Median prices for existing home sales for all 21 counties in New Jersey increased. Cape May County came in with the highest average price of $695,000 for the month of March 2024, but Cape May also reported the lowest year-over-year increases in the average price of a property.
Camden, Mercer, Sussex, Somerset, Burlington, Morris, Gloucester, and Essex counties, according to Zillow, reported average price increases of 10% or higher year-over-year.
Driving forces behind these price increases can easily be attributed to the constriction of available inventory, the demand for houses and bidding wars. In addition, since March marks the beginning of the spring selling season, the number of buyers traditionally increases during March, April and May.
Some traditionally active counties such as Monmouth, Ocean, Middlesex and Passaic counties were not at the top of this particular list, most likely because they have seen significant increases in home prices for the last 6 months. In addition, the counties that increased by double digits in New Jersey have been those counties where the average prices are typically less than the median average price of a home throughout the state. Buyers are being forced to purchase homes in counties that are now more affordable based upon their incomes and housing budgets.
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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