After years of struggle, the Jersey housing market is in a frenzy
For several years after the Great Recession, the New Jersey housing market was struggling, but things have been heating up lately.
“It’s really good news. The real market has been steady and solid, especially for the last year,” said Ilene Horowitz, president-elect of the New Jersey Realtors Association.
“The median sales price as of June is up 4.6 percent from last year. The median sales price in New Jersey is $340,000. Sales have increased. It’s certainly been a seller’s market because of the lack of inventory, I believe.”
Horowitz noted the median sales price for a townhouse increased slightly in June to $260,000, while prices in adult communities shot up 10.5 percent to $210,000, compared to this same time last year.
Single family homes spent an average of 57 days on the market in June, down almost 11 percent compared to last year.
According to the Realtors Association, the number of single-family homes for sale in New Jersey was down 12 percent in June compared to the same time last year, while the number of townhouses for sale were down 12.6 percent.
She said competition to buy homes is increasing in many parts of the state.
“It’s due to the shortage of inventory there’s been a steady buyer demand, and for first time homebuyers you can put as little as 3 ½ or 5 percent down.”
“A lot of the young buyers are looking to be close to the city or town centers. Of course they want to be near trains and many families with younger children are choosing more suburban areas to buy a house.”
“What I see is a lot of buyers have been trying to build equity versus paying high rents. They can get mortgages and start building their nest egg while building equity.”
She noted August is traditionally a bit of a slow month because a lot of people are out on vacation before sending the kids back to school, “but the numbers indicate so far it’s still going to be a strong rest of the year."
Her advice is simple.
“It’s a great time to sell, don’t wait.”