The RightWay Recap December 2024 | powered by NJ Realtors®

NJ Real Estate Market Recap: December 2024

As 2024 closes, New Jersey’s real estate market reflects resilience and complexity. Here’s an informed snapshot of statewide trends and key insights tailored for homeowners and buyers:

1. Prices Continue to Climb
Statewide, the median sales price rose 12.9% to $520,000 year-over-year, with single-family homes leading the charge at $571,090 (up 12%). Townhouses and condos followed closely, up 10.3% to $419,000. These increases demonstrate sustained demand despite affordability challenges.

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2. Sellers Benefiting from High List-to-Sale Ratios
On average, homes in New Jersey sold for 101.5% of their list price statewide, underscoring strong demand and competitive bidding. Single-family homes, in particular, received 102.1% of their list price in November, showcasing a lucrative market for sellers who price strategically.

3. Inventory Tightens but Shows Variance
Inventory decreased by 3.2%, leaving a 3.1-month supply statewide—firmly a seller’s market. However, regions like Middlesex County bucked the trend with more new listings, offering buyers slightly more options. Counties like Bergen and Union experienced sharp drops in available homes, as homeowners wait to sell in the warmer months. 

4. Affordability Pressures Grow
The Housing Affordability Index fell to 86, a 7.5% year-over-year decline, reflecting rising home prices and high interest rates. Despite this, our team’s REMLO agents are ready to assist buyers in navigating financing solutions to make homeownership more attainable.

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5. Faster Sales in Some Areas
While the statewide average days on the market rose slightly to 36 days, hotspots like Essex County saw homes moving faster at an average of 30 days. These disparities underscore the importance of localized market knowledge.

6. Buyers Remain Active
Closed sales rose by 1.9% to 6,707 in November, supported by a 9% increase in pending sales. This activity highlights that despite headwinds, buyers are ready to act when the right opportunities arise.

Key Takeaways for Homeowners and Buyers

• Sellers: With inventory low and demand strong, this is an opportune time to list. Our team’s proven strategies can help you stand out and secure top dollar.

• Buyers: While competition remains stiff, aligning with the right professionals can open doors. Our in-house lending solutions and market expertise ensure you’re positioned for success.

Let’s Talk

Whether you’re buying, selling, or exploring your options, our team guides you every step of the way. Call us today to discuss your real estate goals in detail!

All data furnished in this report is sourced from NJ Realtors®. Consumers can find public market reports and more information on the NJ Realtors® website.