Real Estate Market Trends Report for Sussex County, NJ – April 2024

Current Market Overview

Sussex County’s real estate market is currently experiencing a vibrant phase with several key indicators pointing towards a seller’s market.

Sussex County Residential Market Trends - Realtors Property Resource - April 2024

Key Data Points

Median Sold Price: The median sold price for properties in April 2024 was $400,000, marking a significant increase of 7.7% compared to the previous month.
List to Sold Price Ratio: Homes are selling for 103.2% of their listed price, up 1.49% month-over-month, indicating strong demand and possibly multiple offer situations.
Days on Market: Properties are selling faster, with a median of 21 days on the market, a decrease of 16% from the prior month.
Months of Inventory: There is a limited supply, with only 1.8 months of inventory available, which is a reduction of 4.3% from the last month.

Key Observations

Increasing Values: The median estimated property value has seen an uptick to $423,170, a 0.6% increase from the last month and an 11.7% rise over the last 12 months.
Active Listings: The number of active listings stands at 260, up 15% month-over-month, while the median list price has grown to $399,450, a 1.1% increase.

Expert Analysis

High Demand: The data suggests a continuing high demand for homes in Sussex County, evidenced by properties selling above their listing price and the swift pace of sales.
Limited Supply: The low months of inventory reinforces the seller’s market status, making it an opportune time for homeowners considering selling their properties.
Price Growth: The consistent rise in median sold and estimated property values indicates a healthy market trajectory favoring property value appreciation.

Recommendations

For Sellers: Given the strong market conditions, sellers can expect favorable outcomes. Pricing the property competitively can attract multiple offers and possibly exceed the expected value.
For Buyers: Buyers should be prepared for a competitive market. It might be wise to act swiftly on desirable properties and be ready for potential bidding wars.
For Investors: The steady increase in property values and the robust market dynamics suggest that investing in Sussex County could yield positive returns, especially in the medium to long term.

Bottom Line

This analysis provides a clear picture of the current real estate market in Sussex County, NJ, and offers actionable insights for various stakeholders in the property market. For more details and personalized advice, contact our real estate experts at Countryside Homes NJ and RE/MAX Select.

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