Weeks into the fall, NJ housing market still hot
When the weather cools down, New Jersey's housing market typically does the same. But monthly statistics show buyer activity remains hot in this anything-but-normal year.
According to data released by New Jersey Realtors, the median sales price for all properties in September 2020 was $375,000, up 21% over the same month last year. Closed sales amounted to close to 13,000 in September alone — that's a jump of nearly 30% compared to a year ago. Pending sales during September spiked 49.8% year over year.
These large percentage jumps, the association said, are indicators that fall 2020 will be unlike past autumns in New Jersey.
"The demand doesn't seem to be lessening," said 2020 New Jersey Realtors President Angela Sicoli.
Sicoli said homes are staying on the market for an incredibly short two to three weeks in her Essex County area.
The state continues to play catch up with the pandemic-caused slowdown of the market in early spring. But right now, pending sales are up 5.9% compared to last year, meaning 2020's market could end stronger than 2019.
"With reserved inventory, multiple offers and quick sales are likely to be a common scenario for the near future," Sicoli said.
According to Zillow, home values in the country rose 2.2% between June and the end of September, the largest quarterly increase since 2013. In the Newark/New York metro area, the typical home value jumped 3.4% year over year, and nearly 1% from just the month prior.
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