Single Family Home Median Sales Price in November 2024, a 12% increase compared to November 2023.
6,600
Realtors® Triple Play 2024 Attendees
$1,019,088
Raised for RPAC in 2024
What’s Happening in the Industry
NJ Realtors® Academy of Continuing Education is offering an online course to fulfill the agency credit requirement. The course, Agency-The Big Picture, promotes how to strengthen the relationship between the sales agent and the client to reassure their trust during real estate transactions. This course will provide three agency credits. Click here to register
The deadline to apply for the NJ Realtors® Circle of Excellence Sales Award® is Jan. 13, 2025 at 5 p.m. EST. The application must be submitted with payment and approved by your broker or manager by the deadline. There are no exceptions to this rule. Click here to start the application process
According to NJ Realtors® November housing market data report, there was an 11% increase year-to-date in the median sales price of all properties. Click here to explore more November housing market data
New Jersey Realtors® Educational Foundation scholarship applications for 2025 are open until March 13 at 5 p.m. The foundation aims to encourage continued education and aid students in the pursuit of a college or university degree. Invite the students in your life or your agents’ lives to apply for this scholarship. Click here to apply
LEGISLATIVE UPDATES
DECEMBER 2024
NAR Responds to the Federal Housing Finance Agency’s Expansion Plan
The National Association of Realtors® released a letter calling for a halt in response to the Federal Housing Finance Agency’s planned expansion of the Fannie Mae and Freddie Mac’s offer appraisal programs slated to begin Jan. 1. NAR raised concerns over the use of unlicensed Property Data Collectors to attain property data and waive appraisals for loans with as little as 3% down. The program change would undermine accuracy of valuation, protections of consumers, and could lead to systemic risks. NAR requests to halt the expansion to the entire purchase market for further analysis of the implications for the public like potential disruptions in the market. To learn more about NAR’s position on the issue click here
NJ Realtors® Celebrates 2025 Leadership Team and 2024 Award Winners
NJ Realtors® welcomed a new leadership team for 2025 at the Triple Play Realtor® Convention & Trade Expo President’s Installation & Gala. Kathy Morin of East Brunswick was named President; Gloria Siciliano as President-Elect; Judy Moriarty as First Vice President; Jairo Rodriguez as Treasurer; and Gloria Monks as Immediate Past President. “I know this role, which represents almost 60,000 professionals across the state, comes with immense responsibility and I’m ready to put in the work it will take to keep us moving forward. We will continue to raise the profile of Realtors® across the state, embrace opportunities as they come to us, and above all else, help our clients achieve the American
Dream of homeownership,” said Morin. At the NJ Realtors® Award Session, Alireza “Ali” Memar was awarded NJ Realtors® Realtor® of the Year Award for his dedicated service in the real estate industry. NJ Realtors® and local boards and associations across the state also named 12 local Realtors® of the year. Three volunteer Realtors® received NJ Realtors® Good Neighbor Award, which recognizes Realtors® community service efforts; Rebecca Miller Pringle was honored with first place receiving $2,500 for Homes for Veterans, Maria “Mia” Forsberg-Villon with second place receiving $1,500 for Baby Bundle Inc., and Antonio Osso with third place receiving $1,000 for JL Bundles/JL Gives.
NAR Settlement Approved by Judge
On Nov. 26 the overseeing judge in the Sitzer/Burnett case gave the National Association of Realtors® proposed settlement final approval. The NAR settlement resolves antitrust claims and secures a release of liability for over 1.4 million NAR members, all state/territorial and local Realtor® associations, Realtor® MLSs, NAR affiliate organizations, and all brokerages with an NAR member as principal with a residential transaction volume in 2022 of $2 billion or below. Damages for those affected totaled to $1.78 billion.
NAR moved to reach a settlement agreement in 2024 and agreed to pay $418 million over four years to those affected and to resolve the lawsuit. In agreement with the settlement, several rules were updated in relation to buyer-agent and seller commissions. The first rule change states sellers are no longer required to pay buyeragent commissions through multiple listing systems. The second rule requires buyers to state and sign an agreement that details exact
compensation terms before the agent shows a home. These two updated rule changes are planned to be implemented nationwide and aim to strengthen competition and improve transparency within the industry. For more information, click here to log into zipForm and download the latest buyer agency agreement to comply with the most recent rule change.
What now?
Though this settlement has final approval from a jury, the Department of Justice has objected to the practice of the written form of the buyer-agent agreement that was updated in regard to the settlement. While the court did consider the DOJ’s position, the settlement was still approved.
With the ever-changing landscape of real estate practices after settlement, NJ Realtors® Legal Resource Library and library of forms are resources for all members available at any time.
