New Jersey’s real estate market, as of September 2024, shows signs of shifting dynamics across property types, with single-family homes, townhouses/condos, and adult communities each facing unique trends.
Sales Activity: Closed sales across all residential property types have declined. Single-family homes dropped by 6.5%, townhouses and condos by 4.5%, and adult communities by a more substantial 14.6%.
Pricing Trends: Despite lower sales, prices have risen. Median prices for single-family homes increased by 8.5% to $575,000, while townhouses/condos saw a 5% uptick to $419,450. Notably, adult communities experienced a 9.9% increase, bringing their median to $368,000.
Inventory and Days on Market: Inventory is largely stable but varies by property type. Single-family homes stayed flat, while townhouse/condo availability grew slightly (3%) year-over-year. Days on market increased to 33 days, up 3.1%, reflecting cautious buyer behavior.
Affordability: The Housing Affordability Index saw mild improvement, rising by 2.5% for single-family properties and 5.6% for townhouses/condos. This shift hints at modestly better affordability, though rising prices remain a barrier for some buyers.
In summary, New Jersey’s housing market reveals a mixed landscape—while higher prices signal robust demand, slowing sales and stabilizing inventory suggest a gradual easing from the intense market of previous years.