Housing Market Update: New Jersey - October 2024

For residential real estate activity in the state of New Jersey

U.S. existing-home sales unexpectedly slipped 1.0% month-over-month and 3.5%

year-over-year to a seasonally adjusted annual rate of 3.84 million, the lowest level

in more than a decade, according to the National Association of REALTORS®

(NAR). Prospective buyers have pulled back in recent months, despite lower

mortgage rates and more home choices compared to the same time last year.

• Single Family Closed Sales were up 1.3 percent to 4,830.

• Townhouse-Condo Closed Sales were up 9.8 percent to 1,796.

• Adult Communities Closed Sales were down 6.7 percent to 610.

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

• Townhouse-Condo Median Sales Price increased 10.3 percent to $429,990.

• Adult Communities Median Sales Price increased 4.3 percent to $365,000.

There were 1.39 million homes for sale heading into October, a 1.5% increase

from the previous month and a 23% increase from the same period last year, for a

4.3-month supply at the current sales pace, according to NAR. Even with

improving supply and the slower sales pace, home prices have continued to rise

nationwide, with NAR reporting a median existing-home price of $404,500 as of

last measure, a 3% increase from one year ago.

Data as of November 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