Housing market trends for New Jersey are in for the quarter and despite Covid-19’s impact, the housing market in New Jersey according to NJ Realtors are as follows:
• Single Family Closed Sales were down 6.8 percent to 5,648.
• Townhouse-Condo Closed Sales were down 4.0 percent to 1,741.
• Adult Communities Closed Sales were up 14.4 percent to 595.
• Single Family Median Sales Price increased 11.7 percent to $335,000.
• Townhouse-Condo Median Sales Price increased 8.3 percent to $276,100.
• Adult Communities Median Sales Price increased 19.6 percent to $224,500.
With low housing inventories, low mortgage rates and increased buyer activity, there are currently showing changes to include virtual showings.
New Jersey face large unemployment filings and some lenders tightened underwriting standards. Those home buyers well positioned are finding low mortgage rates and opportunities.
Source: NJ Realtors
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