Market Update – New Jersey – June
Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows. nationwide, inventory remains much lower than it was at this time last year, and sales prices are surging as a result.
Speed of the Market
Speed of the market: 48% – Demand from buyers was higher than the supply from sellers.
Home Sales
There were 12,901 sales in June:
- 40.8% increase compared to June 2020. Properties sold faster by 52 % compared to last year.
Listings
There were 17,023 new listings in June:
Both the listings and sales activity have increased, resulting in an upward trend in prices.
- 0.5 % increase compared to June 2020.
Average Sold Price
The average sold price equaled to $523,642 in June.
The median price also surpassed last year’s level by 23.8%
- 24.8 % increase compared to June 2020.
Detahced Home Highlights
9,168 detached homes were sold in June:
- A 31.4 % increase compared to June 2020.
- Average prices rose by 28.2% comapared to last year.
Townhomes / Condo Highlights
2,806 townhomes and condos were sold in June:
- A 74.4% increase compared to June 2020.
The average price was $408,941:
- A 19.2% increase compared to last year.