Posted over 9 years ago

Real Estate Market Spotlight: New Jersey

What’s happening in the New Jersey real estate market now?

We’ve seen some quite diverse real estate statistics across the map over the last few months. So, what’s happening in NJ? How is the market shaping up for property and note investors?

The Digits You Should Know

As usual, the numbers can vary depending on who you ask. So, check out who is reporting what, and always check the freshest figures.

According to RealtyTrac:

Number of vacant homes: 10%
Unemployment: 4.1%
Average discount on distressed property sales: 59%
Median home value $295k
Foreclosure trends: bank owned property up 26.7% as of January 2017
Homes still trading at an average of $62k below high of 2007

According to Zillow:

Home price trend: + 5% yoy
Home price forecast for 2017: +2%
Median price per square foot: $162
Median rent: $1,800

NJ has a hyper-seasonal real estate market. That means if you buy at the right time you can get a significant boost just based on the month you invest. Check it out on a per square foot basis…

According to the New Jersey Realtors Association:

Sales and demand up according to NJ Realtors. Inventory is down to a healthy 5.1 month supply, sales are rising modestly, and that all bodes well for 2017.