Home prices in New Jersey on the rise
Home prices in New Jersey were up 4.2% year-over-year in April.
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As we head into summertime, home prices continue to rise in New Jersey. This is good news if you are looking to sell.
The price year over year for a house in Morris County is up 4.5%, according to Zillow. The same is true for Monmouth County which is up 4.5%. Bergen and Hudson counties are both up 2.5%.
News 12 New Jersey spoke with one expert at a realty group in Freehold who says sellers have the advantage this summer. One reason is that there are still multiple bidders on properties. Another big reason is that inventory is so low right now sellers are still in a strong position.
"The sellers have been in their home a long time and have no place to go. Then the other part of it is they have a very low interest rate locked in so for them to leave that interest rate and go to another home and get a higher rate, that's another big problem,” the expert said.
There are some factors working against sellers right now. Home prices in New Jersey were up 4.2% year-over-year in April. In April 2023, 50% of homes in New Jersey sold below list price, down 12 points compared to last year.
