Rising interest rates, low inventory, and climbing prices have cooled the housing market in 2022, with closed sales down 17.8% over 2021, according to year-end data reports from New Jersey Realtors.
“The 2022 market has softened due to the rise in interest rates and elevated home prices,” said 2023 New Jersey Realtors President Nick Manis. “However, there’s still buyer interest and activity on the inventory that is available.”
Closed sales for single family homes were down 18.6%, with 73,613 units sold during the year, compared to 90,416 sold in 2021. The median sales price for single family homes rose 8.7% to $473,000.
The townhouse/condo market saw a similar decrease in closed sales of 17.8% to 25,214. Units were on the market for an average of just 35 days during 2022, a decrease of 12.5% over 2021.
Inventory remains a concern, with just 13,595 single family homes for sale in the month of December in 2022, a decrease of 9.8% over an already-low 15,066 units for sale in 2021.
For the full reports, visit njrealtor.com/data.
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