The Real Estate Market in Northern New Jersey by Fran Lichtman
With NJ inventory down a whopping 38% as compared to last year, we are hoping to see a modest increase in homes coming to the market over the next few months. We are seeing very large price increases in most towns in the area due to high demand and low supply. In November, contract sales were up 22% year over year and in December it rose to 24%. The price range seeing the biggest gain in activity is the $1 million to $2.5 million which has increased to the unbelievable level of 90% YOY. Not that long ago, this price range had been suffering for years. The smallest increase was in the $400k and under range which only rose 7%.
Tons of apartment dwellers continue to head in this direction. As a result, there are currently about 26k rental vacancies in Manhattan and about 13k in Brooklyn. ental prices in those areas are at a 10 year low!
Since there is no seasonality at the moment in the market, you can say that the “spring market” arrived last May and has never left!
It is not too early to list your home. With buyers out there each and every day just waiting for new inventory, it is a moment in time when the seller is in the driver’s seat in a way that we rarely see.
Call us in if you are thinking of selling. We are also able to do private deals through our network of Realtor colleagues. You may be able to secure a deal on your home before you begin the staging process.
LOCAL MARKET STATISTICS **single family homes only
Active Active Under contract
As of 1/9/21 As of 1/22/21 since Jan 1
Maplewood 17 13 12
South Orange 17 18 11
West Orange 36 37 13
Montclair 24 24 11
Bloomfield 26 28 12
Millburn/Short Hills 24 24 11
Orange 18 16 7
Union 46 44 31 (on fire)
Summit 37 32 8