Is Norristown, PA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Norristown is a neutral's market

Buyer's
Market

Difference Since February 2023

Since last year, Norristown has remained a Neutral Market.

Key Takeaway

Norristown is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Norristown, PA

How much do homes in Norristown, PA cost?

Median Sold Price

$320,933

$201/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$80,933(+33.7%)

Key Takeaway

Homes in Norristown have sold for 33.7% more than they did a year ago.

Summary: The median home sold price in Norristown was $320,933 in February 2024, up 33.7% from last year, and the median price per square foot was $201.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $260K$177.5K
-31.7%
2 $200K$250K
+25.0%
3 $239.9K$320K
+33.4%
4 $334.9K$437K
+30.5%
5+ $242.5K$406.5K
+67.6%

Summary: Norristown housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 31.7%, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 33.4%, 4 bedroom homes increased by 30.5%, and 5+ bedroom homes increased by 67.6%.

Median Sold Price Compared To Nearby Cities

Norristown
+33.7%
West Norriton Township
+14.0%
Plymouth Township
+9.9%
Plymouth Meeting
+9.7%
East Norriton Township
0.1%

Housing Supply in Norristown, PA

How many homes are available in Norristown, PA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
275277+0.7%

Summary: The Norristown real estate market had 277 homes for sale in February 2024, a 0.7% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 34
+33.3%
2 4041
+2.5%
3 123123
0.0%
4 7374
+1.4%
5+ 3635
-2.8%

Summary: The Norristown housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 2.5%, 3 bedroom homes remained the same, 4 bedroom homes increased by 1.4%, and 5+ bedroom homes decreased by 2.8%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
5341-22.6%

Asking Price vs. Sold Price

17 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

18 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Norristown, you could pay more than the asking price. 43.9% of homes here sold above asking price last month.

Summary: A total of 41 homes were sold or pending in Norristown in February 2024, down by 22.6% month-over-month. Of the 41 sold homes, 41% were sold under asking, 15% were sold at asking, and 44% were sold over asking.

Days on Market for Norristown, PA

How long does it take to sell a home in Norristown, PA?

Average Sale Time

Feb 2023Feb 2024CHANGE
27 Days68 Days+145.4%

Summary: Homes in Norristown had an average of 68 days on market in Feb 2024, up by 145.4% compared to last year.

Breakdown of Home Sale Times

27 Homes Were Sold
Under 30 Days

11 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Norristown are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 41 homes were sold in Norristown; 66% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

Newest Listings in Norristown, PA

Nearby Markets to Norristown, PA

What housing markets are near Norristown, PA?