Is Pennsauken Township, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Pennsauken Township has remained a Seller's Market.
Key Takeaway
Pennsauken Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Pennsauken Township, NJ
How much do homes in Pennsauken Township, NJ cost?
Median Sold Price
$282,500
$193/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Pennsauken Township have sold for 9.3% more than they did a year ago.
Summary: The median home sold price in Pennsauken Township was $282,500 in March 2024, up 9.3% from last year, and the median price per square foot was $193.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $220K | $230K | +4.6% |
| 2 Bedrooms | $180K | $214.5K | +19.2% |
| 3 Bedrooms | $255K | $280K | +9.8% |
| 4 Bedrooms | $280K | $317K | +13.2% |
| 5+ Bedrooms | $300K | $307.4K | +2.5% |
Summary: Pennsauken Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.6%, 2 bedroom homes increased by 19.2%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 13.2%, and 5+ bedroom homes increased by 2.5%.
Median Sold Price Compared To Nearby Cities
| Pennsauken | $229K | $260K | +13.5% |
| Pennsauken Township | $258.5K | $282.5K | +9.3% |
| Cinnaminson Township | $365K | $379.9K | +4.1% |
| Palmyra | $260K | $250K | -3.8% |
| Merchantville | $373K | $315K | -15.5% |
Housing Supply in Pennsauken Township, NJ
How many homes are available in Pennsauken Township, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 152 | 169 | +11.2% |
Summary: The Pennsauken Township real estate market had 169 homes for sale in March 2024, a 11.2% 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 | 14 | 13 | -7.1% |
| 3 Bedrooms | 88 | 102 | +15.9% |
| 4 Bedrooms | 37 | 40 | +8.1% |
| 5+ Bedrooms | 13 | 14 | +7.7% |
Summary: The Pennsauken Township 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 decreased by 7.1%, 3 bedroom homes increased by 15.9%, 4 bedroom homes increased by 8.1%, and 5+ bedroom homes increased by 7.7%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 15 | 29 | +93.3% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Pennsauken Township, you could pay more than the asking price. 44.8% of homes here sold above asking price last month.
Summary: A total of 29 homes were sold or pending in Pennsauken Township in March 2024, up by 93.3% month-over-month. Of the 29 sold homes, 38% were sold under asking, 17% were sold at asking, and 45% were sold over asking.
Days on Market for Pennsauken Township, NJ
How long does it take to sell a home in Pennsauken Township, NJ?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 40 Days | 41 Days | +2.7% |
Summary: Homes in Pennsauken Township had an average of 41 days on market in Mar 2024, up by 2.7% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Pennsauken Township are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 29 homes were sold in Pennsauken Township; 59% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.
