Short Answer
Inventory in South Jersey remains below pre-pandemic levels, though it has improved from the extreme lows of 2021-2022. Most desirable towns continue to experience a seller's market with 1 to 3 months of supply, compared to a balanced market of 5 to 6 months. New construction is helping to add supply in some areas, but demand continues to outpace supply in most price ranges and towns.
The inventory situation in South Jersey has been a defining feature of the market for several years. In a balanced market, there is typically 5 to 6 months of supply, meaning it would take that long to sell all available homes at the current sales pace. South Jersey has been well below that for years. Current months of supply varies by town and price range. Moorestown and Medford typically have 1 to 2 months of supply. Mount Laurel and Marlton have 2 to 3 months. More affordable towns may have 3 to 4 months. The under-$500,000 price range is the most competitive, with the lowest supply. The luxury market above $800,000 typically has more supply and less competition. New construction is helping to add inventory, particularly in Mount Laurel, Lumberton, and Westampton, but not enough to fully balance the market. Low inventory means buyers need to be prepared to move quickly and make competitive offers, while sellers benefit from less competition and faster sales.
Bob's Advice
Redfin Senior Agent · AI Certified Agent
Low inventory is the biggest challenge for buyers in today's market. That is why it is so important to be pre-approved, know what you want, and be ready to act when the right home comes on the market. I can help you navigate the low inventory environment and find creative ways to get your offer accepted. Let us talk about your strategy for finding a home in this market.
Related Questions
Ready to Take the Next Step?
Every situation is unique. Let us talk about your specific goals and create a plan that works for you.