Housing Market Update: New Jersey - March 2025

For residential real estate activity in the state of New Jersey

U.S. existing-home sales rebounded from the previous month, rising 4.2% to a seasonally adjusted annual rate of 4.26 million units, according to the National Association of REALTORS® (NAR). Economists polled by Reuters had forecast sales would fall to a rate of 3.95 million for the month. Purchase activity increased in the South and the West but decreased in the Northeast, while sales in the Midwest remained unchanged from one month earlier. • Single Family Closed Sales were down 2.2 percent to 3,789. • Townhouse-Condo Closed Sales were down 3.8 percent to 1,430. • Adult Communities Closed Sales were down 2.4 percent to 523. • Single Family Median Sales Price increased 7.8 percent to $560,000. • Townhouse-Condo Median Sales Price increased 4.5 percent to $410,000. • Adult Communities Median Sales Price increased 2.9 percent to $360,000. Heading into March there were 1.24 million properties for sale, a 5.1% increase from the previous month and a 17% jump from one year ago, for a 3.5-month supply at the current sales pace, according to NAR. While mortgage rates have remained in the mid-to-high 6% range, the additional supply appears to have helped bring some buyers out of the woodwork, even as sales prices continue to rise nationwide.

Data as of April 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