Is Norristown, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Norristown has remained a Seller's Market.
Key Takeaway
Norristown is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Norristown, PA
How much do homes in Norristown, PA cost?
Median Sold Price
$325,000
$202/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Norristown have sold for 25% more than they did a year ago.
Summary: The median home sold price in Norristown was $325,000 in April 2024, up 25% from last year, and the median price per square foot was $202.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $180K | $175K | -2.8% |
| 2 Bedrooms | $220K | $250K | +13.6% |
| 3 Bedrooms | $260K | $320K | +23.1% |
| 4 Bedrooms | $356K | $435K | +22.2% |
| 5+ Bedrooms | $245K | $431.4K | +76.1% |
Summary: Norristown housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.8%, 2 bedroom homes increased by 13.6%, 3 bedroom homes increased by 23.1%, 4 bedroom homes increased by 22.2%, and 5+ bedroom homes increased by 76.1%.
Median Sold Price Compared To Nearby Cities
| Norristown | $260K | $325K | +25.0% |
| West Norriton Township | $290K | $335K | +15.5% |
| Plymouth Meeting | $468.7K | $516.1K | +10.1% |
| Plymouth Township | $465K | $500K | +7.5% |
| East Norriton Township | $353.5K | $353K | -0.1% |
Housing Supply in Norristown, PA
How many homes are available in Norristown, PA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 186 | 207 | +11.3% |
Summary: The Norristown real estate market had 207 homes for sale in April 2024, a 11.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 30 | 46 | +53.3% |
| 3 Bedrooms | 86 | 93 | +8.1% |
| 4 Bedrooms | 47 | 45 | -4.3% |
| 5+ Bedrooms | 21 | 20 | -4.8% |
Summary: The Norristown housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 53.3%, 3 bedroom homes increased by 8.1%, 4 bedroom homes decreased by 4.3%, and 5+ bedroom homes decreased by 4.8%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 61 | 48 | -21.3% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
21 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Norristown, you could pay more than the asking price. 43.8% of homes here sold above asking price last month.
Summary: A total of 48 homes were sold or pending in Norristown in April 2024, down by 21.3% month-over-month. Of the 48 sold homes, 33% were sold under asking, 23% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 16 Days | 29 Days | +75.2% |
Summary: Homes in Norristown had an average of 29 days on market in Apr 2024, up by 75.2% compared to last year.
Breakdown of Home Sale Times
42 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Norristown are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 48 homes were sold in Norristown; 88% of homes were sold within 30 days, 2% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
