Median home prices are up in Camden — and all of New Jersey

Camden officials touted an increase in market-rate housing prices by touring a zip code deemed the “hottest” in the Philadelphia region.

A newly constructed home in the Cramer Hill section of Camden, N.J. (Kimberly Paynter/WHYY)

Median home prices are up in Camden — and all of New Jersey

Camden officials touted an increase in market-rate housing prices by touring a zip code deemed the “hottest” in the Philadelphia region.

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The semi-detached twin house features 2,400 square feet, four bedrooms, three and a half bathrooms, and a paved private driveway with an attached garage. The home also features high-end flooring, custom tiling in the bathroom, and a large eat-in kitchen among other features.

A homeowner purchased the home for $360,000 in the Cramer Hill neighborhood of East Camden; “well over” the asking price, according to Patrick Gorman of Gorman Group Realtors, who marketed the listing.

“Even at that price, per square foot, it was low,” he said.

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Gorman was among many guests at the home as Camden city officials used it to tout that market prices for homes in the city are increasing. The home is in one of the hottest zip codes in the region, according to an Axios Philadelphia article from last May. Overall, four Camden County zip codes were at the top of the list for home appreciation; three were in the City of Camden.

People touring the kitchen in the new home
A newly constructed home in the Cramer Hill section of Camden, N.J. (Kimberly Paynter/WHYY)

Home prices are up across the state, not just Camden

Median home prices are up across the state, according to Kathleen Morin, president of the trade group New Jersey Realtors. According to a market overview, the median sales price of a single-family home in the Garden State at the end of 2024 is $560,000, which is an 11.3% increase over the previous year.

“We have a continued inventory shortage, and the prices have remained high and look like they’re going to continue to rise for a little bit,” she said. “This, coupled with the higher mortgage rates, they’ve put a strain on the buyers.”

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Prices in the City of Camden remain well below Camden County, let alone the rest of New Jersey.

In Camden County, the median sales price is $360,000, a 10.8% increase from the previous year. The median sales price in Camden city is $150,000, a 20% increase.

City officials also said that while the market-rate housing prices are up, they still offer residents the lowest average property taxes in the state.

An equivalent house in Camden County to the Cramer Hill property would “easily be in the fives,” according to Gorman.

Camden officials tout success in rising values

The lot where the twin houses are built is a short walk away from the Salvation Army’s Kroc Community Center. The original single-family home was destroyed in a fire, deemed unsafe, and demolished after the former owner abandoned the property in 1991.

The vacant lot was purchased by the Phoenix Development Group in 2022 through the city’s Municipal Tax Lien Reduction Program. The company developed the twin houses after subdividing the lot. The other home on the lot was also sold above its asking price.

Mayor Carstarphen said the result of the new construction on the property is an example of the city’s partnership with the private sector.

“We took a nuisance; a problem property, and turned this into a beautiful home,” he said. “I always like to say we’ve turned blight into bright.”

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