New Jersey Housing Market
Home prices in New-Jersey were up 5.9% year-over-year in July. At the same time, the number of homes sold fell 24.9% and the number of homes for sale fell 34.6%.
New Jersey Housing Market Overview
In July 2023, home prices in New-Jersey were up 5.9% compared to last year, selling for a median price of $500,000. On average, the number of homes sold was down 24.9% year over year and there were 8,018 homes sold in July this year, down 10,677 homes sold in July last year. The median days on the market was 30 days, down 4 year over year.
Top 10 Metros in New Jersey with the Fastest Growing Sales Price
Wildwood, NJ 73.6%
North Bergen, NJ 68.6%
Atlantic City, NJ 51.7%
Burlington, NJ 44.6%
Fort Lee, NJ 43.1%
Trenton, NJ 43.1%
Edison, NJ 37.3%
Glassboro, NJ 36.0%
Montclair, NJ 35.0%
Tenafly, NJ 33.8%
New Jersey Housing Supply
In July 2023, there were 25,879 homes for sale in New-Jersey, down 34.6% year over year. The number of newly listed homes was 8,917 and down 27.6% year over year. The average months of supply is 2 months, down year over year.
# of Homes for Sale 25,879. -34.6% year-over-year
# of Newly Listed Homes 8,917 -27.6% year-over-year
Months of Supply 2 0 year-over-year
New Jersey Housing Demand
In July 2023, 61.3% of homes in New-Jersey sold below list price, down 1.1 % year over year. There were only 13.8% of homes that had price drops, down from 17.0% of homes in July last year. There was a 103.3% sale-to-list price, up 0.04% year over year.
Homes Sold Above List Price 61.3%. -1.1% year-over-year
Homes with Price Drops
13.8%. -3.7% year-over-year
Sale-to-List Price 103.3%. +0.04% year-over-year
Top 10 Most Competitive Cities in New Jersey
New Providence, NJ
Hillsborough, NJ
Springdale, NJ
Greentree, NJ
The Hills, NJ
Somerville, NJ
Westfield, NJ
Sewell, NJ
Summit, NJ
Bradley Gardens, NJ
datasource Redfin for July 2023,
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