TurpinRealtors.com/Reports
Change is upon the North Central New Jersey real estate market once again, as the high energy that became the norm during the pandemic fades and we return to more measured market conditions. In the aggregate, pended results for our region during the month of September reflect a transaction level similar to the years immediately preceding the pandemic, indicating a market that is normalizing. On the other hand, our inventory levels stand at roughly one-third of 2018 and 2019 levels. In spite of higher interest rates and increased home values, demand remains relatively strong for homes, especially in the more popular price ranges below $2 million.
For buyers seeking homes priced under $1 million, inventory constraints persist. The lack of options to choose from, coupled with the higher cost of ownership, led to a decrease in transaction volume in September. Meanwhile, in the $1-2 million range, listings and transactions both increased as compared to September 2021, making this the most active segment in our study, albeit with scant supply in many towns. Looking again at regional results, the supply of homes priced above $2 million increased during September, while pended transactions decreased. As a result, days on market spiked, all of which indicate a slowdown for this segment.
In addition to the regional results noted above, this report contains granular market data for 39 municipalities in our area over the third quarter, as well as for the year to date. The trends we observe at a regional level can deviate significantly from outcomes in any given town and, within that town, among its price segments. With this in mind, I encourage you to contact one of Turpin’s knowledgeable Realtors, who would be pleased to discuss exactly what is happening in your neighborhood and deliver local activity reports to your inbox.
See the data → TurpinRealtors.com/Reports