Atlantic County, New Jersey median home prices decreased 7.8 percent to $235,000 in 2008, according to the Prudential Fox & Roach, REALTORS’® HomExpert Market Report©. The median sale price in 2007 was $255,000.
In 2008, the county saw a 26.3 percent decrease in number of homes sold to 2,624, compared to 3,559 homes sold in 2007. The average number of days a home remained on the market increased from 101 days in 2007 to 115 days in 2008. Additionally, monthly average inventory for 2008 was 5,420 homes for sale compared to 5,471 in 2007.
Mullica Township posted the only percent increase in median sale price in Atlantic County, increasing 4.3 percent in 2008 to $245,000. Ventnor City fell 3.8 percent to $315,000, Hamilton Township -3.9 percent to $192,000, Absecon City -4.3 percent to $220,000 and Margate City fell five percent to $475,000.
Longport Borough posted the highest median sale price at $800,000, followed by Margate City at $475,000, Brigantine City at $365,000, Ventnor City at $315,000 and Linwood City at $277,250.
Egg Harbor Township posted the highest number of homes sold in 2008 with 407, a 23.1 percent decrease, followed by Galloway Township (357, -35.2 percent), Hamilton Township (263, -28.9 percent), Brigantine City (247, -17.7 percent) and Atlantic City (225, -30.1 percent).
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Anonymous
I think it has a lot to do with how great our school system is, as well as our rural nature here. Our family moved here for both reasons. Many people are moving into the area from larger communities because of overdevelopment where they are moving from, traffic from where they are coming from and our great school ratings. Quality of life and a great education-and it’s all here.
Feb 4th, 2009
Anonymous
All home owners here have to realize that their homes are going up in value because of the lack of development here. The only people pushing for rezoning are the large land owners with political connections to our committee. Like most other towns in New Jersey, the developers,land owners,real estate agents and( it is assumed )politicans walk away with tons of money and the whole town suffers as a result of their greed.
Forman and Chasey have tried in the past to push this blight on our town.
We cannot allow this to happen.
Feb 4th, 2009
Anonymous
I agree with the first commenter as the reason my family and I moved to Mullica was for the outstanding reputation and rating of the school system and the river!
Feb 4th, 2009
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