In order to get a sense of the New Jersey Housing Market for 2020, let’s tackle market statistics for December 2019.
Here’s what we know so far according to the New Jersey Association of Realtors Housing Statistics.
New Jersey 2019 Home Prices
In 2019 home prices were up again in most markets. Overall, most New Jersey counties saw an average of 5.9% appreciation from 2018. Other cities like Jersey City in Hudson County saw an overall price appreciation of up to 11%.
Home Buyer Demand Remain Strong
Buyer demand continues to be strong but with slow and limited seller activity in many locations, total sales are lower than they would normally be in a more balanced market. New Jersey real estate is local indicating some market areas due to home buyer demand and low housing inventory fueled a continued strong sellers market with an average 1 month supply of inventory. Other markets show a more balanced housing market.
Ready to see what’s available in the market? Have fun and conduct a home search.
Lower Mortgage Rates
While up from their recent lows a few months ago, mortgage rates end the year close to three-quarters of a percent lower than a year ago, helping to improve affordability and offset rising home prices.
New Jersey Housing Market Statistics
Source: NJAR December 2019
• Single Family Closed Sales were up 4.8 percent to 6,721.
• Townhouse-Condo Closed Sales were up 12.1 percent to 1,990.
• Adult Communities Closed Sales were up 5.5 percent to 579.
• Single Family Median Sales Price increased 10.5 percent to $337,176.
• Townhouse-Condo Median Sales Price increased 6.7 percent to $270,000.
• Adult Communities Median Sales Price held steady at $210,000.
2020 Market Trends
With low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy into the new year. New construction has been on the rise in 2019 and is expected to continue into 2020, but many experts note that the country is still not building enough new units to quench demand. New Jersey is expecting another robust year.
Home Seller Opportunities
Due to a lack of inventory and continued home buyer demand may mean significant opportunity for the home seller. Should you be interested in learning more about your options for 2020, feel free to reach out in the Contact Section. You’ll receive a complimentary overview of New Jersey market values. Please be sure to include you name, address, phone and email to receive a custom market analysis. Be prepared and know your options before you place your home on the market. Work with a trusted real estate advisor armed with market analytics, digital marketing skills/strategies and professionalism.
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December 2019
New Jersey Housing Market Trends
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