Want to put the residential housing sales boom in New Jersey in perspective? Consider this: Homes in New Jersey were on the market for a median time of 35 days in 2021 — with just over one-third selling in less than two weeks. And that made N.J. the 13th-slowest state in home sales. That’s right. Slowest.
So said a recent report from Porch.com.
According to its data, in summer 2021, the median number of days for a pending home sale was just over two weeks (15 days) — with over half the homes listed nationally selling in that time period.
Home sales data from 2021 also showed how much the pandemic’s impact on the housing market has varied across the country.
At the state level, homes in Washington, Nebraska and Indiana moved the fastest, with the median days on the market for each was less than 10 days in 2021. Other hypercompetitive states include Colorado, Oklahoma, Oregon and Utah, where homes were typically off the market in 14 days.
These states contrast with Vermont, Hawaii and Mississippi, which are the only states where the typical home remained on the market for more than 60 days before an offer was accepted or the home was eventually delisted.
Home sales in 46 states were measured for the report.
How quickly homes moved in 2021 showed almost no correlation with home price at the state level.
Here’s a look at New Jersey:
- Median days on the market: 35
- Share of listings off the market in less than 2 weeks:4%
- Median sale price: $409,270
- Average sale-to-list price ratio:3%
- Median days on the market: 20
- Share of listings off the market in less than 2 weeks:4%
- Median sale price: $369,119
- Average sale-to-list price ratio:3%
