Saddle Brook, NJ – (December 28, 2021) November’s New Jersey Multiple Listing Services (NJMLS) monthly indicator report highlights an improving U.S. economy and continuation of a robust real estate market during the holiday season, a time where activity traditionally takes a back seat to allow for travel and family celebrations.
The most recent data from the National Association of REALTORS®, shows a 16- percent rise in median single-family home sales prices in the third quarter of this year, to $363,700, with all four regions of the country experiencing double-digit growth. New construction builder confidence was also strong last month, rising to its highest levels since spring. Buyer demand also remains strong due to enticing mortgage rates and low inventory supply.
“Despite the expected lull in activity this holiday season, we remain optimistic over the state of the real estate market, said Bill Gilsenan, Vice President, Greater Bergen Association of REALTORS®. The news of pending single family home sales were a clear market driver, along with attractive mortgage rates and low inventory. We remain confident that the NJ housing market will continue to thrive next year.”
Other Highlights from November 2021’s Report:
- Single Family Closed Sales decreased 9.5 percent to 598.
- Townhouse-Condo Closed Sales increased 14.4 percent to 246.
- Adult Communities Closed Sales remained flat at 5.
- Single Family Median Sales Price was up 5.3 percent to $600,000.
- Townhouse-Condo Median Sales Price was up 4.9 percent to $377,750.
- Adult Communities Median Sales Price was up 6.3 percent to $749,000
Data as of December 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 November 2021.
About Greater Bergen REALTORS®
Greater Bergen REALTORS® is a not-for-profit trade organization that serves more than 8,800 REALTOR® members throughout Bergen, Hudson, and Passaic Counties in New Jersey. We empower the success of those we serve by focusing on Connections, Advocacy, Resources, and Education. As the leading voice of real estate in Northern New Jersey, we advocate to protect private property and home-ownership rights.
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