Homes in South Jersey are no longer selling at the rapid pace seen during the pandemic boom. Properties that once attracted multiple offers in days are now taking weeks to move, with sellers often reducing prices or offering concessions to close deals. Despite this slowdown, prices have not collapsed — they have leveled off after years of steep increases.
Patrick Gorman, team leader and licensed agent with The Gorman Group at Keller Williams Main Street, has worked in South Jersey’s investment and residential markets for nearly two decades. He says the current market is defined by moderation, not crisis. “The market was so hot for so long that sellers got used to overplaying their hands,” Gorman explains. “Now buyers have time to shop, and that’s changing everything.”
How Today’s Market Feels on the Ground
Open houses in East Camden, Pennsauken, and Cherry Hill are noticeably quieter than they were two years ago. Where a dozen buyers once signed in, now only three or four appear. Sellers who originally listed at $250,000 are dropping to $235,000 after several weeks without offers.
Negotiation has returned. Buyers are again asking for repairs and including inspection contingencies, which were often waived during the pandemic bidding wars. Sellers are responding with closing-cost credits, home warranties, or minor-repair coverage to keep deals moving.
The average home in South Jersey now sits on the market for about three weeks before going under contract, compared to just a few days in 2022 and 2023. Closing timelines have also stretched, often taking 45 days or more as buyers negotiate repairs and lenders process financing.
Gorman, who specializes in investment properties and small multifamily buildings, sees the biggest change in neighborhoods like East Camden and Pennsauken — areas that experienced rapid appreciation during the pandemic. “Buyers are pickier now,” he says. “They’re touring multiple homes before making a decision instead of rushing to bid on the first decent option.”
Why Has the Market Slowed?
Interest Rates Remain Elevated
Mortgage rates climbed above 7% in late 2023, pushing many first-time buyers out of the market. While rates have eased somewhat, they remain well above the lows that fueled the buying frenzy of 2020 and 2021. Higher rates mean fewer buyers qualify for mortgages, and those who do are working with tighter budgets. “Interest rates are always going to play a huge role,” Gorman says. When borrowing costs rise, demand drops.
Cash Buyers From Out of Town Have Pulled Back
During the pandemic, South Jersey saw a wave of cash buyers from New York and North Jersey. That surge has faded. With fewer all-cash offers, more deals depend on appraisals and financing, which lengthens the sales process and increases the risk of deals falling through if properties don’t appraise.
Sellers Are Anchored to Pandemic-Era Prices
Many sellers, especially baby boomers, still expect the red-hot conditions of 2021–2023 to persist. Gorman notes that some are reluctant to make repairs or lower their prices, convinced their homes are worth more than the current market will support. This gap between seller expectations and buyer willingness is causing more homes to sit unsold, especially those priced too high from the start.
How Buyers and Sellers Can Navigate the Market
For Buyers
With more time and options, buyers can be strategic. If a home has been listed for more than two weeks, consider making an offer below the asking price – sellers are more open to negotiation. Insist on an inspection and use it to request repairs or credits. Most sellers will agree to at least an informational inspection, and some will address minor issues to keep deals on track. The days of waiving contingencies to compete are over; buyers no longer need to rush their decisions.
For Sellers
Pricing correctly from the outset is critical. Overpricing a home does not encourage higher offers — it simply causes the property to linger. Gorman explains, “If you list two identical houses at $215,000 and $250,000, the one priced lower will likely sell for more.” Sellers should also consider offering closing cost credits or making obvious repairs before listing. Buyers are expecting move-in-ready homes and have enough choices to pass on properties needing work. Professional staging and high-quality photos are now essential, as buyers compare multiple listings before making a decision.
What’s Next for South Jersey Real Estate?
Looking ahead, Gorman expects the market to remain balanced through 2026 unless there is a significant drop in interest rates or a major change in housing inventory. “We’ve been under three months of inventory since 2019,” he says. “A balanced market would have about six months. We’re not there yet, but we’re closer than we’ve been in years.”
If rates fall and more buyers return, activity could pick up quickly, especially in in-demand neighborhoods like East Camden, Kramer Hill, and Pennsauken. For now, however, buyers have time to shop, and sellers must adjust their strategies to succeed.
What It Means for Buyers and Sellers
South Jersey’s housing market has not crashed, but it is no longer a seller’s market defined by bidding wars and record speed. Buyers now hold more leverage than they have in years, while sellers who adapt to current conditions – by pricing realistically and preparing homes for sale — can still secure strong offers. “Price it right, and you’ll do better every time,” Gorman advises.
This article provides insights into South Jersey real estate trends and is not legal, financial, or investment advice. All observations are based on Patrick Gorman’s experience in the Camden, Pennsauken, and Cherry Hill markets.
About the Expert: Patrick Gorman is Team Leader and Licensed Agent at The Gorman Group, Keller Williams Main Street, specializing in investment properties and small-to-medium multifamily buildings across South Jersey. His team works extensively in Camden, Pennsauken, Gloucester City, and the surrounding areas.
This article is based on information provided by the expert source cited above. It is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any real estate or financial decisions.
