These 3 NJ counties saw huge drop in new home sale listings
If you’re looking to buy a home in New Jersey you might want to dust off that good luck charm. After the market seemed to start cooling off last year to a mixed bag between a buyer’s market and a seller’s market it has come roaring back to a seller’s market in most of New Jersey.
Home values in the Garden State continue to rise. A report shows in an April-to-April comparison of this year to last that most of New Jersey isn’t done being a thorn in a buyer’s side just yet. In fact, while most zip codes had value increases there were 27 where the home values soared over 10% in just those 12 months.
What’s fueling this? Inventory. Despite rising mortgage rates more people want to buy homes than the number of homes available.
According to a story on nj.com data from realtor.com shows there are three New Jersey counties where newly listed properties for sale plummeted by a shocking 40% this May compared to last May. And last May inventory was already tight.
Those counties are:
As a whole New Jersey ranked seventh in the nation for the biggest decline in new inventory. So those days a year to two years ago of bidding wars and buyers waiving home inspections is back with a vengeance. If all this isn’t depressing enough to a potential home buyer, the median list price in New Jersey last month stood at $544,500.
21 of the most expensive homes for sale at the Jersey Shore (North)
21 more of the most expensive homes for sale at the Jersey Shore (SOUTH)
Opinions expressed in the post above are those of New Jersey 101.5 talk show host Jeff Deminski only.
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