Waldwick, NJ – (October 28, 2021) New Jersey Multiple Listing Services (NJMLS) reported mixed results through September’s monthly Indicator Report, with both average and median home prices continuing to climb, offset by a slight drop (2%), in existing home sales nationwide, over the same time last year.
The report also cited indications of an overall market shift, with new listings continuing to appear, which is unusual, for the fall season. This trend could bring increased competition for homes, resulting in a moderation of sales prices, which have risen steadily over the last 114 months.
“Despite the fluctuations in the real estate market, overall stability remains robust, said Ali Memar, Greater Bergen REALTORS®, President. The resurgence of inventory allows REALTORS and homeowners greater flexibility and opportunities for those who have been waiting for sales prices to ease so they can commence with looking for a new home.”
Other Highlights:
- The average number of days for a property to receive an offer (Days on market), dropped by 25.0%, from 60 to 45 days
- Average home sales prices increased by 11.6% to $669,195
- Median home sale prices rose by almost 9% to $550,000
- Pending sales also jumped by almost 12% when compared to the same time last year
Click Here for the full showingTime report for the month of September 2021.
Data as of October 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®. Data as of October 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®.