New Jersey Housing Market Report – November 2024
A recent report from CoreLogic indicates that New Jersey emerged as the nation’s leading state for home price appreciation in November 2024, posting a remarkable 7.8% year-over-year increase amid a national average of 3.4%. This exceptional performance highlights the Garden State’s growing appeal in the current housing market landscape. Though this is higher than any other region covered in the CoreLogic report, the New Jersey Realtor report shows a jump of 12% year-over-year for both the media and average price of a single-family existing home.
Market Dynamics and Regional Leadership
The Northeast region, particularly New Jersey, has maintained its strong market momentum even as the traditional homebuying season wound down for 2024. While some Appalachian markets showed notable growth in specific metropolitan areas, New Jersey’s statewide performance demonstrates consistent strength across its various housing markets.
National Context
The national median sales price for single-family homes reached $395,000 in November, reflecting a $10,000 increase from October. However, New Jersey’s market has significantly outperformed this national trend, positioning itself as a premier market for both investors and homeowners.
California Wildfire Impact on New Jersey Market
The ongoing wildfire crisis in California, particularly in the Los Angeles metropolitan area, may create additional demand pressure on New Jersey’s already robust housing market. With over 100,000 people evacuated and an estimated $13.1 billion in property reconstruction costs in California:
- New Jersey could see increased interest from West Coast buyers seeking more environmentally stable regions
- The state’s strong infrastructure and lower natural disaster risk profile may attract risk-averse buyers
- Property values could face additional upward pressure from this potential new source of demand
Market Outlook
As we look ahead to spring 2024, New Jersey’s housing market appears positioned for continued growth, supported by:
- Strong regional economic fundamentals
- Leading position in national price appreciation
- Potential influx of buyers from climate-impacted regions
- Limited housing inventory in desirable communities
The combination of these factors suggests that New Jersey’s housing market may continue to outperform national averages through 2024, particularly as the spring buying season approaches.
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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