#### Mercer County: A Competitive Start to the Year
Mercer County has kicked off 2024 with a significant shift in its real estate market, revealing a 10.6% decline in the inventory of homes for sale since last November. Key areas like Trenton, West Windsor, and East Windsor are poised for an increase in home values, signaling a hot market in the making. Buyers looking for opportunities in these areas must be ready to act fast, and sellers could see a greater interest in their properties due to the lower inventory.
#### Burlington County: Scarcity Sparks Opportunity
In Burlington County, the availability of homes has decreased by 5.2% since October 2023. This tightening of the market demands agility from buyers, as shifts are expected across New Jersey’s housing landscape. Sellers have an edge here; the limited number of listings could lead to advantageous selling conditions.
#### Monmouth County: A Buoyant and Expanding Market
Monmouth County’s real estate scene is thriving, boasting over 2,000 homes for sale. With a median home price at $604,301—up 5.9% from last year—there’s an optimistic forecast for a resurgence in home sales. Both buyers and sellers should keep a close watch on this market as it’s ripe for growth and activity.
#### Ocean County: A Prime Market for Decisive Action
Ocean County has witnessed a more dramatic reduction in home listings, with a 15.8% drop in available properties. This presents a golden opportunity for sellers to make the most of the less competitive market and for buyers to step in with strong offers.
#### Somerset County: Demand Outweighs Supply
The real estate market in Somerset County continues to tighten, with a 7.5% fall in listings. This sought-after area requires sellers to be savvy with their pricing strategies, while buyers should be prepared to make quick decisions to secure their desired homes.
#### Middlesex County: Tight Inventory Meets Rising Prices
Middlesex County sees a tightening grip on its housing inventory with an 11.9% decrease in available homes. Coupled with a median listing price surge to around $480,000 (a 7.9% year-over-year increase), the market is set for a competitive year ahead.
#### Cape May County: Steady Values in a Tight Market
In Cape May County, the inventory has shrunk by 4.5%, yet home values remain robust at an average of $681,013, marking a 4.2% increase over the past year. This underscores the county’s enduring appeal and the steady demand for homes in this scenic area.
Across New Jersey’s counties, one thing is clear: knowledgeable real estate professionals are invaluable assets in navigating these diverse and dynamic markets.
We look forward to assisting you in your real estate journey throughout 2024. Here’s to a year of opportunity and success in New Jersey’s real estate market!