New Jersey Real Estate Market Insights for July 2024
New Jersey Housing Market Analysis - July 2024
The New Jersey housing market in July 2024 presents a dynamic landscape with several key metrics indicating both growth and challenges. This analysis delves into the various aspects of the market, providing a comprehensive overview of the current state and year-over-year (YoY) changes.
Median Sales Price
The median sales price in New Jersey for July 2024 stands at $560,300. This figure represents a significant increase from the previous year, showcasing a robust growth trend in property values. The YoY increase in the median sales price is a notable indicator of the market's upward trajectory.
Median List Price
The median list price for homes in New Jersey is currently $541,100 reflecting a slight decrease of 2% YoY. This decline suggests a potential adjustment in seller expectations or market conditions that may be influencing listing strategies.
Price Per Square Foot
The median price per square foot has risen to $330 marking a 10% increase YoY. Similarly, the median list price per square foot is $321 which has also seen a 9% increase YoY. These metrics indicate a strong demand for housing, driving up the cost per unit area.
Homes Sold and Pending Sales
In July 2024, a total of 8,607 homes were sold in New Jersey, representing a 6% increase YoY. Pending sales also saw a rise, with 9,410 transactions in the pipeline, up by 5% YoY. These figures highlight a healthy level of market activity and buyer interest.
New Listings and Inventory
The number of new listings in July 2024 reached 10,186 showing a 10% increase YoY. Inventory levels also grew to 18,819 homes, a 7% increase YoY. The rise in new listings and inventory suggests that more sellers are entering the market, potentially providing buyers with more options.
Months of Supply
The months of supply metric remains steady at 2.2 months, unchanged from the previous year. This stability indicates a balanced market where the supply of homes is keeping pace with demand.
Median Days on Market
Homes in New Jersey are spending a median of 32 days on the market, which is a slight increase of 1 day YoY. This minor change suggests that homes are still selling relatively quickly, although there may be a slight cooling in the pace of transactions.
Average Sale to List Price Ratio
The average sale to list price ratio is 1.03, indicating that homes are selling for slightly above their listing prices. This ratio has remained unchanged YoY, reflecting consistent buyer willingness to meet or exceed asking prices.
Sold Above List Price
Approximately 61% of homes sold above their list price, which is a 1% decrease YoY. This slight decline may suggest a shift in buyer behavior or market conditions, leading to fewer bidding wars.
Price Drops
The percentage of price drops remains steady at 18%, unchanged from the previous year. This consistency indicates that sellers are maintaining their pricing strategies despite market fluctuations.
Off Market in Two Weeks
About 37% of homes went off the market within two weeks, showing a 4% increase YoY. This rise suggests that a significant portion of homes are being snapped up quickly, reflecting strong buyer demand and competitive market conditions.
In conclusion, the New Jersey housing market in July 2024 exhibits a mix of growth and stability. The significant increase in median sales prices and price per square foot, coupled with rising sales and inventory levels, points to a vibrant market. However, the slight decrease in the median list price and the percentage of homes sold above list price indicate potential areas of adjustment. Overall, the market remains active and competitive, with strong buyer interest driving quick transactions and sustained property value growth.
