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If you’ve been watching headlines lately, you’ve probably seen talk about slowing price growth, longer days on market, or a “cooling” market. Don't fall for the "market crash" reports.
We know it's totally different here than the rest of the country.
Right now in Northern New Jersey, the market doesn’t look like it’s falling apart. It looks like it’s settling in. Notice each week prices are swaying above and below last years prices. That's partly due to the lower amount of inventory, but it's also the first time we've seen prices drop below the previous year since the start of the pandemic. Check out my newsletters from a year ago and you'll see.
Prices are still strong. Buyers are still active. Inventory is still tight in most towns. The big change is that things just feel less frantic and buyers are being a bit more cautious.
I think we are seeing the market head towards a bit more stability as buyers and sellers are accepting the market for what it has become.
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