Nationally, the housing market has been expanding since 2012. New Jersey was especially hard hit by the Great Recession of 2009.

As of the third quarter of 2017, a little more than 163,000 properties with a mortgage in New Jersey were considered “seriously underwater” in the third quarter of 2017, according to ATTOM Data Solutions. Seriously underwater is defined as when the homeowner owed at least 25% or more on the mortgage than the home is worth. This figure is 9.9% of mortgaged properties in New Jersey. This figure is the lowest percentage recorded in New Jersey since the first quarter of 2012.

Overall, real estate values have increased in the state, year-over-year, for the past few years. The prices have also reflected increases by 3-4% year-over-year in high-demand Monmouth and Ocean counties.

Nationally, the value of homes has averaged increases of between 4 and 6% across the board.

In New Jersey, between 2011 and 2017, metrics have varied. Some of those metrics:

■ In September 2011, the average Days on Market was 109 days
■ In October 2017, the average Days on Market dropped dramatically to only 69 days
■ Price received for the average price of a single-family home in September 2011 was $395,000
■ Price received for the average price of a single-family home in October 2017 was $374,000
■  The median price per sale in September 2011 was $300,000 for single-family home
■ The median price per sale in October 2017 was $299,000

ABOUT COUNSELLORS TITLE AGENCY
Since 1996, Counsellors Title Agency has provided swift, proven and knowledgeable title insurance settlement and search expertise for thousands of New Jersey’s attorneys, loan officers, Realtors, borrowers and purchasers. CTA’s detail-oriented team of professionals streamlines the complexities of a real estate transaction to make each one stress and glitch-free.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.