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The housing market, so far, seems to be unphased by the volatility in the market. Even with mortgage interest rates reaching nearly 7% again, the stock market sliding, and economic uncertainty.
Market Review:
In Northern NJ, in the last few weeks, there continues to be a steady upward trend of both new homes for sale and sale prices. Bergen, Essex, and Passaic counties showed a slight increase in both of these categories. Meanwhile, Morris county saw a 5% increase in both new listings and median sale prices, while Hudson experienced a 7% increase in home sale prices.
Homes also continue to sell quickly, especially in Morris county, where the average is just 20 days. Bergen and Hudson counties both have higher days on market, when compared to other Northern NJ counties, but that has been consistent over the last few years. The data suggests that homes in these two counties tend to be initially priced too high.
For more insight on this topic, I'd be happy to chat with you.
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