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Last week, Essex County had a median sale price (MSP) of $688,000 and was the only one in Northern NJ with inventory levels below those of 2023. This lack of inventory has translated into a significant increase in home sale prices, which rose by $26,000 in just one week. Meanwhile, all other counties had relatively flat sale prices
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This issue simply reflects a supply problem in NJ, where there are too many buyers and not enough homes available. When you factor in investors, flippers, new families, and transfers from New York, prices have no direction to go but up.
Click below to check out last week's email if you'd like to compare charts and read my predictions about when home sale prices might begin to decrease.
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