Real estate trends in New Jersey | Sellers | Buyers | Investors | The best and worst of New Jersey | New Jersey resources
New Jersey real estate trends (May 2022)
How is the real estate market in New Jersey? | |
|---|---|
🏠 Average home value: $470,843 | 📈 0.94% home value increase month over month |
💰 Median sale price: $474,600 | ⏳ 39 days on the market |
🔑 Homes on the market: 22,090 | 📆 1.3 months of housing inventory |
🏦 30-year mortgage rate: 5.44000% | 💵 Average income: 82545 |
State of the market: A- | |
The New Jersey market is hot, and it may continue to heat up even further. The competitive sales prices are a major factor in homes selling quickly — turning over in less than a month of hitting the market — but inventory is starting to increase and values are slowly falling, which may turn the tide. | |
*Data last updated May 2022 | |
Though more than eight million viewers around the world have tuned into MTV's Jersey Shore, they've only seen a glimpse of all the Garden State has to offer.
Beyond its storied beaches, New Jersey features plenty of charming communities tucked among its lakes and rolling hills. Its biggest cities include Newark, Jersey City, and Paterson.
Residents take pride in the state's abundant Italian delis, fresh local produce, and playfully ribbing out of state visitors. The state's central location makes it easy for residents to commute by train to nearby New York City and Philadelphia.
If you're thinking of buying or selling in New Jersey, these New Jersey housing predictions and stats can help you make an informed decision.
Want to save money when you buy or sell your home? With Clever, you'll only pay 1% or $3K in listing fees. Eligible buyers get 0.5% cash back after closing. Find out how much you can save with Clever today!
Selling a home in New Jersey
New Jersey real estate market forecast for sellers | |
|---|---|
⏰ Homes are selling 5 days faster than the annual average | 💰 Homes are selling for $39,813 more than the annual average |
💸 Average listing commission: 2.630% | 💸 Average buyer's commission: 2.50% |
How to sell a home in New Jersey
- The Best Low Commission Real Estate Brokers
- Top Real Estate Agents in New Jersey (June 2021 Rankings)
- 8 Steps to Selling a House in New Jersey
- How to Sell a House By Owner in New Jersey (2021 Update)
- 5 Best New Jersey Flat-Fee MLS Companies in 2021
- 5 New Jersey We Buy Houses for Cash Companies & Alternatives (2021 Rankings)
Cost to sell a home in New Jersey
- The Average New Jersey Real Estate Commission (2021)
- New Jersey Seller Closing Costs in 2021: How Much Will You Pay?
- The Ultimate Guide to New Jersey Real Estate Taxes
Buying a home in New Jersey
How much home you can buy with $300,000 in... | |
|---|---|
🏠 Trenton: 1,322 sq ft | 🏡 Vineland: 1,935 sq ft |
🏡 Atlantic City: 1,546 sq ft | 🏠 Ocean City: 612 sq ft |
- How to Save with a Home Buyer Rebate
- 8 Definitive Steps to Buying a House in New Jersey
- The 5 Most Affordable Places to Live In New Jersey
- The Best Time to Buy a House in New Jersey
- Rent vs Buy in New Jersey: Which Is Right for You?
- Everything You Need to Know About Moving to New Jersey
Investing in New Jersey real estate
- Top 5 Best Real Estate Investment Markets in New Jersey
- A Beginner's Guide to Buying an Apartment Building
Best of New Jersey
Each month, we compare locations in New Jersey based on different criteria. This month, we're looking at levels of happiness and ranking the best counties in the state.
Happiest Counties in New Jersey |
|---|
1. Morris County |
2. Union County |
3. Sussex County |
4. Hunterdon County |
5. Somerset County |
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Worst of New Jersey
Each month, we compare locations in New Jersey based on a different criteria. This month we're looking at levels of happiness data. These are the counties that ranked the worst in the state.
Least Happy Counties in New Jersey |
|---|
1. Cumberland County |
2. Atlantic County |
3. Salem County |
4. Essex County |
5. Camden County |
New Jersey resources
- State of New Jersey Department of Banking and Insurance - New Jersey Real Estate Commission
- New Jersey's real estate license verification
- New Jersey's real estate agent code of conduct
- New Jersey's disclosure forms
- Transfer taxes in New Jersey
- Home buying assistance programs in New Jersey
Frequently asked questions about New Jersey real estate
It is currently a seller's market in New Jersey. Although listing prices are low right now, the increasing demand is causing homes to sell quickly. While that may be the case, each city and town is different, so it’s best to check in with a top real estate agent to understand your local trends.
Real estate is always a good investment, but it’s even better in a populous state like New Jersey. Bigger cities like Trenton or areas in the New York City metro are perfect because the demand for housing is always high. However, investing requires proper preparation for it to pay off, such as finding the best neighborhoods to buy in and understanding what locals look for in a place to live. Learn more in our guide to real estate investing.
It might be a good time to buy a house in New Jersey right now, as homes are selling for less than they’re worth. To find out all your options, work with one of the top real estate agents in the area for help.
Methodology
Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, Bankrate, the U.S. Census, and Clever surveys. Our team of over 20 real estate analysts from across the country research local markets and data to compile our "Best" and "Worst" rankings.