Home Values in Salem County: What's Happening Now?

Are we starting to see early signs of a buyer's market in Salem County? Hi, it's Scott Compa, and I have crucial news to share with you if you're planning to buy or sell a home in or around Salem County. In this video, I break down the latest month sales data to help you understand the current real estate trends.

Last month, the median sales price in Salem County increased to $230,000, a 5% rise from last year. However, the number of homes listed for sale decreased by 12%, and homes are staying on the market longer, with an average of 41 days before going under contract. Additionally, the total number of homes sold dropped by 15%, with 61 homes sold last month. Inventory levels are also down, with only 220 homes for sale, a 3% decrease from the previous year.

These trends suggest a potential shift towards a buyer's market, with a slightly increasing number of homes for sale and longer time on the market. Desirable homes continue to sell quickly at premium prices, while others linger longer. If you're planning to sell your home this year, it's crucial to understand these dynamics to implement the best strategy possible.

In this video, I offer insights on how to prepare your home for sale, the importance of home staging, and effective marketing strategies to get the best deal possible. Don't miss out on this essential market update for Salem County!

For any questions about the Salem County real estate market or other markets, feel free to reach out to me at 856-404-2078 or visit my website at scottcompa.com.

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