In South Jersey, the real estate market is moving at two distinct speeds. Homes priced under $400,000 in towns like Cherry Hill and Collingswood often attract multiple offers within days. In contrast, listings closer to $1 million are lingering on the market, with many sellers forced to cut prices by tens of thousands just to spark interest.
This price-based divide is shaping how quickly homes sell and what buyers and sellers can expect at each price point.
What’s Driving the Market Right Now
Inventory in South Jersey is higher than it was at the peak of the pandemic, when some towns had just two weeks’ worth of homes for sale. However, supply remains limited compared to pre-pandemic norms. Buyers now have more to choose from than two years ago, but options are still tight.
Interest rates have eased slightly from their recent highs, encouraging more buyers to re-enter the market. Still, many current owners are hesitant to give up low mortgage rates of 3% or 3.5%, which keeps the number of new listings in check.
The result is a market where some properties move fast while others sit, depending on price, location, and specific features.
Where Demand Is Strongest
Homes under $400,000 remain in high demand, especially in communities within easy reach of Philadelphia. These properties typically draw multiple offers, and buyers have little time to hesitate. Demand is strongest among first-time buyers and families who want to stay close to the city.
“Homes in the $250,000 to $400,000 range still have a very strong market,” says Timothy Belko, realtor and team lead at The Results Group at Berkshire Hathaway HomeServices Fox & Roach.
In the $400,000 to $700,000 range, the pace slows. Buyers have more options and are less pressured to act quickly. Some are making lower offers, and overpriced homes are sitting on the market. Well-priced, move-in-ready homes still sell, but bidding wars are rare.
Above $700,000, especially over $1 million, the market has cooled significantly. Listings are accumulating, and sellers often reduce prices by $50,000 or more to attract attention. “The homes closer to a million or more, those are the ones that you might see a little bit longer lead time on,” Belko says.
Features That Move Homes Quickly
Certain features are helping homes sell regardless of price point:
- Updated kitchens: Buyers prioritize modern kitchens with new countertops, stainless appliances, and open layouts. Even if other rooms need work, a renovated kitchen can drive offers.
- Townhomes with garages: These appeal to buyers seeking the feel of a single-family home without the upkeep. First-time buyers especially value the convenience and lower maintenance.
- Proximity to Philadelphia: Homes in Cherry Hill, Collingswood, Haddonfield, and Haddon Township sell faster thanks to easy commutes, walkable downtowns, and strong schools. Buyers are willing to pay more for these advantages.
- New construction: Builders who let buyers choose finishes and upgrades are seeing strong demand. Homes often go under contract before completion when buyers can select flooring, countertops, and fixtures.
What’s Causing Homes to Linger
On the other side, certain issues are causing homes to sit:
- Outdated bathrooms: Old fixtures, dated tile, and cramped layouts are immediate turnoffs. Even solid homes lose buyers over outdated baths.
- Homes on busy streets: Even with price reductions, properties facing heavy traffic attract fewer offers. Most buyers want quiet neighborhoods and are unwilling to compromise on location.
- Overpriced listings: Some sellers, particularly small investors, are still setting prices as if it’s 2021. Even fully renovated homes can stagnate if priced too high, as buyers compare options and refuse to overpay.
- Luxury homes without updates: High-end buyers expect modern finishes and no deferred maintenance. Million-dollar homes with outdated details or needed repairs are sitting on the market, and price cuts are common.
How Buyers Can Succeed
For buyers in competitive towns under $400,000, speed is essential. Get pre-approved, view homes as soon as they hit the market, and be prepared to make a strong, realistic offer. Lowballing well-priced homes will likely mean missing out.
In the $400,000 to $700,000 range, buyers have more leverage. Take time to compare options, ask for seller concessions such as closing cost credits or repairs, and don’t hesitate to walk away from overpriced homes.
Luxury buyers now have the upper hand. With higher inventory and motivated sellers, negotiate assertively. Press for concessions and accept only homes that need work if the price reflects those needs.
How Sellers Can Stand Out
Sellers under $400,000 should price competitively from the start. Well-priced homes in this range still move quickly, but only if they present well. Staging, quality photos, and readiness for multiple offers are key.
For those in the mid-range, incentives can help. Offering closing cost credits, home warranties, or repair allowances can differentiate a listing. Avoid overpricing, as buyers are actively comparing homes and will wait for better value.
Luxury sellers must be realistic. The top end of the market is slower, and buyers expect perfection. Consider price reductions early if showings are sparse, and be ready to offer upgrades or credits to close a deal.
Looking Ahead
South Jersey’s real estate market is clearly divided by price. Affordable homes attract rapid offers, mid-range properties require careful pricing and incentives, and luxury listings face longer waits and more negotiation. Whether buying or selling, recognizing where demand is strongest – and adapting strategies accordingly – is crucial. As Belko puts it, “It all depends on what price point you’re getting into.”
About the Expert: Timothy Belko is a realtor and team lead at The Results Group, part of Berkshire Hathaway HomeServices Fox & Roach, serving South Jersey. He specializes in residential sales, multi-family properties, and works with first-time buyers, investors, and builders across Burlington, Camden, Gloucester, Atlantic, Ocean, and Salem counties.
This article is intended for informational purposes only and does not constitute legal, financial, or investment advice. The views and opinions expressed herein reflect those of the individuals quoted and do not represent an endorsement of any company, product, or service mentioned. Readers should conduct their own due diligence and consult qualified professionals before making any investment decisions.
