Is Norristown, PA 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, 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
$201/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Norristown have sold for 32.7% more than they did a year ago.
Summary: The median home sold price in Norristown was $325,000 in March 2024, up 32.7% from last year, and the median price per square foot was $201.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $260K | $175K | -32.7% |
| 2 Bedrooms | $212.5K | $250K | +17.6% |
| 3 Bedrooms | $245K | $320K | +30.6% |
| 4 Bedrooms | $334.9K | $440.5K | +31.5% |
| 5+ Bedrooms | $242.5K | $420.4K | +73.4% |
Summary: Norristown housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 32.7%, 2 bedroom homes increased by 17.6%, 3 bedroom homes increased by 30.6%, 4 bedroom homes increased by 31.5%, and 5+ bedroom homes increased by 73.4%.
Median Sold Price Compared To Nearby Cities
| Norristown | $245K | $325K | +32.7% |
| West Norriton Township | $281K | $335K | +19.2% |
| Plymouth Meeting | $470K | $507.5K | +8.0% |
| Plymouth Township | $466.2K | $497.5K | +6.7% |
| East Norriton Township | $352K | $354K | +0.6% |
Housing Supply in Norristown, PA
How many homes are available in Norristown, PA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 288 | 295 | +2.4% |
Summary: The Norristown real estate market had 295 homes for sale in March 2024, a 2.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 2 | -50.0% |
| 2 Bedrooms | 41 | 45 | +9.8% |
| 3 Bedrooms | 130 | 133 | +2.3% |
| 4 Bedrooms | 77 | 79 | +2.6% |
| 5+ Bedrooms | 36 | 36 | 0.0% |
Summary: The Norristown housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 9.8%, 3 bedroom homes increased by 2.3%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 40 | 52 | +30.0% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
26 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Norristown, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 52 homes were sold or pending in Norristown in March 2024, up by 30.0% month-over-month. Of the 52 sold homes, 35% were sold under asking, 15% were sold at asking, and 50% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 25 Days | 25 Days | 0.4% |
Summary: Homes in Norristown had an average of 25 days on market in Mar 2024, up by 0.4% compared to last year.
Breakdown of Home Sale Times
40 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
3 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 March 2024, 52 homes were sold in Norristown; 77% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
