New Jersey's Housing Market: Seller's Paradise or Cooling Down?

Dated: April 2 2024

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The Garden State's housing market in 2024 remains a complex landscape. While some experts predict a slowdown, others see a continuation of the seller's market. Here's a breakdown of the key trends:

Inventory Shortage: New Jersey faces a limited number of houses for sale, pushing prices upwards. This low inventory benefits sellers who can expect multiple offers and potentially sell above asking price.

Mortgage Rates: While significantly lower than the record highs of 2023, rates remain steady at around 6-7%. This can impact affordability for some buyers, leading to a potential decrease in sales compared to previous years.

Market Predictions: Opinions vary. Some forecasts suggest a slight price increase due to the tight inventory, while others warn of a possible market correction.

The Takeaway: New Jersey's market offers opportunities for both buyers and sellers. For buyers, patience and a strong financial pre-approval are crucial. Sellers can capitalize on the low inventory by strategically pricing their home.

Regardless of your position, staying informed about local trends and consulting with a qualified real estate professional will be key to navigating the 2024 New Jersey housing market.

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John Dodds

Having the right real estate agent means having an agent who is committed to helping you buy or sell your home with the highest level of expertise in your local market. This also means helping you und....

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