Days On Market
Homes in New Jersey are selling at the fifth fastest rate in the nation, spending just 30 days on market. The other four fastest selling states for homes were Connecticut, Massachusetts, Rhode Island, and Ohio.
Market Slowdowns
Unusually, Florida is one of the states where homes are selling the slowest, which is due to the insurance pandemic. Due to the historic insurance premiums increases, many homeowners are paying $10,000 a year or more.
The average home price in New Jersey in June rose 9% year-over-year according to Zillow.
National Rental Trends
Because of the strong demand for homes, rents are still high throughout the nation. Single-family rents have risen by a record-breaking 39.6% since the COVID-19 pandemic began in March 2020, according to Zillow. Over the last 12 months, single-family rents rose by only 4.7%, which is almost across the board with 49 out of 50 states recording increases.
The typical single-family rental cost nationally is $2,288 per month. Hartford, Connecticut reported the single-highest spike in rents, surging 8.4%, according to Zillow.
General Stats
• Typical U.S. rental is $2,054 in June, up 0.5% month-over-month. Since the beginning of the pandemic in March 2020, rents have increased by 32.8%, climbing from $1,380.
• Rents are now 3.5% higher than last year.
• Rents are higher from year-ago in 48 of the 50 largest metro areas.
Single-Family Rents
• Typical rent for single-family homes is $2,288 in June, up 0.4% month-over-month. Since the beginning of the pandemic, single-family rents have increased by 39.6% from $1,382.
• Single-family rents are now 4.7% higher than 2023.
Rent Affordability
• The median household would spend 30% of its income on a typical rental in June, while the pre-pandemic share of median household income spent on rent was 28.4%.
• The least affordable metro areas for rents are Miami (43.4%), New York (42.1%), Los Angeles (37.4%), San Diego (34.2%), and Riverside (33.8%).
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.
Connect with Ralph on LinkedIn: https://www.linkedin.com/in/ralphaponte/