How is the current housing market in New Jersey?

New Jersey home values have gone up 17.2% over the past year. Last year at this time, ZHVI for New Jersey was $366,000. According to Redfin, New Jersey home prices (statewide) were up 7.0% year-over-year in November. At the same time, the number of homes sold fell 10.4% and the number of homes for sale fell 19.9%.

Is Housing Market Slowing Down NJ?

Statewide, median sales prices were up 8.6% to $440,000. New listings were down 10.5% to 9,281 and days on the market were down 18.8% to 39. Those figures are compared to a year ago. Warren, Atlantic and Hudson counties saw the largest percentage increases in median prices, year over year.

Does bright MLS cover Ocean County NJ?

Four New Jersey REALTOR® associations participate in Bright MLS, and Bright MLS’s coverage footprint includes Burlington, Camden, Cumberland, Gloucester, Hunterdon, Mercer, Ocean, Salem, and Somerset counties.

Will the NJ housing market Crash?

Like we said, it’s unlikely that home prices will go down any time soon—especially not in 2022. Some experts think home prices will grow at a slower rate (6%) than we’ve seen recently.

Where Are homes selling the fastest in NJ?

Homes sold the fastest in the southwest section of the state — Gloucester, Camden and Burlington counties. They sold the slowest in Hudson, Hunterdon, Cape May and Sussex counties.

Will home prices drop in 2022 NJ?

Home prices are still rising in most of New Jersey’s 21 counties. Statewide median sales prices were up 2.3% from February to March and they’re up 8.6% from March 2021 to March 2022. The median sales price for a single-family home in New Jersey was $440,000 in March, according to data from New Jersey Realtors.

Is now a good time to buy a house in NJ?

Analysts Say the Best Time to Buy a Home is Really Mid-Late Summer! NJ Lenders Corp.