Is Norristown, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Norristown has remained a Seller's Market.
Key Takeaway
Norristown is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Norristown, PA
How much do homes in Norristown, PA cost?
Median Sold Price
$330,000
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Norristown have sold for 22.8% more than they did a year ago.
Summary: The median home sold price in Norristown was $330,000 in May 2024, up 22.8% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $180K | $175K | -2.8% |
| 2 Bedrooms | $230K | $252.5K | +9.8% |
| 3 Bedrooms | $266.7K | $325K | +21.8% |
| 4 Bedrooms | $340K | $451.6K | +32.8% |
| 5+ Bedrooms | $263K | $436.4K | +65.9% |
Summary: Norristown housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.8%, 2 bedroom homes increased by 9.8%, 3 bedroom homes increased by 21.8%, 4 bedroom homes increased by 32.8%, and 5+ bedroom homes increased by 65.9%.
Median Sold Price Compared To Nearby Cities
| Norristown | $268.7K | $330K | +22.8% |
| West Norriton Township | $290.7K | $335K | +15.2% |
| Plymouth Meeting | $486K | $520K | +7.0% |
| Plymouth Township | $483.2K | $500K | +3.5% |
| East Norriton Township | $355K | $355K | 0.0% |
Housing Supply in Norristown, PA
How many homes are available in Norristown, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 193 | 208 | +7.8% |
Summary: The Norristown real estate market had 208 homes for sale in May 2024, a 7.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 37 | 30 | -18.9% |
| 3 Bedrooms | 94 | 108 | +14.9% |
| 4 Bedrooms | 41 | 51 | +24.4% |
| 5+ Bedrooms | 20 | 19 | -5.0% |
Summary: The Norristown housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 18.9%, 3 bedroom homes increased by 14.9%, 4 bedroom homes increased by 24.4%, and 5+ bedroom homes decreased by 5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 51 | 42 | -17.6% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
31 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Norristown, you could pay more than the asking price. 73.8% of homes here sold above asking price last month.
Summary: A total of 42 homes were sold or pending in Norristown in May 2024, down by 17.6% month-over-month. Of the 42 sold homes, 10% were sold under asking, 17% were sold at asking, and 74% were sold over asking.
Days on Market for Norristown, PA
How long does it take to sell a home in Norristown, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 15 Days | 6 Days | -57.1% |
Summary: Homes in Norristown had an average of 6 days on market in May 2024, down by 57.1% compared to last year.
Breakdown of Home Sale Times
41 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Norristown are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 42 homes were sold in Norristown; 98% of homes were sold within 30 days, 2% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
