 5+ bedroom homes increased by 8.8%.
Median Sold Price Compared To Nearby Counties
| Middlesex County | $440K | $479.9K | +9.1% |
| Monmouth County | $575K | $624.7K | +8.6% |
| Burlington County | $325.2K | $350.7K | +7.8% |
| Mercer County | $379.6K | $402.5K | +6.0% |
| Bucks County | $445.1K | $459.3K | +3.2% |
Housing Supply in Mercer County, NJ
How many homes are available in Mercer County, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1,396 | 1,441 | +3.2% |
Summary: The Mercer County real estate market had 1,441 homes for sale in March 2024, a 3.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 30 | 37 | +23.3% |
| 2 Bedrooms | 241 | 244 | +1.2% |
| 3 Bedrooms | 551 | 544 | -1.3% |
| 4 Bedrooms | 397 | 416 | +4.8% |
| 5+ Bedrooms | 177 | 200 | +13.0% |
Summary: The Mercer County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 23.3%, 2 bedroom homes increased by 1.2%, 3 bedroom homes decreased by 1.3%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes increased by 13%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 195 | 194 | -0.5% |
Asking Price vs. Sold Price
62 Homes Were Sold
Under Asking
23 Homes Were Sold
At Asking
108 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Mercer County, you could pay more than the asking price. 56% of homes here sold above asking price last month.
Summary: A total of 194 homes were sold or pending in Mercer County in March 2024, down by 0.5% month-over-month. Of the 193 sold homes, 32% were sold under asking, 12% were sold at asking, and 56% were sold over asking.
Days on Market for Mercer County, NJ
How long does it take to sell a home in Mercer County, NJ?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 38 Days | 33 Days | -12.2% |
Summary: Homes in Mercer County had an average of 33 days on market in Mar 2024, down by 12.2% compared to last year.
Breakdown of Home Sale Times
121 Homes Were Sold
Under 30 Days
48 Homes Were Sold
In 30 - 90 Days
16 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Mercer County are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 194 homes were sold in Mercer County; 62% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
The data relating to real estate for sale on this web-site comes in part from the Internet Listing Display database of the CENTRAL JERSEY MULTIPLE LISTING SYSTEM. Real estate listings held by brokerage firms other than this site-owner are marked with the ILD logo. The CENTRAL JERSEY MULTIPLE LISTING SYSTEM does not warrant the accuracy, quality, reliability, suitability, completeness, usefulness or effectiveness of any information provided. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify properties the consumer may be interested in purchasing or renting. Copyright 2024, CENTRAL JERSEY MULTIPLE LISTING SYSTEM. All Rights Reserved. The CENTRAL JERSEY MULTIPLE LISTING SYSTEM retains all rights, title and interest in and to its trademarks, service marks and copyrighted material.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Monmouth/Ocean MLS Monmouth County Association Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. Copyright © 2024 Monmouth/Ocean MLS Monmouth County Association Board of Realtors. All Rights Reserved.
Disclaimer: The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than Rocket Homes Real Estate, LLC are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website.