New Jersey Real Estate & NJ Homes for Sale | realtor.com® (2024)

FAQs

Where are homes selling the fastest in NJ? ›

Considering the current market conditions, favorable interest rate environment, and outlook for the first half of 2024, now could indeed be a good time to sell your New Jersey house. With high demand, competitive pricing, and favorable financing options, sellers stand to benefit from entering the market at this time.

There's no better time than NOW! 12.9% of homes are selling below their listing price. Moreover, there's a 7.7% increase in newly listed homes.

The average New Jersey home value is $537,916, up 8.5% over the past year and goes to pending in around 16 days.

Focus on curb appeal.

It's incredible what a tidy lawn and freshly mulched flower beds can do for a house. Most buyers will drive by your property before deciding whether or not to take a closer look. A house that looks welcoming from the street stands a much better chance of selling quickly.

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March. Just over 18 million purchase transactions took place during this period, according to ATTOM.

The runaway housing prices we've seen over the past few years in New Jersey should finally slow down in 2024, real estate experts say. And the market is expected to normalize. Falling interest rates should lead to more houses being listed for sale, helping prices level out.

The current market still favors sellers, with demand surpassing supply.

In 2024, there is expected to be more predictability and stability for potential homebuyers. Additionally, Zillow predicts that more homes will hit the market this year, as more homeowners who locked in all-time-low mortgage rates may put their homes up for sale, growing tired of waiting for such low rates to return.

What month has the most home listings? ›

Most listings hit the market in a short window between the months of April and June. If you're planning to buy in a market with harsh winter weather, May and June typically have twice as many active listings as December or January. However, in temperate markets this springtime pattern is far less noticeable.

For the sate of New Jersey, the MIT Living Wage Calculator estimates a single adult should make at least $51,500 a year. For an adult with a child, that threshold goes up to $90,800.

Lenders in New Jersey often expect you to come up with 20% of the purchase price as a down payment. This means the following: If the cost of a property is $350,000, the down payment could be about $70,000. However, there are options to reduce this payment, such as government-backed loans (VA and FHA).

How much do New Jersey residents need to make? In New Jersey, residents need to make $152,186 annually to afford the state's median-priced home of $495,600. This is a 45% increase from 2020, when the annual income needed to afford a median-priced home was $104,986.

1 fastest-selling housing market: Hartford, Connecticut. As of January 2024, the fastest-selling housing market in the U.S. is Hartford, Connecticut.

Fastest growing towns in NJ

Lakewood in Ocean County was the fastest-growing municipality in New Jersey, according to the data. In 2012, the population was 91,423. In 2022, it ballooned to 133,875, a 46% increase for a location that has become attractive to Orthodox Jewish families.

Housing Markets on Florida's West Coast Are Cooling Faster Than Anywhere Else in the U.S., With Supply Rising and Demand Falling.

Local authorities where house prices are falling

Canterbury's followed by the coastal areas of Thanet (down 3.9% or £11,630 to £286,200) and Dover (down 3.8% or £11,630 to £293,400). Prices in Essex are also down, with Tendring, Braintree and Colchester also experiencing falls of around 3%, or £8-10,000.