Before any major shift occurs within a major market, there is movement that appears in the adjacent territories. As in the case of the recent sellers’ market, which dominated real estate since 2020, there is a new shift occurring in some of the less active counties in New Jersey.
In November 2022, the median sales price for a single-family home in Salem County fell by 4.5% from $195,000 reported in 2021, to $186,000 reported in 2022. In addition, the months supply of inventory and the days on market both increased atypically: days on market increased by 16.2% and the months supply of inventory increased by 6.3%.
The median sales price for a single-family home in Somerset County, fell by 0.7% from $540,000 to $536,000. Though the months supply of inventory remained the same, the days on market increased by 6%.
In Cumberland County, the median sales price for a single-family home fell by 8.7% from $219,000 in 2021 to $200,000 in 2022. In addition, the percent of price received also fell by 2% from roughly 101% to 98.8%. The months supply of inventory also increased by 4% to 5.2 months from 5 months in 2021.
These secondary regions of the market are most likely projecting the impact of higher interest rates and the unaffordability factors that are plaguing first-time buyers to stand on the sidelines until prices come to a more affordable level.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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