CAMDEN, NJ — Home prices in the Camden metro area rose by over 24% for an average sale cost of $240,000, according to a new report.
Camden trailed only Bridgeport, Connecticut (rose 27.9% from last year to $498,764) among the highest price growth at 24.5% year-over-year price growth, which some experts say is correlated to residents leaving larger cities during the COVID-19 pandemic.
A Redfin spokesperson has clarified that "for the purposes of their data" the Camden metro area includes Burlington County, Camden County and Gloucester County.
Both cities were followed by New Brunswick (up 20.6% for an average cost of $384,600), West Palm Beach, Florida (up 20%, average $348,000) and Dayton, Ohio (up 19.5%, average $160,000).
Across the nation, homes went up 14%, spending less than a month on the market on average - the fastest sale speed in the last eight years according to Redfin.
Per the report, which concludes its findings in December 2020, Camden had 2,049 homes on sale, rising 13% month-over-month and up 32.2% year-over-year. In addition, there were 1,237 new listings and 4,108 on sale in total.
“The December housing market felt more like spring than winter,” said Redfin chief economist Daryl Fairweather. “Right now home buying demand is seemingly endless, and although new listings are up from a year ago, it’s not nearly enough to keep up with demand. This inventory shortage is especially dire in places that have become hot migration destinations during the pandemic, like Salt Lake City
The report, which focused on the 85 largest metro areas, found the lowest housing increase to be in San Francisco at 1.8%.