Is Penns Grove, 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, Penns Grove was a Seller's Market.
Key Takeaway
Penns Grove is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Penns Grove, NJ
How much do homes in Penns Grove, NJ cost?
Median Sold Price
$200,000
$159/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Penns Grove have sold for 17.6% more than they did a year ago.
Summary: The median home sold price in Penns Grove was $200,000 in March 2024, up 17.6% from last year, and the median price per square foot was $159.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $58.5K | $124K | +112.0% |
| 2 Bedrooms | $109.5K | $149.9K | +36.9% |
| 3 Bedrooms | $170K | $215K | +26.5% |
| 4 Bedrooms | $270K | $231K | -14.4% |
| 5+ Bedrooms | $184.5K | $281.2K | +52.4% |
Summary: Penns Grove housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 112%, 2 bedroom homes increased by 36.9%, 3 bedroom homes increased by 26.5%, 4 bedroom homes decreased by 14.4%, and 5+ bedroom homes increased by 52.4%.
Median Sold Price Compared To Nearby Cities
| Wilmington | $236.3K | $308.2K | +30.4% |
| Penns Grove | $170K | $200K | +17.6% |
| Carneys Point Township | $205K | $215K | +4.9% |
Housing Supply in Penns Grove, NJ
How many homes are available in Penns Grove, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 93 | 97 | +4.3% |
Summary: The Penns Grove real estate market had 97 homes for sale in March 2024, a 4.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 11 | 12 | +9.1% |
| 3 Bedrooms | 50 | 54 | +8.0% |
| 4 Bedrooms | 24 | 23 | -4.2% |
| 5+ Bedrooms | 8 | 8 | 0.0% |
Summary: The Penns Grove housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 9.1%, 3 bedroom homes increased by 8%, 4 bedroom homes decreased by 4.2%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 11 | 11 | 0.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Penns Grove, you may be able to get a good deal. 45.5% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in Penns Grove in March 2024, the same as the previous month. Of the 11 sold homes, 45% were sold under asking, 9% were sold at asking, and 45% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 54 Days | 43 Days | -19.7% |
Summary: Homes in Penns Grove had an average of 43 days on market in Mar 2024, down by 19.7% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 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 March 2024, 11 homes were sold in Penns Grove; 73% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 18% 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 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 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.