Housing Market Update: New Jersey - April 2024

For residential real estate activity in the state of New Jersey

U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted

annual rate of 4.00 million, exceeding economists’ expectations and marking the

strongest sales pace since August 2023, according to the National Association of

REALTORS® (NAR). Falling interest rates late last year, coupled with a recent

uptick in inventory, helped existing-home sales to climb following last month’s

decline, with monthly gains reported in the Midwest, South, and West regions.

• Single Family Closed Sales were up 2.6 percent to 4,309.

• Townhouse-Condo Closed Sales were up 5.7 percent to 1,634.

• Adult Communities Closed Sales were up 9.7 percent to 653.

• Single Family Median Sales Price increased 16.1 percent to $540,000.

• Townhouse-Condo Median Sales Price increased 13.6 percent to $410,000.

• Adult Communities Median Sales Price increased 10.5 percent to $359,000.

Total inventory heading into February stood at 1.01 million units, a 2% increase

from the previous month and a 3.1% increase from the same time last year, for a 3

months’ supply at the current sales pace, according to NAR. Although buyers may

find additional options in their home search, inventory remains below the 5-6

months’ supply of a balanced market, and demand is exceeding supply. As a

result, existing-home sales prices have continued to rise, climbing 5.1% year-overyear

to $379,100.

Data as of May 20, 2024. All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2024 ShowingTime