Big Discount?

From the Star Ledger:

More N.J. homes are selling below asking price

List price and what buyers actually paid for a home in New Jersey have been wildly different for the past few years.

Bidding wars that drove up sales prices were a hallmark of the pandemic market. And now that the market is cooling — largely due to higher interest rates on mortgages — buyers are gaining more control in the residential real estate market.

“People don’t have as much money to spend because interest rates are so much higher,” said Marybeth Mcgee of RE/MAX Bay Point Realtors. “What they could afford last year is now almost $100,000 less.”

Home prices have risen 36% since 2020, and interest rates have doubled since August 2021.

A person making $100,000 per year with a 10% down payment could’ve afforded a home for $383,355 in August 2021. By December 2022 their buying affordability dropped to $279,733, according to data from the Otteau Group.

And a person with an income of $200,000 could’ve afforded a home for $1,085,861 in August 2021. In December 2022 the affordable price tag dropped to $808,295.

Typically home prices increase only 4 to 5 percent per year, said Jeffrey Otteau, a real estate economist and president of the Otteau Group. Between 2013 and 2019, home prices increased an average of 3.5%.

Prices were bid up by people coming from New York City and adjusting them to their own income levels. “People working in New Jersey cannot afford house prices in New Jersey because of this dynamic,” Otteau said.

Percent of list price paid on closed sales in New Jersey dipped below 100% for the first time in December 2022, when it hit 99.8%. It slipped further in January, to 99.4%, and to 99.1% in February, according to data from New Jersey Realtors.

Percent of list price peaked in New Jersey in June 2022 at 105.1%. At that same time — two months after the interest hiked began — price reductions became more common across the state.

This entry was posted in Demographics, Economics, Employment, New Jersey Real Estate. Bookmark the permalink.

82 Responses to Big Discount?

  1. dentssdennigan says:


  2. dentssdunnigan says:


  3. dentss dunnigan says:


  4. dentss dunnigan says:

    No flood insurance …..2023 Atlantic Hurricane Season Forecast: What It Means In New Jersey
    Weather patterns show that Northeastern states may be spared the worst of this year’s Atlantic hurricane season, according to AccuWeather.

  5. grim says:

    Lol, awesome.

    The new board handpicked by the Republican governor to oversee Disney’s special taxing district said Wednesday it is considering legal action over a multi-decade agreement reached between the entertainment giant and the outgoing board in the days before the state’s hostile takeover last month.

    Under the agreement – quietly approved on February 8 as Florida lawmakers met in special session to hand DeSantis control of the Reedy Creek Improvement District – Disney would maintain control over much of its vast footprint in Central Florida for 30 years and, in some cases, the board can’t take significant action without first getting approval from the company.

    “This essentially makes Disney the government,” board member Ron Peri said during Wednesday’s meeting, according to video posted by an Orlando television station. “This board loses, for practical purposes, the majority of its ability to do anything beyond maintaining the roads and maintaining basic infrastructure.”

  6. Fast Eddie says:

    I can’t stop laughing reading today’s post above. This is the best:

    A person making $100,000 per year with a 10% down payment could’ve afforded a home for $383,355 in August 2021. By December 2022 their buying affordability dropped to $279,733, according to data from the Otteau Group.


    And now that the market is cooling…

    LOLOLOL!! Sure it is. I’ll let you use the bathroom if I have an open house. You’re going to be waiting in line for a while. Bid 110% of the asking price. If you don’t hear from us, you were outbid. Chances are that you won’t hear from us.

  7. Fast Eddie says:

    I’m getting fliers and postcards in the mail every other day now for house agents to do a “free” price assessment on my house. You know, since the market is cooling now. LOLOL!

  8. 3b says:

    Fast: Don’t sell now. The Fed is going to cut rates dramatically by year end, massive easing. 30 year mortgages will be 2 percent or even less!! Your house will be worth like $2,000,000.00! If you can, you should be snapping up anything out there for sale now. From Garfield to Glen Rock , you can’t looo!

  9. The Great Pumpkin says:

    “The CEO of @Google $GOOG for the most explosive decade of Growth sees a new area that will explode & that’s Synthetic Biology. $DNA @Ginkgo is the Tip of the Spear carrying the Synthetic Biology Flag.”

  10. Fast Eddie says:


    Yes, buy now or be priced out forever. We need NINJA loans again. That, and 40 and 50 year mortgages.

  11. The Great Pumpkin says:

    That’s my CEO! Change the world, brother!

    “💉🧬🦠 super cool work by @zhangf lab to design a molecular needle for delivering medicines!!

