New Jersey Housing Market: September 2024 Analysis
The New Jersey housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 2.5% year-over-year, settling at $539,600. In contrast, the Median List Price has increased by 3.6% to $549,300, indicating a potential gap between seller expectations and buyer willingness.
Price Per Square Foot has seen a notable increase, with the median Price Per Square Foot rising by 7.9% to $327, and the Median List Price per square foot increasing by 8.7% to $328. This suggests that while overall sales prices have dipped, the value attributed to each square foot of property has appreciated significantly.
Sales activity has experienced a downturn, with the number of Homes Sold decreasing by 7.4% year-over-year to 7,264 units. Pending Sales have also declined by 3.3%, totaling 8,189. However, New Listings have increased by 6.0%, reaching 9,169, and inventory has grown by 6.1% to 18,967 homes. This increase in supply is reflected in the Months of Supply, which has risen by 30.0% to 2.6 months, indicating a shift towards a more balanced market.
The Median Days on Market have increased slightly by 3.0% to 35 days, suggesting that homes are taking marginally longer to sell. The average sale to list ratio has decreased slightly by 0.3% to 102.1%, while the percentage of Homes Sold above list price has dropped by 2.7% to 54.6%. These figures indicate a slight cooling in the competitive nature of the market.
Price Drops have become more common, with a 4.3% increase year-over-year, affecting 19.0% of listings. Additionally, the percentage of homes going off the market within two weeks has risen by 1.1% to 32.6%, suggesting that while some properties are lingering, others are still moving quickly.
Overall, the New Jersey housing market in September 2024 is characterized by a decrease in sales prices and activity, alongside an increase in inventory and listing prices. The market appears to be adjusting to a new equilibrium, with sellers adjusting expectations and buyers navigating a more varied landscape.
