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To Our Real Estate Journey
Welcome to the Realtruss Real Estate 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 Estate 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 December 2024
The New Jersey real estate market in 2024 reflects a blend of growth, rising demand, and challenges, offering insights for both buyers and sellers.
Increased Listings: New listings rose by 1.9% in December and 5.2% year-to-date, indicating a slight improvement in inventory but still not enough to meet demand.
Sales Activity: Pending sales increased significantly by 12.2% in December and 0.9% year-to-date. However, closed sales saw a slight 0.3% decline year-to-date, highlighting potential bottlenecks in finalizing transactions.
Higher Prices: Median sales prices climbed 11.7% year-to-date to $505,000, reflecting sustained appreciation. The average sales price also rose 7.6%, reaching $623,661.
Tight Inventory: Homes for sale decreased by 6.1%, with only 2.7 months’ supply available (-3.6%). Low inventory continues to drive competition and price increases.
Faster Sales: Homes sold quicker overall, with days on market decreasing by 2.7% year-to-date to an average of 36 days.
Slight Affordability Challenges: The affordability index dropped 12.2%, making homes less accessible for many buyers due to rising prices and competitive conditions.
The market remains favorable for sellers, with rising prices, competitive offers, and a strong percentage of the list price received (102.2% year-to-date). Buyers, on the other hand, face challenges with affordability, limited inventory, and quickly moving transactions.
New Jersey's real estate market is dynamic, with high demand and low supply continuing to shape trends. Sellers can capitalize on rising prices, while buyers need to act decisively and prepare for competitive conditions.
Data from New Jersey REALTORS®, December 2024.
What Does New Jersey Real Estate Market Looks Like?
Median Sales Price
NJ. Average Mortgage Rates
New Jersey Real Estate Market Overview December 2024
The New Jersey real estate market in 2024 reflects a blend of growth, rising demand, and challenges, offering insights for both buyers and sellers.
Increased Listings: New listings rose by 1.9% in December and 5.2% year-to-date, indicating a slight improvement in inventory but still not enough to meet demand.
Sales Activity: Pending sales increased significantly by 12.2% in December and 0.9% year-to-date. However, closed sales saw a slight 0.3% decline year-to-date, highlighting potential bottlenecks in finalizing transactions.
Higher Prices: Median sales prices climbed 11.7% year-to-date to $505,000, reflecting sustained appreciation. The average sales price also rose 7.6%, reaching $623,661.
Tight Inventory: Homes for sale decreased by 6.1%, with only 2.7 months’ supply available (-3.6%). Low inventory continues to drive competition and price increases.
Faster Sales: Homes sold quicker overall, with days on market decreasing by 2.7% year-to-date to an average of 36 days.
Slight Affordability Challenges: The affordability index dropped 12.2%, making homes less accessible for many buyers due to rising prices and competitive conditions.
The market remains favorable for sellers, with rising prices, competitive offers, and a strong percentage of the list price received (102.2% year-to-date). Buyers, on the other hand, face challenges with affordability, limited inventory, and quickly moving transactions.
New Jersey's real estate market is dynamic, with high demand and low supply continuing to shape trends. Sellers can capitalize on rising prices, while buyers need to act decisively and prepare for competitive conditions.
Data from New Jersey REALTORS®, December 2024.
What Does New Jersey Real Estate Market Looks Like?
Median Sales Price
NJ. Average Mortgage Rates
Check out eXp's Listings
393 Metlars Ln. Piscataway Twp., NJ 08854
This meticulously maintained split-level home offers a versatile living space on a generous 500-foot deep lot. Enjoy the comfort of radiant floor heating on the ground level, while the open kitchen concept creates a welcoming atmosphere.
Sales Price:
$695,000
#3
#3
1,508 ft.
0.9157
1959
Split Level
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
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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 en New Jersey
28 Valley Road, Suite 1
Montclair, NJ 07042
Oficina: 866-201-6210
www.exprealty.com
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