    One of the things that surprises engineers about synthetic biology is you can discover incredible code out in nature – then tune it up.

    Very different from traditional engineering where humans have to invent everything from scratch — the opportunity for discovery means synthetic biology tech can sometimes make huge jumps overnight.”

  12. grim says:

    Nothing in biopharma happens overnight.

  13. joyce says:

    I laughed at the bit about King Charles’ descendants.

    grim says:
    March 30, 2023 at 6:56 am
    Lol, awesome.

  14. grim says:

    DeSantis’ view of government has more in common with communist China than America.

    Bested by a mouse, I’m sure he’s going to go full bore dictator on this…

    …and Iger will bury him.

  15. grim says:

    And if that happens, it’s not so absurd to imagine Iger running for president, and maybe even winning (2028).

  16. Bystander says:


    This house will probably sell at 925K. It was only on market a week before pending. Guessing numerous offers. The sellers will net nearly 4 times their purchase price after about 25 years ownership and little done to place. They included basement in Sqft. Nice trick. Roughly same size at my house but I pay $2500 less in taxes bc fought it. I pass this house everyday. It has some charm and nicely maintained but this is double yellow, cars zooming by all hours day/night. It has awkward property alignment with house pushed to back edge with no backyard and all pool. I truly believe stonewall probably sold out. It screams ‘I am New England” therefore people will overpay. I read that mortgage guy thinks that 100K could buy $1m property if you have no debt. We are in lunacy land..not sure where it ends.

  17. Bystander says:

    Look at cracks in driveway..guy maintained inside but did not seal at all. $$$ to rip up.

  18. BananaJoe says:

    Sounds like msnbc commentary this morning. Let’s see how Iger manages the activists and perverts calling the shots at Disney. His first battle is within.

  19. grim says:

    Sorry, but Desantis making comments about having creative control over what a company does? That somehow Florida politicians should be able to influence what Disney invests or doesn’t invest in? That FLORIDA POLITICIANS should be able to decide what constitutes entertainment?

    That’s fucking communist China.

  20. Juice Box says:

    For the South Park fans don’t mess with Mr. Mouse.

    The Disney agreement contains a rare royal lives clause, which means it remains valid until “21 years after the death of the last survivor of the descendants” of King Charles III.

  21. grim says:

    Let’s see how Iger manages the activists and perverts calling the shots at Disney.

    Are Republicans so upset about this because Disney has historically been the epitome of conservative entertainment? The shining example of the benefits of capitalism? Even more of an American fixture than apple pie and baseball?

  22. Fast Eddie says:

    Right now, nobody has creative control over Disney, that much I know. You all can debate who’s the winner and losers in all of this but Disney should just rebrand and rename the company and get it over with.

  23. Fast Eddie says:


    I truly believe stonewall probably sold out. It screams ‘I am New England” therefore people will overpay.

    Amen to that! Towns like Wyckoff and Franklin Lakes are notorious for having stone walls around a lot of their properties. Place a stone wall somewhere around your house and add 100K to the price tag. That stone wall is like a fucking magnet.

  24. Juice Box says:

    Trey Parker and Matt Stone will probably be in the studio today taking about what kind of South Park political satire they can create out of this one with Disney and Desantis.

    Season 26, Episode 6.. Crazy amount of years, puts them right between the Simpsons who have 34 and Law and Order which came two years after their start.

    I still remember sitting at my desk and chatting with the young woman in the next cubicle about the latest episode. She was a South Park nut and turned me onto the show way back in fallof 1997.. We never did hook up…. Can’t catch em all…..

  25. Phoenix says:

    “Let’s see what happens when the water authority and the county governments and municipalities and cities as well as the teachers and police cannot make payroll.”

    Sounds like fun. My guess is that the PoPo will be the first to break the law.

  26. Bystander says:

    Banana is the typical R dolt who thinks perverts bc they have interracial marriages and gay characters. We are not Disney fanatics. We listen to all these parents talking about how great latest movies are and must run to theatre. Disney is retread shite for most part. Every gd main male character is the gawky, skinny big nosed, big eared nerd..every one. We wait a year or more usually then rent from library. Watched Lightyear, Upward and Strange World in last month. I agree that Stange World has heavy handed with gay character but it was a garbage movie overall. I get it. The other two were ok and any gay reference was blink and a miss. My kids are truly excited for Super Mario movie. Let’s hope Luigi and Donkey Kong don’t kiss. Then again, the Japanese have much grosser predilections.

