About the NJ Market
The local real estate markets in the Garden State have opportunities for both buyers and sellers. Knowing all the facts about local real estate conditions and about New Jersey’s advantages is crucial to making the most of these opportunities.
What's the Latest?
July Existing-Home Sales Fall as Expected but Prices Rise in Northeast
Existing-home sales were sharply lower in July following expiration of the home buyer tax credit but home prices continued to gain, according to the National Association of REALTORS®.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, dropped 27.2 percent in the U.S., and are 25.5 percent below July 2009.
Regionally, existing-home sales in the Northeast dropped 29.5 percent and are 30.3 percent lower than a year ago. The median price in the Northeast was $263,800, up 4.8 percent from July 2009. Read the full report.
There are still great opportunities now for buyers who weren’t able to take advantage of the tax credit. Mortgage interest rates are at record lows, home prices have firmed and there is good selection of property in most areas, so buyers with good jobs and favorable credit ratings find themselves in a fortunate position.
Garden State Resales Outpace U.S. (2nd Quarter, 2010)
According to the NATIONAL ASSOCIATION OF REALTORS® (NAR) second quarter 2010 State Resale Report, New Jersey existing home sales have far outpaced the nation. Existing home sales in the Garden State increased 15.4 percent from the first quarter of 2010 to the second. New Jersey’s resales are 29.9 percent higher than the second quarter of last year. The national figure for second-quarter resales only showed a quarterly sales increase of 9.1 percent and a yearly increase of 17.3 percent.
In addition, each of New Jersey’s metro areas showed year-over-year growth in median home price, according to NAR’s Metropolitan Area Home Price Report. According to NJAR® CEO Jarrod Grasso, “This may be a sign of market stability. Even with the tax credit out of the equation, today’s buyers can experience record-low interest rates and affordable prices. However, these conditions will not last forever.” View NJAR®’s full statement and a story in the Asbury Park Press.
Get the Facts
Despite the national trends and statistics you might have heard, the old adage that all real estate is local has never been truer. Market facts in New Jersey, combined with national incentives, make now a good time to get active in New Jersey’s real estate market. Here's why:
• Seven-year real estate appreciation in the Garden State -- at 37% -- is five times the national average. More
• Mortgage rates are near historic lows, giving buyers a better chance to secure low payments for years to come. More
• Housing affordability – determined by home prices, income data and other factors – is high in New Jersey. More
• Increased Federal Housing Administration (FHA) loan limits means more money is available, expanding your purchasing power. More
New Jersey’s Homegrown Advantages
With unique and attractive neighborhoods, great schools, and other benefits, New Jersey is a great fit for the three rules of real estate – location, location, location. See what makes the Garden State such a great place to live and check out our interactive map to see specific county information and local real stories.
Local Conditions
The market varies throughout the Garden State. Find out more about local markets with recent metro area reports from the NATIONAL ASSOCIATION OF REALTORS®: Atlantic City • Edison • Newark • Trenton