Redfin reported that for December, 2022, the number of homes for sale fell 14.1% to 25,534 from 2021. While the number of newly listed homes was 4,272, down 29.7% from 2021 with the months of supply remained at 2 months, the same as in 2021.
The average price in New-Jersey increased by 2.8% for a median price of $430,000 year-over-year in December, while the number of homes sold fell by 34.2% from 2021, with 40.5% of homes in New-Jersey sold below list price. In New Jersey, the median days on the market was 48 days, up from 42 in 2021.
In New Jersey, there were 7,697 homes sold in December 2022, which is down from 11,693 homes sold in December 2021.
Migration – Winners & Losers
The top 5 states homebuyers searched to move to were Florida, Texas, Tennessee, North Carolina, and Arizona while California, New York, District of Columbia, Massachusetts, and Illinois were the top 5 states homebuyers searched to move from.
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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