  27. BananaJoe says:

    I didn’t see the quote, is that what he said, or what Politico said that he said. If he said that he was asserting creative control then yes it’s an obvious overreach.

    The whole idea of a special district though is corrupt. What purpose does it serve but political influence. It should be abolished.

    And I’m not sure it’s just republicans, a lot more than that would prefer s3xual and political content not be injected into the programming. Their results have been terrible.

  28. Juice Box says:

    Iger has been busy.

    Ike Perlmutter booted. Made the NY Times this morning. He is the guy who sold Marvel to Disney for $4 billion. He had his own little fifedom there “Marvel Entertainment” they did not make the movies that would be Marvel Studios. Some kind of division that did other live entertainment suff to do with the parks.

  29. grim says:

    Right now, nobody has creative control over Disney, that much I know. You all can debate who’s the winner and losers in all of this but Disney should just rebrand and rename the company and get it over with.

    Sorry, what?

  30. Juice Box says:

    Again not every day someone actually fires a Billionaire. Perlmutter owns per the NY Times at least 1% of Disney Stock.

  31. Bystander says:

    Parking lot at 60% capacity today on Metro north. Usually 40-50% max.. ahh, Yankees jersey all around. Gangs of 25-50 year old men who don’t work apparently or treat as religious holiday

  32. Boomer Remover says:

    The house in the ad is just trash. It’s tacky, dated, and not congruent with modern life. And, the man cave basement tells me all I need to know about its past inhabitants. Why are, presumably young people, lining up to buy this?

    I think the answer is inventory, but it still seems like $1MM is a hefty price to prop up status quo.

  33. Juice Box says:

    Yup….Opening Day has always been a holiday as long as I can remember, all thirty teams play today.

  34. BananaJoe says:

    Yeah. I’m old school. I don’t agree that mixing kids movies with sexual themes is appropriate.

  35. Fast Eddie says:

    Sorry, what?

    They used to be in the entertainment business; now they want to improve lives and improve communities and “exceed expectations”. Sure, and I want to be the best person I can be!! How’s that for a nothing statement? If they’re into improving lives and communities (which is code for some activist, political bullshit), then stop the façade and rename the company to Mega Meta Beta or something.

  36. leftwing says:

    Grim, from yesterday, where you getting the VLY short input?

    Asking because I shorted it day of the SVB failing, the thought was a little different than CRE. If you’re seeing something more, and it’s getting picked up elsewhere, I may be interested again…(closed trade in 48 hours or so, trade didn’t go anywhere)

    I’d have to go back and look but our thesis was around uninsured deposit amount and bond holdings, basically looking for the same play as SVB/Signature, across the top 100 banks. I zoomed in on VLY and FULT because in addition to clearing the above parameters one (or both, can’t recall but have it) was a big sweep institution.

    Your broker will sweep your cash (not insured by SIPC) into banks overnight not just for yield, but for FDIC coverage. They automatically split it up to stay under $250k at any one institution (ie, if you have idle cash in your brokerage of $1.5m, your cash sweep will go to six separate banks).

    Each broker has about a dozen banks they use…IBKR had VLY which made no sense and also one of Sig/SVB. Day of, around 3/13, they showed SVB sweeps as ‘unavailable’ (obviously) but also VLY/FULT as unavailable. Thought was IBKR who is very aggressive on their own rates was making up for it by sweeping to banks stretching for yield (ie, needing deposits) and decided to pull back with the risk. The relevance to VLY was that it was an indication that they may have had a liquidity issue, and if they didn’t all the sweeps coming from at least one of the larger brokerages were ceasing, and they would have to find funds elsewhere.

    Plus, I inherited business accounts there and they suck.

    Anyway, please LMK what you’re seeing because I would review, analyze, and share an update of this now two week old view if you think/feel/see some issues.

  37. Boomer Remover says:

    The number of “home office” setups I see where it’s basically a dining chair with a padded cushion next to a table and a company issues 24″ monitor is nuts. That’s not how it’s done moufbreather. I can see Susan hunched over in the pictured home office, pecking out a sentence on a keyboard with one finger.

    My observation is that it’s rare to see an ad without dated and low end furnishings. Chunky flat screens from 2008, Walmart soundbars, “udder” lamps bolted to the ceiling, old carpet, floral wallpaper, infomercial home exercise equipment, furniture that looks like it’s from goodwill. Again, why would you want to pay good money to step into that persons shoes?

    Unrelated: My wife’s corporate gig is a stark contrast to my billable hour trenches. Agile is anything but, the amount of time that is wasted is just astronomical. And when someone pushes for more efficiency they’re told to just chill and let the work come to you.

