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The South Jersey Real Estate Market 2021 Year in Review

2022-07-28T12:12:24-04:00

January 5, 2022

You picked a great time to get your New Jersey real estate license! As a real estate school, we had countless calls during 2021 from people who got their new real estate license at Garden State Real Estate Academy and who reported a few weeks later to say how well their new careers were progressing.

2021 was one of the best years in decades for real estate sales in New Jersey. The number of homes sold, compared to those sold in 2020 increased by around 4% in most of South Jersey—but were up by an amazing 14.5% in Mercer County. Median home prices were around 15% higher than the previous year, again, with Mercer County median home prices $45,000 higher than 2020.

Look at the time it took for homes to sell. In general, they sold for about half the time it took in 2020. This was in large part due to the perception among buyers that if they did not snap up a home—even at higher prices than they may have initially intended to pay—they would not find a home to buy. The old law of supply and demand is illustrated by the inventory of homes both during the year and as we start 2022. Gloucester County, for example, has 27.5% fewer homes listed for sale on December 31st 2021 than at the same point in 2020.

One of the reports your sphere of influence, farm, or database will most appreciate is a market activity review. Here is an example of the residential home sales for 2020 and 2021 for Burlington, Camden, Gloucester, and Mercer counties in New Jersey:

Burlington County.

2020                               2021                 Difference

Units sold                                   7,759                              8,108                 ↑ 4.5%

Median sale price                     $247,250                       $285,000          ↑ $37,750 15.2%

Days on market                         48                                    27                      21 days fewer

December 31 Inventory           829 homes              671 homes       19% lower inventory

Camden County.

2020                              2021              Difference

Units sold                                   7,717                              7,999                 ↑ 3.6%

Median sale price                     $210,000                       $245,000          ↑ $35,000 16.7%

Days on market                         44                                    24                      20 days fewer

December 31 Inventory           717 homes              640 homes       11% lower inventory

Gloucester County.

2020                               2021                 Difference

Units sold                                   5,098                              5,226                 ↑ 2.5%

Median sale price                     $220,000                       $255,000          ↑ $35,000 15.9%

Days on market                         48                                    24                      24 days fewer

December 31 Inventory           506 homes              367 homes       27.5% lower inventory

Mercer County.

2020                               2021                 Difference

Units sold                                   4,278                              4,897                 ↑ 14.5%

Median sale price                     $287,000                       $332,000          ↑ $45,000 15.7%

Days on market                         51                                    28                      23 days fewer

December 31 Inventory           590 homes              500 homes       15.3% lower inventory

Has there ever been a better time to consider a real estate career? With real estate school classes during daytime and evenings, and all delivered by Zoom, there has never been a more convenient opportunity than today!

Want to get your real estate license?

Garden State Real Estate Academy offers live pre-licensing, broker licensing and Continuing Education classes  for aspiring and existing New Jersey real estate agents. We also provide the “Supplemental Course” for out-of-state licensees wishing to earn their NJ license and our popular “Across the River” class to prepare NJ agents to pass the Pennsylvania real estate licensing exam. These are all delivered by live instructors via Zoom.

We also offer online self-study real estate licensing classes in 21 states through our partnership with The CE Shop. New Jersey does NOT allow self-study pre-licensing classes.

For information on the real estate school’s upcoming New Jersey licensing classes, click here: https://www.gsreacademy.com/pre-licensing-courses/

For real estate licensing classes in all other states, click here: https://gsreacademy.theceshop.com/pre-licensing

David C. Forward is a licensed real estate broker and instructor and was first licensed as a Realtor® 33 years ago. During his career, David and his business partner sold more than 500 homes in South Jersey.  He is now School Director of Garden Real Estate Academy, has won numerous awards for real estate sales, is a much-requested public speaker who has addressed audiences on six continents and is the author of 19 books.