If you own or are invested in a Riverside, NJ property then 2021 was a great for you as we saw great performance from the Riverside, NJ housing market. The New Jersey real estate market as a whole saw good performance in 2021 with double-digit price growth resulting in low inventory. This is in part thanks to ow interest rates.
While we’ve been seeing this boom in the since the pandemic began, are things going to continue in 2022 or has the New Jersey real estate market already peaked? Let’s take a look at Riverside, NJ real estate trends for this year so you can better decide if it’s a good time to sell or buy a home.
New Jersey real estate market conditions
If you’ve been paying attention to the real estate market in 2021, you’d know that residential real estate has been in a frenzied boom since the start of the pandemic. Buyers have been fighting over homes and waging bidding wars, running up prices tens of thousands of dollars above asking.
But with this kind of performance, many are left wondering if the market has peaked. Jeffery Otteau, real estate economist and president of the Otteau group, thinks it has but just in terms of the number of home sales. We’ve seen a decline in the number of contract sales in the last five months of 2021. From June to November 2021, we save declines in contract sales by 12%, 22%, 16%, 20%, 16%, and 7% respectively.
This decline in homes sales is an expected Riverside, NJ real estate trend due to rising prices and decreasing inventory. Mainly this cooling off is the result of homes becoming unaffordable despite low interest rates. Essentially, prices have risen faster than salaries, so despite an increase in interest in the Riverside, NJ housing market and the continued transition of the Millennial generation from renters to homeowners, it’s quite possible that hopeful buyers may not be getting approved for their mortgages
Otteau does believe that prices can peak in late summer 2022. For those with property and thinking of selling, the most opportune time may just be around the corner. Prices increased statewide in 2020 by 12% and increased by 15% in 2021. This year, it’s still likely to gain another 5% as the New Jersey real estate market continues to be a seller’s market.
Riverside, NJ real estate trends
Focusing on Riverside, Realtor.com puts the median listing home price at $215,000, but the median sold home price is at $240,000, affirming the trend of buyers bidding above asking price. This continues the upward trend of listing home prices increasing by 21.2% year-over-year.
Even with a median price of $240,000, Riverside, NJ property prices are below the state average, which currently sits at $430,000 according to Zillow. This can mean a possible increase in interest in Riverside properties as more buyers look for homes in New Jersey that can fit their budget and available mortgage.
New Jersey’s central location keeps demand in the market high, thanks to its proximity to New York and Philadelphia. Riverside in particular is just a stone’s throw away from Philadelphia, making homes in the city attractive to those who work in Philly.
Capitalize on current market conditions easily with a cash home buyer in Riverside, NJ
Market conditions are good with prices in an upward trend, but the decline in home sales may mean having to wait a longer time before you get an offer after listing your Riverside home in a market. So how do you capitalize on these market conditions while trying to sell your house fast in Riverside?
The best solution for those facing this problem is selling to a cash home buyer in Riverside, NJ. Finding a cash buyer is easy when you look to professional homebuying companies like Aim High Properties, LLC. We make selling your home easy as we buy houses in Riverside, NJ in any condition. Selling your property is extremely easy and in just 3 easy steps, you can receive a fair cash offer in just a few days.
With companies like Aim High Properties, we consider current market conditions and the current demand for your kind of property in the neighborhood it’s in. We then provide you a fair offer that gets you the most money for your property without you having to worry about inspections or repairs. Call us today to learn how much you can get for your home with zero fees and zero commissions!