Featuring a worst-in-the-nation foreclosure rate and a significant inventory shortage, New Jersey’s housing market is far from perfect and still reeling from the economic downturn of late last decade.
But, sales are on the rise in the Garden State — up 7.7 percent from June 2016 to June 2017, according to New Jersey Realtors — proving that the allure of homeownership is still alive and well.
The median sales price of homes in New Jersey registered an uptick as well.
“The median sales price for the total market did remain strong at $275,000 for the first two quarters of 2017. That’s an increase of 1.9 percent over the same period last year,” New Jersey Realtors President Bob Oppenheimer told New Jersey 101.5.
Oppenheimer noted, though, the price/inventory/sales situation can’t be described by one statistic in such a diverse state as New Jersey. Three segments of the market are performing quite differently from one another.