A Look at Real Estate Market Trends in New Jersey
If you’re considering buying a home in New Jersey, it’s important to know the latest real estate market trends. After all, knowing what’s happening in the market can help you make informed decisions about your purchase. Although the market is ever-changing and always evolving, our team stays on top of the real estate market trends in New Jersey that most impact the industry—so we can better guide you during your homebuying and selling journey.
Analyzing 4 Modern Real Estate Trends
Here’s a look at some of the most recent real estate market trends in New Jersey:
1: Rising Home Prices
Home prices in New Jersey have been on the rise in recent months. According to Zillow, the median home value in the state is currently $461,990, which is up 15.8% over the last year. This exponential growth is expected to continue, so buying your home sooner than later may be the wisest decision for your finances.
2: Number of Homes for Sale in NJ
The number of homes for sale in New Jersey has been declining steadily over the past year. At present, there are more than 20,000 homes on the market, which is down from last year. Houses are still being sold despite the pandemic and its economic impact, and New Jersey remains a safe haven for people to escape the city. With fewer homes to fill, it’s only a matter of time before you’re blocked out of finding the perfect New Jersey home.
3: Days Spent on the Market
The average days spent on the market, or the amount of time it takes for a home to sell, has also been declining. In New Jersey, single-family homes are currently selling in an average of 39 days (as of March 2022), which is down several days compared to last year. This slight adjustment can be viewed as a good sign for sellers, who can be sure that their house’s resell value is high.
4: Median Rent Price
The median rent price in New Jersey is currently $1,850, up 3.2% from last year. Homes are now 30% less affordable compared to last year. As inflation continues to rise, it’s almost guaranteed that the median rent for NJ residents will grow. With this rise in prices and more people downsizing or moving from more expensive locations such as NYC, many may have expectations for neighborhoods to have fancier restaurants, increased safety, and more amenities.
Looking for a Starter Home?
A particularly interesting recent housing trend is the rise in so-called “starter homes.” These are homes that are priced at or below the median home value, making them more affordable for first-time buyers. In New Jersey, the number of starter homes on the market has increased by 5% in the past year.
If you’re thinking of buying a starter home in New Jersey, there are a few things to keep in mind. First, you may have to act quickly, as these homes are often snapped up quickly. Second, you may need to be flexible on your home choice, as there may not be as many homes available that meet your specific criteria. To purchase a starter home, get in contact with our team.
Work with Crawford Lorenzo
Overall, the New Jersey real estate market is showing promising signs of bouncing back since the beginning of the pandemic. The time to buy and sell in real estate is now! Choose Crawford Lorenzo to find the house of your dreams in New Jersey today.