New Jersey Market Snapshot: What Buyers and Seller Should Know Now

Navigating the Current NJ Real Estate Market: Key Insights for Buyers and Sellers

The New Jersey real estate market remains dynamic as of September 2024, with notable trends for buyers and sellers to consider. Here’s what you need to know:

For Buyers

1. Inventory is Steady: The inventory of homes for sale has remained consistent year-over-year, with 23,329 properties available in September 2024, up slightly by 0.8%. However, competition is fierce, especially in single-family homes and condos.
2. Prices are Rising: Median sales prices have increased across the board. Single-family homes saw an 8.5% rise to $575,000, while condos rose 5.0% to $419,450. Adult community properties experienced the largest jump, with prices up 9.9% to $368,000.
3. Affordability is a Challenge: The Housing Affordability Index improved slightly to 92, but high prices continue to outpace wage growth. Buyers should be prepared to navigate tight budgets and explore mortgage options carefully.

For Sellers

1. Homes are Selling, but Slower: The average days on market increased slightly to 34 days. Pricing your home competitively and ensuring it is in top condition are key to a quick sale.
2. Strong Sale Prices: Sellers are still receiving near asking prices, with properties closing at an average of 102% of their list price. This underscores strong demand, particularly for well-priced homes in good condition.
3. Market Trends by Property Type:
   • Single-Family Homes: A hot segment with strong price growth.
   • Condos: Increasing in popularity with a 10.1% year-to-date average price rise.
   • Adult Communities: Despite fewer sales, prices are climbing, signaling niche demand.

Overall Market Outlook

The market has shifted to favor well-prepared buyers and strategic sellers. With rising prices and steady inventory, success hinges on timing and preparation. Sellers should leverage professional marketing, while buyers may benefit from working with experienced agents who understand the nuances of local markets like New Brunswick.

Nina is here to help you navigate these opportunities and challenges with confidence. Whether buying or selling, contact Nina Sells NJ today!