Closed Home Sales in NJ Down 22.1% in 2023

On Jan 25, 2024

New Jersey Realtors has released its 2023 year-end residential real estate housing market data revealing the continued impact of low inventory and two-decade-high mortgage rates on home sales.

The townhouse-condo market segment experienced the highest percent change in closed sales at -24%, amounting to 19,175 closed sales in 2023, 6,063 less than 2022. There were -23.2% fewer single family closed sales in 2023, while the adult community market had -6.2% fewer closed sales. Closed sales totaled 84,305 in New Jersey in 2023, a -22.1% percent change over 2022.

The total market median sales price rose 6.3% in 2023 to $455,000, while the single-family market median sales price increased 6.3% to $502,500. While prices remained high in 2023, sellers received more than the list price. In the total market, homes received 101.8% of the list price, a percent change of just -0.3%.

There were 107,517 new listings in 2023, down -20.1% compared to 2022. Of those new listings, single family homes made up the majority, with 71,701 single family new listings in 2023.

“I’m optimistic about the 2024 housing market,” said New Jersey Realtors 2024 President Gloria Monks. “If interest rates come down as predicted, we could see more first-time buyers enter the market this year and more sellers ready to list their home.”

In a recent survey, New Jersey Realtors members said the market continues to be highly competitive, with sellers’ agents reporting an average of 5.4 offers from their most recent sales and buyers’ agents making an average of five offers for their clients in their last transaction. Members are also unsure what direction housing prices will move in 2024, with 41% expecting prices to stay about the same.

To read the full report on the state and county levels, visit njrealtor.com/data.

To access more business news, visit NJB News Now.

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