Housing Market Update: New Jersey - November 2024

For residential real estate activity in the state of New Jersey

U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year

to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’

expectations for the month and marking the first annual gain since July 2021,

according to the National Association of REALTORS® (NAR). Lower mortgage

rates in late summer and early fall helped sales increase across all four regions.

• Single Family Closed Sales were up 3.7 percent to 4,520.

• Townhouse-Condo Closed Sales were up 2.1 percent to 1,573.

• Adult Communities Closed Sales were down 10.6 percent to 513.

• Single Family Median Sales Price increased 12.0 percent to $571,090.

• Townhouse-Condo Median Sales Price increased 10.3 percent to $419,000.

• Adult Communities Median Sales Price increased 4.4 percent to $350,000.

The number of homes for sale continues to improve nationwide, climbing 0.7%

month-over-month and 19.1% year-over-year to 1.37 million units heading into

November, for a 4.2-month supply at the current sales pace, according to NAR.

Despite a wider selection of properties on the market, sales prices have remained

strong at the national level, with a median existing-home price of $407,200 as of

last measure, a 4% increase from the same time last year.

Data as of December 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