Princeton - Christopher Norton Lieutenant Colonel Retired USAR

Navigating New Jersey’s Real Estate Market in 2024: A County-by-County Analysis

RENT OR BUY word of cube letters in front of green house symbols on wooden surface. Concept

RENT OR BUY word of cube letters in front of green house symbols on wooden surface. Concept.

#### 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!

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