Buyers Rush into Mercer, Burlington, Camden, Gloucester and Salem Counties Pt 2

Now there is another pattern that has formed in New Jersey’s western counties of Mercer, Burlington, Camden, Gloucester and Salem counties.

In Bergen, Passaic and Hudson counties, the median price gains are generally in the single digits, which is in line with the national averages, and in some cases the days on market metric is showing an increase. But what is still a constant is the depletion of inventory for all 3 NYC adjacent counties: anywhere from 19.6% to 29.7%.

The lower inventories, higher prices and low interest rates are attracting buyers in waves not seen before this.

According to Realtor.com the November housing supply has fallen by 9.5% year over year, confirming that in the starter-home segment homes priced below $200,000 decreased by 16.5%. Realtor.com’s senior economist George Ratiu said, “This decline has disproportionally impacted the nation’s Millennial homebuyers who tend to fall in the first-time homebuyer segment.”

What distinguishes these counties from other New Jersey counties are a few factors including, proximity to Philadelphia.

George Ratiu said, “As Millennials – the largest cohort of buyers in U.S. history – embrace homeownership and take advantage of this year’s unexpectedly low mortgage rates, demand is outstripping supply, causing inventory to vanish.”