Broker Bulletin
New Changes Coming to New Jersey Realtor® Magazine
As 2024 comes to an end, New Jersey Realtor® Magazine is entering a new era in 2025. The real estate industry is evolving with new guidelines and rule changes. NJ Realtor® Magazine has been the leading source for important industry, business, and association information since it’s first publication. In 2025, New Jersey Realtor® Magazine will publish four editions, replacing the previous publishing schedule. This revitalization of the publishing calendar allows for the four editions to feature concise industry-related articles and content specific to New Jersey real estate concerns. These four editions; Winter, Spring, Summer, and Fall will incorporate current articles connected by a shared theme.
The Winter edition, titled, A New Era for Real Estate, will explore the evolution of the real estate industry. From New Jersey’s most historic sites to evolving architectural styles, tracking market shifts, and all recent compensation changes, this edition kickstarts the new year the right way. The Spring edition, By the Numbers, focuses on the data behind the real estate industry by navigating mortgage interest rates, the impacts of rising home prices, NJ’s inventory trends, and how AI can be integrated into your business. The third edition, Summer, titled Just Jersey, celebrates what everyone loves about the Garden State. Highlighting the state’s hidden gems, arts and culture, must-visit small businesses. This edition is the one to share! Closing out the year is the Fall edition titled, Fall in Love with Marketing. Focused on the importance of marketing, this edition explores how to implement and strategize with marketing with tips on all things social media.
New Jersey Realtor® Magazine will continue to be the source for all New Jersey latest industry developments and relevant stories for real estate professionals in 2025. To read the latest edition of New Jersey Realtor® Magazine click here
Important Dates Ahead
Board of Directors and Executive Committee Meeting
The Next Era of Real Estate with NAR CEO Nykia Wright—Newark, NJ
Martin Luther King, Jr. Day— NJ Realtors® Office Closed
DECEMBER 2024
Prices Rise Amid Cold Season Slowdown
According to the NJ Realtors® housing market data report, the median sales prices for single family homes increased 12% when compared to last November, reaching $571,090. Over the same period, the median sales price increased 4.4% for adult communities at $350,000 and the townhouse-condo median sales price rose to $419,000, an increase of 10.3%.
New Listings Slow Right Now, Up Overall in 2024
New listings for single family homes decreased 4.6% from this time last year, marking 4,647 across the Garden State in November. Year-todate, there were 71,923 new listings for single family homes, conversely, a 4.6% increase. New listings in the townhouse and condo market increased 9.1% so far this year, adult communities had a slight decrease of 1.3% in new listings year-to-date.
Prices Still High, Creating Pressure on First Time Buyers
Despite the prices continuing to stay high, the percentage of list price received continues to increase. Year-to-date for single family homes, listings received an average of 102.9% of asking price so far this year.
Inventory, as well, continues to play a role in the price push, with just 14,024 single family homes for sale in the state in November. It’s a decrease of 6.1% over last November, showing a significant decline in inventory.
Consistent with the colder season slowdown, the average number of days all properties were on the market in November rose to 36 days, a 5.9% increase.
For reports on your municipality and county, and to view the full state report, visit njrealtor.com/data
NAR CEO Nykia Wright Slated for New Jersey January Event
On Jan. 15 from 10 a.m.-12:45 p.m. at the Newark Liberty International Airport Marriott, New Jersey Realtors®, in partnership with the Greater Bergen Realtors®, Liberty Board of Realtors®, and North Central Jersey Association of Realtors®, will host an event featuring a discussion with Nykia Wright, National Association of Realtors® Chief Executive Officer and NJ Realtors® CEO Jarrod Grasso. The event will also feature an economic update from National Association of Realtors® Deputy Chief Economist Dr. Jessica Lautz and a New Jersey legal update from New Jersey Realtors® General Counsel Yuliya Tedeschi. Tickets to the event are $25 and attendees can receive two core CE credits. Purchase your ticket here
Mortgage Rates Rise as Interest Rates Fall
On Dec. 18, the Federal Reserve cut their benchmark interest rate by a quarter percentage point. The cut, which is the third of the last year, comes after the Fed warned fewer cuts are coming for 2025. The 30-yearfixed mortgage rate rose 6.72% on Dec. 19, with only a week’s worth of data, the trend of mortgage rates falling in line with the Fed interest rate is yet to be seen. There are many factors that impact mortgage rates but, historically, the Federal interest rates set the overall tone of the market.
The quarter percentage point change is a less common move by the Fed, as lowering or increasing rates by less than a quarter is more
common to see its impacts. Despite the lower changes, the average mortgage rates are taking the opposite direction. Mortgage rates climbed over the last period and with the Fed’s most recent cut, the average 30-year mortgage rate across the U.S. has not decreased and stayed relatively high at 6.91% as of Jan. 2, 2025. With this steady higher mortgage rate than the Federal interest rate, potential buyers may become more hesitant to buy and may wait until the banks follow suit and lower mortgage rates to attain a lower mortgage. This trend may reveal itself in the housing market, there may not be an increase in sales in 2025 as expected.
