- Home prices steadily rose throughout the year with the median home price at $493,500, up by 8.4% year over year and the sale-to-list price ratio is at 102% on average
- As per October 2023 data, home sales decreased by 15% year over year, with only 7,378 homes sold
- There are currently 26,385 homes for sale in New-Jersey, down 22% year over year
- There is 2 months of housing supply which is less than the national average
- Rents have increased an average 30% across the state
- New home construction sales were up 12.3% over 2022 and builders offered significant financial incentives to buyers
- Down-sizing and relocation are top reasons for home sales
- First-time homebuyers represent the largest group of home-buyers, due in part to increased rents and government programs offering grants and down-payment assistance
- Rates dropped to 7.35% in November due to the softening labor market and slowing economy while the inflation rate went from 3.7% to 3.2%
NJ Housing Market Year in Review
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