As we step into the new year, I always take a moment to review the performance of the real estate market over the past 12 months. I want to share a summary with you. Regardless of your intent to buy or sell a home in the next year, understanding real estate trends is an important factor in our local economy that we should all strive to stay educated on.

Remember, I service both New Jersey and Pennsylvania. In this post, I will review the neighborhoods I most frequently serve on both sides of the Delaware river. If your neighborhood is not included, but you would like a breakdown of your local market trends, please feel free to reach out to me!

New Jersey 2018 Real Estate Market

This section is a review of Camden County, NJ. Across Camden County, 2018 saw a decrease in housing inventory, while there was an increase is property market values. The following series of statistics have been pulled from Bright MLS and provide a comparison of the real estate market over the past three years.

UNITS LISTED = Number of residential homes listed for sale

SETTLED = Number of residential homes that sold

DOM = Average Days On Market

AVERAGE SOLD PRICE = Average price residential homes sold for

Camden County, NJ

Collingswood, NJ

Haddonfield, NJ

Haddon Township, NJ

Philadelphia 2018 Real Estate Market

This section will review Philadelphia County. In a majority of Philadelphia, 2018 did not see significant swings in inventory and market value. This of course varies from neighborhood to neighborhood. I am going to focus on Center City, which is my primary service area. The statistics show that the market remains fairly steady with natural property value increases.

The following series of statistics have been pulled from Bright MLS and provide a comparison of the real estate market over the past three years.

UNITS LISTED = Number of residential homes listed for sale

SETTLED = Number of residential homes that sold

DOM = Average Days On Market

AVERAGE SOLD PRICE = Average price residential homes sold for

19146

19147

19106

2018 Market Review Summary

In 2018 we saw a Sellers Market in many markets across the country. The inventory was low, but the number of buyers hunting for their dream home was high. In a sellers market, the buyers are fighting over the available houses, which results in surging home sale prices.

We also saw the mortgage interest rates begin to climb (however keep in mind they are still historically low). Since the crash in 2008, mortgage interest rates for a 30 year mortgage have, on average, stayed below 6%. From 2015 through 2017 we saw average interest rates in the 3% range. 2018 saw rates climb over the 4% mark. Here’s an article that digs deeper into reviewing the history of interest rates.

Another factor that played into the 2018 market is the millennial generation. Those born between 1982 and 2004 are considered millennials. This generation currently holds the largest number of mortgage applications across the country. How has that impacted the market? It has shifted the way we as agents market a property and how sellers present their properties. The millennial generation is more in tune with social media and technology, which means sellers have had to boost their home presentation to pull buyers in.

Want a market analysis of your neighborhood?

I am happy to send you a detailed report for your zip code in NJ or PA. Simply complete the short form below and I will be in touch with your local statistics!