Is Salem 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, Salem County was a Neutral Market.
Key Takeaway
Salem County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Salem County, NJ
How much do homes in Salem County, NJ cost?
Median Sold Price
$250,000
$170/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Salem County have sold for 11.6% more than they did a year ago.
Summary: The median home sold price in Salem County was $250,000 in March 2024, up 11.6% from last year, and the median price per square foot was $170.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $70K | $124K | +77.1% |
| 2 Bedrooms | $159K | $177.4K | +11.6% |
| 3 Bedrooms | $219.5K | $255K | +16.2% |
| 4 Bedrooms | $299K | $300K | 0.3% |
| 5+ Bedrooms | $305K | $289.9K | -5.0% |
Summary: Salem County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 77.1%, 2 bedroom homes increased by 11.6%, 3 bedroom homes increased by 16.2%, 4 bedroom homes increased by 0.3%, and 5+ bedroom homes decreased by 5%.
Median Sold Price Compared To Nearby Counties
| Salem County | $223.9K | $250K | +11.6% |
| Cumberland County | $220.3K | $239.9K | +8.9% |
| Gloucester County | $290.6K | $315K | +8.4% |
| New Castle County | $327.6K | $341.3K | +4.2% |
Housing Supply in Salem County, NJ
How many homes are available in Salem County, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 497 | 503 | +1.2% |
Summary: The Salem County real estate market had 503 homes for sale in March 2024, a 1.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 4 | 0.0% |
| 2 Bedrooms | 69 | 75 | +8.7% |
| 3 Bedrooms | 248 | 250 | +0.8% |
| 4 Bedrooms | 135 | 136 | +0.7% |
| 5+ Bedrooms | 41 | 38 | -7.3% |
Summary: The Salem County 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 8.7%, 3 bedroom homes increased by 0.8%, 4 bedroom homes increased by 0.7%, and 5+ bedroom homes decreased by 7.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 46 | 59 | +28.3% |
Asking Price vs. Sold Price
22 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
28 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem County, you could pay more than the asking price. 47.5% of homes here sold above asking price last month.
Summary: A total of 59 homes were sold or pending in Salem County in March 2024, up by 28.3% month-over-month. Of the 59 sold homes, 37% were sold under asking, 15% were sold at asking, and 47% were sold over asking.
Days on Market for Salem County, NJ
How long does it take to sell a home in Salem County, NJ?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 66 Days | 44 Days | -32.8% |
Summary: Homes in Salem County had an average of 44 days on market in Mar 2024, down by 32.8% compared to last year.
Breakdown of Home Sale Times
39 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Salem County are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 59 homes were sold in Salem County; 66% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 17% 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. 
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.