Waldwick, NJ – (September 27, 2021) The New Jersey Multiple Listing Services (NJMLS) reported through its monthly Indicator Report, that the robust U.S. housing market has caused a ripple effect to the rental market, with demand for apartment and single-family rentals taking off due to high prices and lack of supply of available housing. As a result, the national median rent jumped by 11.4% so far this year according to Apartment List.
New construction activity also continued to struggle with housing dropping by 7%, with labor shortages, higher cost for materials, and supply-chain challenges are cited as the main drivers for the shortfalls.
Median home sale prices continue to rise over the same time last year, highlighted by an over 30% increase in adult community sales prices to $359,000. Single-family median sales prices were also up by 8.7% to $625,000, and townhouse-condo sales prices jumped by over 30%, to $359,000. The average price of a single-family home increased by almost 12% to $779,399, while townhouse-condo average sales prices spiked by nearly 9% to $477,536.
The average number of days for a property to receive an offer (Days on market), dropped by 36.0%, 22.7%, and 2.0% in the single-family, townhouse-condo, and adult communities respectively.
“While the market in the month of August has slowed down in comparison to last year, this was not unexpected, said Bob Funabashi, Greater Bergen REALTORS®, Treasurer. August tends to be a quieter month for new listings. The good news is that statistics show the average sale price remains up by close to 10% over last August, with a year over year increase in closed sales of 38%.”
“Just as important, the average days on the market for homes to receive an offer has dropped by 25% and the market remains hot, so it's more important than ever to work with a realtor who will guide you through the entire process.”
Data as of September 20, 2021. All data from New Jersey MLS and Hudson County MLS. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®.??
Click here for the full showingTime report for the month of August 2021.