Is Norristown, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, Norristown has remained a Neutral Market.
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
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
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $260K | $177.5K | -31.7% |
2 Bedrooms | $200K | $250K | +25.0% |
3 Bedrooms | $239.9K | $320K | +33.4% |
4 Bedrooms | $334.9K | $437K | +30.5% |
5+ Bedrooms | $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 | $240K | $320.9K | +33.7% |
West Norriton Township | $285K | $325K | +14.0% |
Plymouth Township | $455K | $500K | +9.9% |
Plymouth Meeting | $465K | $510K | +9.7% |
East Norriton Township | $350.5K | $351K | 0.1% |
Housing Supply in Norristown, PA
How many homes are available in Norristown, PA?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
275 | 277 | +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
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 3 | 4 | +33.3% |
2 Bedrooms | 40 | 41 | +2.5% |
3 Bedrooms | 123 | 123 | 0.0% |
4 Bedrooms | 73 | 74 | +1.4% |
5+ Bedrooms | 36 | 35 | -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 2024 | Feb 2024 | CHANGE |
---|---|---|
53 | 41 | -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
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 2023 | Feb 2024 | CHANGE |
---|---|---|
27 Days | 68 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
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.