Welcome
To Our Real Estate Journey
"We are here to support you, every step of the way"
"We are here to support you,
every step of the way"
Welcome to the Realtruss Real State Solutions Blog, your go-to source for the latest updates and insights on the New Jersey real estate market. Whether you're buying, selling or renting we provide clear, actionable information to help you make informed decisions. With expert tips and practical advice, We're here to guide you through the evolving real estate landscape.
New Jersey Real Estate Insight Blog
Welcome to the Realtruss Real State Solutions Blog, your go-to source for the latest updates and insights on the New Jersey real estate market. Whether you're buying, selling or renting we provide clear, actionable information to help you make informed decisions. With expert tips and practical advice, We're here to guide you through the evolving real estate landscape.
New Jersey Real Estate
Insight Blog
New Jersey Real Estate Market Overview 2024
The New Jersey real estate market in 2024 has demonstrated steady growth and stability. Key trends include rising home prices, tight inventory, and strong buyer activity:
Home Prices: The median sales price increased by 9.6% year-over-year to $515,000, while the average sales price rose 7.2% to $628,956, reflecting strong demand.
Inventory: Limited supply persists, with a slight 1.5% decline in homes for sale and months of supply at 3.2 (-3.0% from October 2023).
Market Activity: Pending sales saw significant growth (+17.8%), and new listings increased by 6.6%, offering more options to buyers. Closed sales also rose modestly by 3.1%.
Affordability: The affordability index improved to 89 (+2.3%), though high prices and interest rates continue to challenge buyers.
Days on Market: Homes are staying on the market slightly longer (35 days, +2.9%).
The market remains competitive, favoring sellers due to tight inventory and high demand. With strategic planning and professional guidance, both buyers and sellers can capitalize on the opportunities in this dynamic environment.
Data from New Jersey REALTORS®, November 2024.
What Does New Jersey Real Estate Market Looks Like?
Median Sales Price
NJ. Average Mortgage Rates
New Jersey Real Estate Market Overview 2024
The New Jersey real estate market in 2024 has demonstrated steady growth and stability. Key trends include rising home prices, tight inventory, and strong buyer activity:
Home Prices: The median sales price increased by 9.6% year-over-year to $515,000, while the average sales price rose 7.2% to $628,956, reflecting strong demand.
Inventory: Limited supply persists, with a slight 1.5% decline in homes for sale and months of supply at 3.2 (-3.0% from October 2023).
Market Activity: Pending sales saw significant growth (+17.8%), and new listings increased by 6.6%, offering more options to buyers. Closed sales also rose modestly by 3.1%.
Affordability: The affordability index improved to 89 (+2.3%), though high prices and interest rates continue to challenge buyers.
Days on Market: Homes are staying on the market slightly longer (35 days, +2.9%).
The market remains competitive, favoring sellers due to tight inventory and high demand. With strategic planning and professional guidance, both buyers and sellers can capitalize on the opportunities in this dynamic environment.
Data from New Jersey REALTORS®, November 2024.
What Does New Jersey Real Estate Market Looks Like?
Median Sales Price
NJ. Average Mortgage Rates
Realtruss InfoSquare
Outlook On Home Sales
Existing-home sales saw a strong boost in November, climbing 4.8% to an annual pace of 4.15 million—the fastest since March! Compared to last year, sales jumped an impressive 6.1%, the biggest gain since mid-2021. Home prices also continued to grow, with the median price reaching $406,100, up 4.7% from last November. Inventory remains tight, with unsold homes down 2.9% from the previous month, leaving a 3.8-month supply at the current sales pace.
NJ. Leads U.S. Home Price Growth
Home prices in New Jersey increased by over 8% in October 2024, the highest in the U.S., as part of a national rise of 3.4%. This growth is expected to slow to 2.4% by October 2025, according to CoreLogic. New Jersey outperformed Rhode Island's 7.5% increase, while cities like Chicago and Miami also saw gains. However, areas such as Washington, D.C., Idaho, and Montana experienced declines. Experts predict home prices will peak in early 2025, with a nationwide median price of approximately $385,000. The Northeast region remains strong amid economic challenges, leading in year-over-year price increases.
The NAR lawsuit ended with a $700 million settlement, promoting "peace" in the industry. The settlement led to changes in buyer agreements and commission structures. While the Department of Justice continued its scrutiny, leaders like eXp’s Leo Pareja and Real’s Sharran Srivatsaa helped guide agents. Despite hopes for a housing market rebound, sales struggled. NAR also faced backlash over lavish spending, fueling calls for reform.
NAR Settlement Amid Housing Market Struggles
Find Your Perfect Match
Search, compare, and find houses for sale near me, along with condos, land, and more! Save your searches, favorite properties for later, get email updates on new listings and price changes, and even schedule showings online—all in one place!
How Much Is My Home Worth?
You can rely on a fast sale, achieving the best price, terms, and conditions, while ensuring maximum exposure through various platforms. Get your Free Home Valuation today! I have interested buyers actively looking in your area.
Keep Up With The Trends In
Your Local Real Estate Market!
Get a FREE Market Report that outlines the average listing price, price reductions, new listings, and more!
At Realtruss Real State Solutions, we have a client-centric approach, we’re dedicated to helping you navigate every step of your real estate journey. Whether you're buying, selling, or leasing, we're here to provide personalized guidance, exceptional service, and results that exceed your expectations.
We are committed to helping sellers price their properties accurately, marketing effectively, handling negotiations, and managing paperwork there by ensuring a smooth and successful transaction.
We assist buyers by identifying suitable properties, negotiating offers, and guiding them through inspections, financing, and paperwork to ensure a smooth purchase process.
We help renters and lessees find suitable properties, negotiate lease terms, and navigate agreements, ensuring a smooth and efficient rental process.
Your goals are our priority, and we’re committed to turning your real estate dreams into reality.
Support:
eXp Realty in New Jersey
28 Valley Road, Suite 1
Montclair, NJ 07042
Office: 866-201-6210
www.exprealty.com
© 2024. All rights reserved.
