10 NJ Housing Market Statistics to Know

When it comes to finding the place you want to call home, New Jersey has a lot to offer – especially northern New Jersey along the Midtown Direct train line. The proximity to New York City is hard to beat, and along with the perks of living within commuting distance of Manhattan, northern New Jersey has beautiful homes, great schools, vibrant downtowns and an array of recreational facilities and sports.

Not surprisingly, the real estate market is very competitive and the homes typically in high demand. So, if you’re thinking about a move to northern New Jersey, here are 10 NJ housing market statistics to know:

1. The average rate for a 30-year fixed rate mortgage in NJ is hovering around 4.3%, slightly below the national average of 4.5%.
2. If you are looking to sell your home, June is a great month to do so. According to Zillow, the quickest selling month for a home in the U.S. in 2017 was June. Including the closing, it took approximately 73 days; therefore, the house was probably on the market about 30 days.
3. Morris County, New Jersey, is one of the wealthiest counties in the United States as measured by median household income. The county includes towns like Madison, Chatham and Morristown, all situated along the Midtown Direct line. The wealth of the residents in this popular NJ county underpins home prices.
4. According to a Trulia comparison across US states, the average listing price and median sales price for a New Jersey home are the twelfth highest in the nation.
5. One of the perks of living in New Jersey, affectionately known as the Garden State, is its proximity to New York City. Along the Midtown Direct line, homes that are closer to the City often fetch a higher value than ones farther down the line. In fact, the average commute to New York City from New Jersey is only 30.4 minutes, although that’s 19% longer than the nation’s average commute time.
6. Home values in New Jersey have gone up 9.2% over the course of the last year with the median home value approximately $313,100. The median list price per square foot in NJ is $171.
7. Do you ever wonder whether NJ homes typically sell over listing price? Often they do, especially in parts of northern New Jersey. Prices can also decline in the home sale process, and currently 5% of New Jersey house listings reflect a price cut.
8. The average effective property tax rate in NJ is 2.19%, the highest in the nation. The effective property tax rate is the percentage of the market value taken in taxes and is calculated by multiplying the nominal tax rate by the assessment ratio.
9. New Jersey is the most densely populated state in the U.S. There are 1,225 residents per square mile of land area.
10. According to home loan records and mortgage lending software, the average nationwide down payment was 11% last year, and this level is consistent with the typical down payment in New Jersey.

So, there you have 10 New Jersey housing statistics to know. Of course, when it comes to buying and selling homes in NJ, these facts only provide a cursory view of the real estate and lending markets. An experienced real estate agent can help fill in the gaps, answer your questions, and assist you throughout the home buying or selling process.

Do you have questions about the New Jersey housing market? I would love to assist you. Contact Victoria Carter at (973) 220-3050 or email victoria@victoriacarter.com.

Originally published on the Victoria Carter blog, May 31, 2018.