    I’ve surmised that some corporate environments are basically just people wondering why all these other people are there when the work can be done by just a few, but no one questions the establishment in case some folks are connected to others, and in fear of their own position.

  38. leftwing says:

    “Nothing in biopharma happens overnight.”

    And a biotech CEO pumping is never a good sign, one of the better contra-indicators out there….

  39. ExEx says:

    8:57 it’s also MORONIC. Classic overreach by an idiot.

  40. ExEx says:

    10:01 no you just wish that glass slipper fit you.

  41. leftwing says:

    “…”udder” lamps bolted to the ceiling…”

    OMG, I hate those fucking things. Total pet peeve, but even just seeing one drives me crazy.

    “Don’t know what it is, just , old carpet, floral wallpaper, infomercial home exercise equipment, furniture that looks like it’s from goodwill. Again, why would you want to pay good money to step into that persons shoes?”

    One of the more insightful views of the past couple of weeks, when you frame it like that…

    For the small fee of one million dollars you too can…..!


  42. leftwing says:

    And oh my goodness VNO…I’m back to my ATH band…not just on the back of it, earlier in the month shorts helped as did longing XLF on the SVB meltdown, and even a little kicker from AAP moving 8% in a few days….

  43. Mike S says:

    “And a person with an income of $200,000 could’ve afforded a home for $1,085,861 in August 2021. In December 2022 the affordable price tag dropped to $808,295.”

    yeah with $30K taxes on that house to boot…
    after all taxes, etc you are left with $100K for your life or $8333 a month… subtract the mortgage and you will be so poor its not even funny

  44. ExEx says:

    A person making $200k has no business buying a million dollar home.

  45. Boomer Remover says:

    The udder is ubiquitous from coast to coast. I get that we live in a country of day laborer built home depot specials. What I don’t understand is why the same lamps are bolted to the ceilings of ~$1.1MM condos in Edgewater?

    I’m looking to pick up a pied-a-terre in the EU. Here’s an example of a small, humble, but very well located apartment. Look how different it looks, even at this relatively modest price point (~$150K). Bonus: Can probably withstand direct (medium) mortar fire.

  46. Bystander says:


    I would bet 80% of standard buyers of 1m homes, have income of 200k to 250k, (mostly dual) income. They are rich…until the kids and bills come.

    Of course, pulling that out of nowhere but I sometimes check LI when new owners come in. I am never impressed usually. Some marketing or digital ad job with wife in HR.

  47. leftwing says:

    Bunch of bearish option activity on VLY grim, puts, later expiries June and mainly Sept.

    I jumped into the party….

  48. Phoenix says:

    A person making $200k has no business buying a million dollar home.

    Tell it to your wife. It’s what women want today. Women control the pursestrings.

    There are 28 y/o nurses where I work that demand million dollar homes and 5k purses.

  49. Phoenix says:

    And no, I’m not making that up. It’s what they talk about in the break room.

  50. Phoenix says:

    In other news, cop shoots himself in head when there for psych consult. Didn’t his buddies check him for weapons like they would do for a shoplifter?

    Luckily he didn’t kill any medical personnel. Our families don’t have lifetime health benefits and pensions. Our kids would be screwed.

  51. Phoenix says:

    At a hospital, that is.

  52. Libturd says:

    “Ginkgo ferment will be the new apple keynote.”

    Just got my laugh of the day.

  53. No One says:

    Sadly South Park has generally “gone Hollywood” in terms of their political targets the last few years. Last night’s episode being an example, returning to the old Mr. Garrison as Trump joke (never great in the first place), for the last and weakest episode of the season. Trump’s been gone for two years, he’s the easy target, I’ve seen zero jokes from them about Biden’s mental deficiencies over the last few years, in contrast. I don’t know if it’s Stone and Parker who have changed, or they’re just outsourcing more of the work to a new generation of writers, but the last 10 years of South Park has been way more politically correct than the first 10 years.

  54. ExEx says:

    1:09 you aren’t wrong. I will say this. I WISH we could have gotten into a home for $500k out here in LA LA land. We had to buy a bit above my comfort zone. It was my wife’s turn to choose as I had selected our last home. She made an amazing choice. It’s appreciate in value and now it’s a Million Dollar Home. Fact is, I am not unhappy and we are not house poor.

    Thanks to the super low interest rates we enjoyed we are here and unless we decide to shuttle back east, which is always on the table, I don’t see us getting much of a break on housing costs. We have a great swimming pool, which is something that I definitely can live without in our next home.

