The New Jersey real estate market has been an active environment for sellers and buyers. There are many indicators that the market will still be incredibly active. Among several intriguing indicators, the most noteworthy is the significant 4.4% increase in the median sale price. Here are some additional observations about what this means for people currently in or entering into the real estate market.
How This Median Sale Increase Affects Sellers
This shift in the median sale price is just one indication that the New Jersey housing market is warming up. For sellers, this increase in the average property value encourages more homeowners to sell their homes. Depending on the location in New Jersey, many properties are selling very quickly.
How This Median Sale Increase Affects Buyers
With many homeowners motivated to sell, buyers have more properties to consider than they would in a slower market. Furthermore, the rise in property prices can be seen as a compelling call to action for prospective homeowners. Despite higher prices, the benefits of homeownership in New Jersey continue to overshadow the costlier rental market. The escalating rental rates encourage people to transition from tenants to owners, embracing the long-term value and equity growth of owning property.
Continue to Monitor This Crucial Market Indicator
Regardless of which side of the real estate transaction you’re on, keeping an eye on the median sale price is important. It’s an incredibly informative market indicator that can help to guide the decisions of both buyers and sellers.
Whether you’re looking to buy or sell real estate in New Jersey, contact Riley and Gutman today. Our experienced team can help guide you through the process and keep your best interests in mind throughout the transaction. We look forward to hearing from you soon!