The Long & Foster Market Minute

Focus On: Gloucester County Housing Market March 2021

Units Sold
374
Active Inventory
410
Median Sale Price
$240,050
Days On Market
30
Down -2%
Vs. Year Ago
Down -62%
Vs. Year Ago
Up 22%
Vs. Year Ago
Down -62%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 374 sold this month in Gloucester County Real Estate versus 312 last month, an increase of 20%. This month's total units sold was lower than at this time last year, a decrease of 2% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 670 units or 62%. The total number of active inventory this March was 410 compared to 1,080 in March 2020. This month's total of 410 is lower than the previous month's total supply of available inventory of 425, a decrease of 4%.

Median Sale Price
Last March, the median sale price for Gloucester County Homes was $196,000. This March, the median sale price was $240,050, an increase of 22% or $44,050 compared to last year. The current median sold price is 4% higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
556
Current Contracts
490
Sold Vs. List Price
100.9%
Months of Supply
1.1
Up 9%
Vs. Year Ago
Up 20%
Vs. Year Ago
Up 2.2%
Vs. Year Ago
Down -61%
Vs. Year Ago

Months of Supply
In March, there was 1.1 months of supply available in Gloucester County, compared to 2.8 in March 2020. That is a decrease of 61% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 556 homes newly listed for sale in Gloucester County compared to 510 in March 2020, an increase of 9%. There were 490 current contracts pending sale this March compared to 408 a year ago. The number of current contracts is 20% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Gloucester County was 100.9% of the average list price, which is 2.1% higher than at this time last year.

Days on Market
This month, the average number of days on market was 30, lower than the average last year, which was 78, a decrease of 62%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.