Aug 201923

Median Sale Prices Rose in Most of Delaware Valley/Lehigh Valley in July

Aug 201923

Median Sale Prices Rose in Most of Delaware Valley/Lehigh Valley in July

Market Minute Logo 2019 small Median sale prices increased in most of the Delaware Valley/Lehigh Valley real estate market in July, according to the Long & Foster Real Estate Market Minute report. Increases in sale price were seen everywhere but Mercer County, which declined by 2%The number of homes sold decreased across the area, while Gloucester County remained unchanged. Active inventory declined by the double digits, with Camden County seeing the sharpest decline at 26%. 

The Long & Foster Real Estate Market Minute report for the Delaware Valley/Lehigh Valley region includes BurlingtonCamdenGloucester and Mercer counties. 

New Jersey Suburbs Market Minute Chart July 2019

“One item to note about this market is the healthy level of increases in home values,” said Gary Scott, president of Long & Foster Real Estate. “Homeowners are experiencing 2% to 6% appreciation in 80% of the nation’s markets.”  

In our volatile stock market environment, and with mortgage interest rates declining, Scott commented he is bullish on the purchase of homes – including investment properties and second homes. “If you are thinking about diversifying and putting some of your money in the real estate market, now is the time, while interest rates are so low,” he added. 

For those homeowners who are contemplating selling, we asked Scott for his opinion on the best time to sell a home. “From Labor Day to Thanksgiving, the market is fairly active. There are also quite a few buyers in December, who are not just looking, but are motivated to buy,” said Scott. “But the best time to list your home depends on your personal needs – whenever the time is best for you, your family, and your job.” 

With fewer homes on the market and increased competition for affordable homes, Scott provided advice for the best way to find a home now. “First, engage the help of a real estate professional who is attuned to the market, and don’t rely on digital data alone, as it is not always accurate, nor up-to-date,” said Scott. “Have your financing in order and be ready to buy, because there will be five other people in line to buy the home.”  

Working with a knowledgeable real estate agent can help you navigate the complexities of this market, whether you are selling or buying a home. 

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.