Whether you’re looking to sell or buy a home this year, it’s important to look at your local real estate market in addition to national trends as predictions can vary from area to area.. At the end of the day, no one really knows how things will work out with home prices, interest rates, and inventory but here’s what we’re keeping our eyes on in the housing market as 2020 progresses: The countdown to 2020 is officially on! Should We Expect a US Housing Market Crash 2020 Due to the Pandemic? Average Days on Market: 146. People get that choice now. Stay up to date with the latest tips for Traditional & Airbnb Investments, Earlier this year, Mashvisor reported on the, effect of the coronavirus on the New Jersey real estate market. How will the housing market shake out in our current economic climate? Wyckoff is a peaceful suburb with a top-notch school district and a vivacious community, said agent Will Alfaro. Local real estate agents are reporting a surge of buyers from New York City in this Morris County village. Historically low interest rates have also contributed to the rush, as well as a tightening housing stock: inventory was down almost 40% in Bergen County in August compared to the previous year, according to New Jersey Realtors, the industry trade group. Commercial real estate properties for sale or lease in new jersey. 100. Closed sales were up from May 2020, but have still not reached June 2019 levels (-21.8%). Homeownership in New Jersey is dropping, contributing to increasing rental demand. Coldwell Banker Realty polled local real estate agents and found towns offering large houses with room for home offices and big backyards in demand, according to results released last month. Below you'll find statistics on the northern New Jersey residential real estate market, updated every day from the Garden State MLS. Although house prices in NJ are rising despite the pandemic, homes are selling for about 2% less than list price. The Jersey Shore area is seeing an inflow of New York City buyers. Some homes get multiple offers. See house prices and market trends in Morris County, NJ. Once 2020 hits, investable real estate will have expanded by more than 55 percent since 2012. Princeton is a diverse community largely influenced by education and culture, said agent Heidi Hartmann. Despite the spread of COVID-19, the industrial market remained the same throughout the first half of the year, Colliers said. North Jersey real estate is moving way up in the rankings, according to predictions by industry insiders, who said the coronavirus accelerated current trends. The pandemic real estate market continues to sizzle in North Jersey as buyers seek to move to suburbs from crowded urban spaces. North Jersey claimed five of the top 10 markets listed by Coldwell's agents, including Wyckoff and Closter in Bergen County, Madison in Morris County, Sparta in Sussex County and Montclair in Essex County. Michigan Real Estate Market 2018: Can You Make Money Investing Here? Average Percentage of Listing Price: 94.64%. Like much of the country, the economy suffered from high unemployment rates and a shrinking GDP. Clinton is just off three major highways with outdoor recreation and a quaint downtown. Use analytics to find lucrative traditional or Airbnb properties in a matter of minutes. 62. COVID-19 has changed the fate of the suburban sprawl. If the governor’s incentive program passes, there should be increased demand for, among other projects, entertainment studio space and tech hubs. $753,500. New Jersey housing market data for June 2020 shows that home sales in the city are on the rise. While some housing market predictions see New Jersey home values dropping from now through the beginning of 2021, it’s not by very much – 2.1% drop according to Zillow.Â. Breaking news across all residential real estate markets in America and updates on the health of the economy as it pertains to real estate. Here, we present to you the latest real estate trends for 2019 including research results that have many pundits remaining confident of the real estate market. Airbnb Profit Margin: How Much Money Can I Make. For one, NJ real estate investors who have bought and held onto properties have historically enjoyed real estate appreciation. Pending sales in July and August were more than 30% over the previous year. The months of supply sits at 3.6. Sales in June 2020 were as follows: Single Family Homes. Middletown is one of the best cities for rental income in the NJ housing market for 2020.Â. As long as you find cash flowing NJ income properties, then this will be a smart move. Closter saw a whopping 185.7% increase in home sales this year. Real Estate, Economics, and Politics. Low inventory and increasing buyer activity are keeping the prices stable in the New York housing market. Like much of the country, the economy suffered from, For one, NJ real estate investors who have bought and held onto properties have historically enjoyed, Homeownership in New Jersey is dropping, contributing to increasing rental demand. But the pandemic has driven the market even higher, with the median sales prices in town jumping 29.5% to $975,000 from the previous September to this year, Coldwell Banker said. Homes sell for about 2% below list price and go pending in around 40 days. Properties with room for offices and home-schooling have become more attractive. Closed sales were up from May 2020, but have still not reached June 2019 levels (-21.8%). I moved to Westfield from Brooklyn 25 years ago because Westfield was the perfect combination of urban living with a small-town vibe," said Westfield agent Jean Marie Morgan. 2. June 2020. The 10 trends that will shape real estate in 2020. “I’ve never seen it like this before, ever. These are still uncertain times. The Official Magazine for the National Association of REALTORS®, covering real estate trends, real estate news and data. Recently Sold Listings in Hoboken. The Bergen County township saw closed sales this September double over the previous September. Percentage of Listing Price: 96.47%. Here is Mashvisor’s NJ housing market data for June 2020: Related: Is Now a Good Time to Invest in Real Estate? COVID-19 is a wild card and although it may cause values to drop in the immediate future, history shows us the NJ real estate values are resilient and can rebound. Offering 11 private lake communities and the historic Lake Mohawk boardwalk and plaza, Sparta provides the charm of resort living just 45 miles from Manhattan in Sussex County. Princeton’s current influx of buyers are generally from Manhattan, Brooklyn and Jersey City. Such towns are desirable due to the easy commute to Manhattan, said agent Josh Baris. As such, the median sales price actually increased in June 2020, by 5.3% YoY. NeighborhoodScout reports NJ properties have increased in value by 98% since Q1 2000. Skip to content . In addition to information on the average price of northern New Jersey residentail real estate listings, you'll also find info on the average days on market, the average price reduction, average price of homes by bedroom, and more. Your California Privacy Rights/Privacy Policy. See median list price, median house size, median $/Sqft and inventory. Members get daily listing updates. Madison. Union County has seen a large migration from New York City. 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