08844, NJ Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Is this a good time to sell a house in NJ? ›

Considering the current market conditions, favorable interest rate environment, and outlook for the first half of 2024, now could indeed be a good time to sell your New Jersey house. With high demand, competitive pricing, and favorable financing options, sellers stand to benefit from entering the market at this time.

Understanding FSBO in New Jersey

FSBO, or For Sale By Owner, means selling your property directly to buyers without the involvement of a real estate agent. This route can be attractive for those who want to retain control and save on commission fees.

"Economic vitality, job growth and population influx can drive demand, while supply constraints and low interest rates can amplify the increase in prices." New Jersey ranked behind No. 1 Connecticut, with a 9.56% increase, as well as No. 2 Maine and No.

The median home price in New Jersey is $510,400 as of April 2024. This marks a 12.4% increase over last year, which is up there with some of the biggest jumps in the nation. In May of 2024, the national median home price was $438,601—New Jersey homes clearly hurdle right over this average.

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March. Just over 18 million purchase transactions took place during this period, according to ATTOM.

California Association of REALTORS (C.A.R.): C.A.R.

They predict the median home price to rise by 6.2% to $860,300 in 2024. This forecast factors in economic elements like GDP growth, job growth rate, inflation, and mortgage interest rates.

New Jersey, unlike other states, does not require sellers to have an attorney to sell a property. However, it is more than recommended and key to have it for contract review, negotiation or general real estate advice.

To qualify for a Real Estate Salespersons license you must be at least 18 years old, have a high school education or equivalency, complete a 75 hour pre-licensure course at a licensed school and pass the New Jersey examination.

NEW JERSEY — A new study has revealed which New Jersey cities are most expensive to live in and Hoboken took the top spot.

Is it cheaper to live in NY or NJ? ›

New Jersey is generally more affordable than New York City when it comes to housing, groceries, and other expenses. And this is, of course, the main reason for commuting to work. So, overall living costs are 53.3% higher in NYC than in NJ.

The average New Jersey home value is $537,916, up 8.5% over the past year and goes to pending in around 16 days.

Best Time to Sell Your House for a Higher Price

June, July, and August are the best months to sell your house in New Jersey. The median sale price of houses in August 2023 was $513,600, which is expected to rise in 2024. However, cities like Camden, Freehold, and Colonia follow an upward trend throughout the year.

The runaway housing prices we've seen over the past few years in New Jersey should finally slow down in 2024, real estate experts say. And the market is expected to normalize. Falling interest rates should lead to more houses being listed for sale, helping prices level out.

Lower Mortgage Rates: The interest rates for home loans have decreased to 7.05%, marking a decline from approximately 8% in the preceding year of 2023. Concurrently, there has been a surge in new listings in the market. This surge allows buyers to easily find some of the cheapest places to live in New Jersey.

The worst time to sell a house is typically during the winter months, particularly in December, January, and February. During this period, bad weather can deter potential buyers from attending open houses, and many people are preoccupied with holiday activities and planning.

If you sold your primary residence, you may qualify to exclude all or part of the gain from your income. Your capital gain is calculated the same way as it is for federal purposes. Any amount that is taxable for federal purposes is taxable for New Jersey purposes.

Real estate experts predict a continued housing shortage, and because they expect high buyer demand to keep pushing home prices up, 2024 may be an ideal time to sell. Experts also anticipate a leveling out of 2023's elevated mortgage rates, expecting rates to eventually settle around 6% – 7% in the spring.

Across New Jersey, the number of closed sales has experienced a significant decline: Single Family Homes: Sales have decreased by 14.7%, totaling 5,369 closed transactions. Townhouse-Condo Properties: These saw a reduction of 15.2%, with 1,779 units sold.