Get ready for the Spring Market in New Jersey! For those of you looking to move to New Jersey or for NJ homeowners and home buyers – this market update is relevant to you. You hear about the robust sellers market in the media. Perhaps you’ve heard it from your REALTOR or even me that if you’ve considered selling and upgrading, downgrading, investing or even making a transition – this is THE time! Here’s what we know to be true. Despite COVID-19, the March real estate market remains a strong oen with increased home buyer demand with limited inventory and low mortgage rates. Existing home seller and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months.
• Single Family Closed Sales were up 20.9 percent to 6,934.
• Townhouse-Condo Closed Sales were up 36.2 percent to 2,429.
• Adult Communities Closed Sales were up 7.7 percent to 647.
• Single Family Median Sales Price increased 22.1 percent to $406,000.
• Townhouse-Condo Median Sales Price increased 13.1 percent to $311,000.
• Adult Communities Median Sales Price increased 13.7 percent to $255,000.
What’s new for homebuilders and new construction? Many homebuilders are working to build yet, the cost of lumbar and building materials have increased in price. Additionally, there is an increased interest in newer construction and newer renovation homes.
Some home buyers in the New York region are realizing there are options in the Garden State creating further competition for locals looking to move from renter to homeowner.
Are multiple offers still happening? They sure are and to remain competitive, home buyers need to work with their REALTOR to present their best offer price, conditions and terms. In short, the most competitive offer outlining favorable terms and seller demands will triumph as the winning offer.
Credit NJ REALTORS
Take a look at March 2021 New Jersey Housing Market trends.
If you’d like to get an idea of what your home is worth and/or an idea by county/town/city – be sure to reach out below. I’m looking forward to helping you.