    We also live in a nice school district which was great for my daughter. Now schools won’t be a primary concern. So there is that.

  55. The Great Pumpkin says:


    Enjoy the short term laugh while i will enjoy the long-term laugh.

  56. Phoenix says:


    I understand CA. Its a beautiful place to live.

    Bergen County? It’s an S Hole.

  57. The Great Pumpkin says:

    Banks in the U.S. by Year:

    – 1920: 31,000
    – 1930: 26,000
    – 1940: 13,400
    – 1950: 13,400
    – 1960: 13,100
    – 1970: 13,500
    – 1980: 14,400
    – 1990: 12,200
    – 1995: 9,900
    – 2000: 8,200
    – 2005: 7,500
    – 2010: 6,500
    – 2015: 5,300
    – 2020: 4,300
    – 2022: 4,200

    The total number of banks in the U.S. has been on a sharp decline for 100 years.

    The regional banking crisis will only accelerate this process.

    Soon, a few banks will control the whole system.

    This can’t end well.

  58. The Great Pumpkin says:

    Moving towards a nationalized banking system … or one big monopoly.

  59. ExEx says:

    2:00 honestly, I hear you. I actually liked NJ a lot.
    It treated me really well. But my kid has flourished out here.

  60. Libturd says:

    Gold butting up against 2K.

  61. No One says:

    Branch banking laws forced the US to have way too many small, locally concentrated banks. The US banking industry is still way more fragmented than those of most countries.

  62. Bruiser says:

    Boomer Remover @ 11:43
    The ability to withstand direct mortar fire is an important sales point when buying an apartment in Poland. Give my regards to Putin.

  63. Juice box says:

    No One.

    Watch the first minute..

  64. Juice Box says:

    Lol They snuck a snuke in your snizz!!

  65. Libturd says:

    DNA – DowN Again

  66. The Great Pumpkin says:


    I don’t expect much from DNA right now. I expect a lot down the road. What you are doing is bashing bitcoin after ever bust cycle over the past 10 years when instead you should have been accumulating a position to sell into the next bull.

  67. The Great Pumpkin says:

    Investing in new disruptive innovation is not for most people. It takes a lot of patience and the ability to be structured in the face of what looks like a bad investment. If there wasn’t people like me out there, and only investors like you, innovation would never happen.

  68. Boomer Remover says:

    I agree, investing in innovative bleeding edge companies is not for most people. And since it’s not for most people, let’s we stop talking about it on this public forum.

  69. Juice Box says:


    Yes the Orange Clown.

  70. Boomer Remover says:

    Wasn’t this a given?

    The talk recently was about them waiting because maybe Georgia has something more substantial.

  71. Very Stable Genius says:

    Breaking News:

    A grand jury in New York has voted to indict Donald Trump over his role in a hush money payment to a porn star, according to four people with knowledge of the matter.

  72. Very Stable Genius says:

    One-term, twice impeached, Trump is the FIRST president in U.S. history to be indicted.

  73. Libturd says:

    Better to be indicted than in diapers.

  74. chicagofinance says:

    Mantra of the Boomer Mobsters?

    Libturd says:
    March 30, 2023 at 6:32 pm
    Better to be indicted than in diapers.

  75. ExEx says:

    Only Trump could get indicted for something so stupid. What a putz.

  76. Bystander says:

    “maybe Georgia has something more substantial”

    Ya think?

    “The ballots are corrupt. This is a criminal offense and a risk to you and Ryan (Brad’s lawyer)”

    “Find me 11k votes Brad..”

    A f-in layup. Only the dumbest of red hat cult members could think otherwise. Geez, you and I would be in jail already.

  77. Bystander says:

    In honor of DJT..hope it happens Monday. This is one of best version of this song. RIP Eva.,,voice of an angel

  78. Phoenix haha edition says:

    ‘Florida will not assist in an extradition’: DeSantis offers Trump sanctuary.

    Gotta love the law.

  79. Fast Eddie says:

    Trump was right again.

  80. Juice Box says:

    That is some bluster from Desantis, it is the courts that decide on extradition not the govenor.

  81. The Great Pumpkin says:

    In March 2023, We’ve Had:

    1. 2nd and 3rd largest bank collapses in U.S. history

    2. President Trump indicted, first U.S. president to face criminal charges

    3. Multiple countries ditch the U.S. Dollar for the Chinese Yuan

    4. Interest rates raised to highest since 2007

    5. Collapse of Credit Suisse, one of the world’s largest banks, in under 48 hours

    We are witnessing history.

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