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"James, how is the real estate market??" 2022 UPDATE...

This year, the New Jersey housing market has been characterized by bidding wars and a scarcity of inventory. Homebuyers have been ecstatic to take advantage of historically low mortgage rates. All of these factors contributed to many homes in New Jersey selling for more than the asking price in 2021. According to the latest market trends in the state, high prices and a scarcity of inventory continued to dampen home sales in New Jersey in October 2021. While closed sales in the state have decreased slightly in recent months, overall sales are up 4.7 percent year to date.

New Jersey is still a seller's market. The months' supply of inventory for single-family homes has shrunk to 2.2 months, down 30.3 percent from last year. It refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace. Six months of supply has historically been associated with moderate price appreciation, while a lower level of months' supply tends to accelerate price increases. The median price of single-family homes in New Jersey is $440,000, + 7.3% from last year when it was $410,000.

New Jersey Housing Market Trends (Latest Data)

According to Zillow, the typical value of homes in New Jersey is $430,016. This value is seasonally adjusted and only includes the middle price tier of homes. New Jersey home values have gone up 17.2% over the past year. Last year at this time, ZHVI for New Jersey was $366,000. According to Redfin, New Jersey home prices (statewide) were up 7.0% year-over-year in November. At the same time, the number of homes sold fell 10.4% and the number of homes for sale fell 19.9%.

These are the latest trends in the New Jersey housing market (Source: NEW JERSEY REALTORS®)

NJ REALTORS® provide the most comprehensive data available about the New Jersey housing market. Here's the summary of the latest market data on a year-over-year basis (October 2021 vs October 2020).

Housing Demand

  • Single Family Closed Sales were down 22.1 percent to 7,601.

  • Townhouse-Condo Closed Sales were down 13.4 percent to 2,552.

  • Single Family Median Sales Price increased 7.3 percent to $440,000.

  • Townhouse-Condo Median Sales Price increased 2.0 percent to $305,000.

  • Single Family Average Sales Price increased 4.9 percent to $515,062.

  • Townhouse-Condo Average Sales Price increased 2.9 percent to $375,444.

Housing Supply

  • Single Family New Listings were down 26.2 percent to 8,219.

  • Townhouse-Condo New Listings were down 22.4 percent to 2,742.

  • Months' Supply for Single Family was down 30.3% to 2.3 months.

  • Months' Supply for Townhouse-Condo was down 43.2% to 2.5 months.

In a nutshell, housing inventory is at all-time, historic lows across the board. For this reason we are seeing multiple buyers for any property, including the luxury market. Even with rising mortgage rates, there are no signs of any slowdown or downturn on the horizon. **It is impossible to "time" the market, if you are considering selling OR buying NOW is always the right time.


JAMES WARD THE PROOF IS IN MY NUMBERS (mls stats, year 2021):

  • 16 Days on Market!

  • 110.88% My sold price to ORIGINAL list price ratio!

  • Platinum! I am honored to have again received this highest distinction in real estate sales: NJ Realtors Circle of Excellence Sales Award, Platinum

  • #1 in total sold volume, # closed properties (units) locally and region-wide





James H. Ward

732-995-2441

Keller Williams Realty, Ocean Living

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