Housing Market Update: New Jersey - January 2025

For residential real estate activity in the state of New Jersey

U.S. existing-home sales advanced for the third straight month, climbing 2.2% to

a seasonally adjusted annual rate of 4.24 million units, a 10-month high, according to the National Association of REALTORS® (NAR). Sales were up 9.3% year-over-year, driven largely by purchases of homes priced $500,000 and above. Month-over-month, sales rose in the South, Northeast, and the West but fell in the Midwest, with all four regions reporting year over-year gains.

• Single Family Closed Sales were up 8.9 percent to 3,740.

• Townhouse-Condo Closed Sales were up 8.7 percent to 1,315.

• Adult Communities Closed Sales were down 2.0 percent to 448.

• Single Family Median Sales Price increased 13.0 percent to $565,000.

• Townhouse-Condo Median Sales Price increased 7.9 percent to $426,250.

• Adult Communities Median Sales Price increased 3.3 percent to $371,000.

According to NAR, total housing inventory was 1.15 million units heading into

January, a 13.5% decrease from the previous month but a 16.2% increase from

the same period one year earlier, for a 3.3-month supply at the current sales pace.

Housing supply remains down compared to pre-pandemic levels, and the limited

number of homes on the market continues to push sales prices higher nationwide,

with the median existing-home price rising 6% year-over-year to $404,400.

Data as of February 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