Zillow Tries Again to Get It Right - Counsellors Title Agency

A Zillow New Jersey Real Estate Forecast for Spring

Zillow has forecast that New Jersey home prices are estimated to rise on average of 2% through May 2024. Prior to this report, Zillow had been forecasting for the last 2 years that prices were going to experience a decrease, not an increase. Now it is predicting this 2% increase in general but not for all zip codes.

Mercer, Camden, Salem and Cumberland counties are projected to rise between 2.9% and 2.6% by May 2024. But on the whole Zillow is “spit balling it” by saying home prices will only rise on average 2% for the majority of New Jersey’s 547 zip codes. According to this report only 10 towns in New Jersey are forecasted to see a decrease in the home values through May 2024.

Part of these projections are based upon inventory increases statewide. Both Monmouth County and Ocean County reported increases in the numbers of new listings for the month of February: 1.2% and 4%, respectively. Ocean County even saw the months supply of inventory increase by 4.2%.

Still there is significant pent-up demand, and as long as the economy remains stable, buyers may be forced to pay up to get that house so that their children can register for the fall semesters.

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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