Housing Inventory in New Jersey Decreases
Individuals who wish to sell their home in New Jersey right now are certainly in luck, as the real estate market has turned in their favor. Houses throughout the state are selling significantly faster than they usually do and not nearly as many homes are being listed, effectively creating a seller’s market. Overall, the housing inventory across the state of New Jersey has decreased by 11 percent from March 2017 to March 2018.
What are the impacts of a seller’s market?
A seller’s market simply means that there is more demand for houses than there is available inventory. In New Jersey, sellers who are thinking about putting their homes on the market may want to do so soon, especially if they are looking to move quickly. The real estate markets throughout New Jersey that have had the greatest decrease in housing inventory and ultimately a stronger seller’s market include the following:
- South Amboy had a 42 percent decrease in housing inventory since last year
- Hackensack, Denville, and Matawan all had a 34 percent decrease in housing inventory
- Roselle had a 33 percent housing decrease from 106 houses to 71 houses
- Bloomfield and East Windsor had a 32 percent decrease in housing inventory
If you have questions about real estate in New Jersey, contact our firm today.
Joseph Gachko, Esq. is an experienced New Jersey attorney who can assist you in any of your estate or real estate-related legal matters. If you require legal counsel for your real estate matters, please contact The Law Office of Joseph Gachko today to set up a consultation.