The median sales price for a single-family home in New Jersey continues to go up at a dizzying pace.
According to housing data from New Jersey Realtors, the median price in the state is now up to $435,000, which is nearly 25% more ($85,000) than a year ago in a May-to-May comparison of costs.
The numbers are a result of a perfect storm of influence: Hearty buyer demand remains throughout the state — and is met with a continued lack of inventory across all categories.
Buyers apparently are undeterred, fueled by low mortgage rates that help offset the affordability issue.
Houses have been moving fast — an average of just 34 days on the market in May 2021 — which is down 44.3% from last May.
Notably, new listings are up both for May and year-to-date, which, coupled with easing pandemic restrictions, suggests there could be a slight uptick in homes for sale in the next few months.
Closed sales were up 26.6% from last May, with 6,960 closing last month. The pipeline remains full, as well, with 8,998 pending sales for the month, a 20.7% increase over last year.
New Jersey Realtors President Jeff Jones said affordability remains an issue, but he said he does not think prices will shut out buyers.
“We are confident the market will continue to level out in the coming months and years and want to ensure all who imagine themselves to be homeowners that the American Dream is still within reach,” he said.
