Market Update First Quarter 2023
Upper Township, Strathmere, and Somers Point
Upper Township and Strathmere First Quarter 2023
Upper Township
First quarter 2023 market performance for Upper Township shows a reduced number of properties sold as compared to first quarter 2022. In 2023, 22 properties sold versus 38 properties in 2022, resulting in a 42.1% decrease in properties sold. Comparison of the median price of properties sold shows a 4.4% increase, from $395,000 in Q1 2022 to $412,500 in Q1 2023. The average price increased 22.1%: $369,121 in Q1 2022 to $450,863 in Q1 2023. Total sold volume dropped by 29.3% to $9,919,000 from $14,026,600 due to fewer transactions in 2023, a direct result of the tight inventory.
Strathmere
In Strathmere, there were no properties sold in Q1 2023 according to the South Jersey Shore Regional MLS.
Source: South Jersey Shore MLS
Somers Point First Quarter 2023
Like other South Jersey real estate markets, Somers Point had a reduced number of properties sold in the first quarter 2023 as compared to the previous year. In Q1 2023, 34 properties sold, in Q1 2022 53 properties sold – a decrease for 38.5%. As a result of the decrease in properties sold, total sold volume also dropped 30.5% in Q1 2023, from $18,533,799 in Q1 2022 to $12, 878,450 in 2023.
Source: South Jersey Shore MLS
Goldcoast Sotheby’s International Realty 200 34th Street | Ocean City, NJ 08226 o: 609.399.2500 www.goldcoastsir.com Information is deemed accurate by not guaranteed. Goldcoast Sotheby’s International Realty is an independently owned and operated.