Housing Market Update: New Jersey - December 2024

For residential real estate activity in the state of New Jersey

U.S. existing-home sales improved for the second consecutive month, rising 4.8%

to a seasonally adjusted annual rate of 4.15 million units, an eight-month high,

according to the National Association of REALTORS® (NAR). Sales were up 6.1%

compared to the same time last year, marking the largest year-over-year increase

since June 2021. Economists had forecast existing-home sales would come in at

an annual rate of 4.07 million units for the month.

• Single Family Closed Sales were up 11.4 percent to 4,988.

• Townhouse-Condo Closed Sales were up 16.5 percent to 1,654.

• Adult Communities Closed Sales were up 13.8 percent to 576.

• Single Family Median Sales Price increased 8.7 percent to $560,000.

• Townhouse-Condo Median Sales Price increased 13.2 percent to $430,000.

• Adult Communities Median Sales Price increased 7.5 percent to $360,000.

Total housing inventory stood at 1.33 million units heading into December, a 2.9%

decrease from the previous month but a 17.7% increase year-over-year, for a 3.8-

month supply at the current sales pace. Inventory remains below the 5 – 6 months’

supply of a balanced market, and the limited number of homes for sale continues

to put upward pressure on sales prices nationwide, with NAR reporting a median

existing-home price of $406,100, a 4.7% increase from one year earlier.

Data as of January 21, 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