Aim High Properties, LLC

Real Estate Market In New Jersey For June 2022: Trends And News

by | Jun 10, 2022

More than eight million people have watched MTV’s Jersey Shore, but they’ve only seen a bit of what the Garden State has to offer. In addition to its storied beaches, New Jersey has plenty of charming towns tucked away among its lakes and rolling hills.

Residents take pride in the abundance of Italian delis, fresh local produce, and ribbing out of state visitors. Residents can commute by train to nearby New York City and Philadelphia thanks to the state’s central location.

Knowing Real Estate Trends in New Jersey

Are you asking yourself, “How do I sell my New Jersey house fast?” Whether you’re selling because of foreclosure, a sudden move, or other issues, you would want to take care of your property, whether it’s through the traditional way or by selling through a cash home buyer.

Whatever method you choose, it’s still important to know the real estate trends in New Jersey for the year 2022. This will help you figure out the best price for your home and how to approach home selling. By also knowing the recent trends, you can decide whether to sell through an agent or sell your property for cash.

New Jersey Real Estate Trends for June 2022

New Jersey’s single-family home market is booming thanks to low inventory and rising interest rates. During the spring market, median sales prices went up and days on market and new listings went down.

The statewide median sales price was $440,000, up 8.6%. New listings were down 10.5% to 9,281, and days on market were down 18.8% to 39. This is compared to last year.

Still a Low Inventory

However, inventory in New Jersey is still low. According to data from the Otteau Group, the number of unsold homes in New Jersey went from nearly 30,000 in January 2020 to about 14,000 in March 2022. Therefore, homes get snapped up quickly by buyers eager to lock in a purchase before rates rise even further.

Increasing mortgage rates are creating a competitive situation and pushing prices up. Buyers are snapping up nice three bedrooms, especially those with outdoor space, before rates go even higher.

Because of this, New Jersey properties sell for less than a month. Gloucester County had the quickest sales, at just 27 days on the market, followed by Camden County, which took 28 days.

How to Sell Your New Jersey Home

Now that you know the state of New Jersey’s real estate market, it’s time to make big decisions about selling your home. Be sure to research the value of your New Jersey home by using online resources and checking listings in your area.

After deciding on the price, it’s time to decide whether now’s the time to sell your home. You can sell your New Jersey house the traditional way via a real estate agent, through For Sale By Owner (FSBO) or sell to a cash home buyer.

Selling your New Jersey home via FSBO gives you the freedom to negotiate with buyers. This is an ideal option if you have a lot of time on your hands or if you’ve had previous experience with New Jersey real estate.

But if you don’t have the time or effort, it might be better to hire an agent. For a commission, the buyer will handle all the marketing, showings, and negotiation with buyers.

On the other hand, if you’re in a hurry to sell, maybe because of foreclosure, divorce, or other reasons, you have the option to go to a New Jersey cash home buyer. The buyer will need information on your home, and they will use it to make a cash offer. Once you agree with the offer and other terms, they can close in a matter of days or weeks. You get the payment in cash, and you don’t need to pay for repairs and maintenance, as well as agents’ commissions.

Sell Your New Jersey House and Skip the Hassle of Listing

At Aim High Properties, LLC, we believe that the house-selling process should be faster, easier, and hassle-free. As a trusted cash home buyer in Maple Shade, NJ, we’re ready to make you an all-cash offer if you’re serious about selling your New Jersey house. Best part is, we buy your house as-is. You don’t even have to fix a thing.

Get your offer today and sell your house in a matter of days. Call us at (856) 861-6000, and our team will walk you through every step of the process.

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