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As we’re approaching the holiday season in November 2023, the real estate market in New Jersey is still a topic of conversation for many people. Many are waiting for a fall in prices, but will it happen? This blog post will provide the latest update on the New Jersey real estate market and what to expect in the coming months. Join us as we dive into the specifics of the current market in South Jersey Shore, Atlantic, and Cape May Counties.
If you’re hoping to buy a property in South Jersey Shore, you may need help finding the right one. The number of properties available for sale is decreasing, and the average list of sale price ratios is over 98%, meaning buyers may have to pay more than they would have to in the past. Additionally, the median days on the market have decreased to 19 days, indicating that properties are selling quickly. Inventory levels have ticked up slightly, but there are still less than three months’ worth of inventory on the market.
Should you wait for a fall in prices? The reality is that this may not happen anytime soon, and what we’re seeing now may be the new norm for the New Jersey real estate market. If you’re waiting for mortgage rates to drop to historic lows like 3%, you may have to wait a long time. There’s only indication that we’ll see such low rates again if there’s a catastrophic event in the market.
Let’s dive into Atlantic County. The market here is similar to South Jersey Shore, with fewer properties available. The average list of sale price ratios is over 98%, and the median days on the market is 16 days. Inventory levels have increased slightly, but there’s still less than three months of inventory on the market. The market is tight, and properties are selling fast.
What should you do if you’re looking to buy a property? First, consult with a professional real estate agent to help you navigate the market. The agent can provide you with insight and information on the market conditions, available listings, and price trends. Second, be prepared to act fast when you find a property that suits your needs. The market is competitive, and you may not have much time to make an offer.
In conclusion, the New Jersey real estate market is tight, and prices may not fall soon. If you want to buy a property, consult a professional real estate agent and be prepared to act fast. The market conditions in South Jersey Shore and Atlantic County are similar, with fewer properties available on the market, properties selling fast, and inventory levels still low. Consider these insights as you explore the New Jersey market and find the perfect property for your needs.