On The Move
Nationwide, 25% of homebuyers searched to move to a different metro area between Aug ’23 – Oct ’23. The top 5 states homebuyers searched to move to were Florida, North Carolina, Tennessee, South Carolina, and Maine while California, New York, Illinois, Massachusetts, and District of Columbia were the top 5 states homebuyers searched to move from.
Home Prices
In September 2023, home prices in New Jersey were up 9.1% compared to last year, selling for a median price of $493,500. On average, the number of homes sold was down 24.7% year over year and there were 7,737 homes sold in September this year, down from 10,279 homes sold in September last year. The median days on the market was 31 days, down 9 year-over-year.
The Number of Homes Sold
In New Jersey, the number of homes sold in September fell 24.7% and the number of homes for sale fell 28.5%.
Homes Listed
In September 2023, there were 25,798 homes for sale in New Jersey, down 28.5% year over year. The number of newly listed homes was 8,484 and down 15.0% year over year. The average months of supply is 2 months.
Demand
In September 2023, 57.6% of homes in New-Jersey sold above list price, up 7.2 points year over year. There were only 14.5% of homes that had price drops, down from 17.0% of homes in September last year. There was a 102.5% sale-to-list price, up 1.4 points year over year.
These figures were published by Redfin.
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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