What’s Happening at the Association
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National Association of Realtors® guides released in 2024 to aid consumers through the home buying process.
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Continuing education credits required for the 2025 term. The 2025 term is July 1, 2023-June 30, 2025. All credits must be completed by April 30 to avoid a $200 late fee in addition to the license renewal fee. Login to NJ Realtors® Academy of Continuing Education to find CE credit resources.
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Candidates for the Class of 2025 Leadership Academy. Meet the Class.
What’s Happening in the Industry
According to the National Association of Realtors® recent Home Buyers and Sellers survey, “First-time buyers decreased to 24% of the market share.” This percentage decrease is a record low since 1981.
According to realtor.com®, the average 2024 price for a starter home with a mortgage rate of 7%, in New Jersey is $423,540.
The National Association of Realtors® released the 2025 Code of Ethics & Standards of Practice.
Donate to the Realtors® Relief Foundation to help the California wildfire victims. The Realtors® Relief Foundation provides housing-related assistance to disaster-impacted communities.
60% of designers voted contemporary English cottage to potentially be the most popular design trend for homes in 2025, according to Apartment Therapy.
JANUARY 2025
State of the State Addresses Property Taxes and Clean Energy
Gov. Phil Murphy addressed a joint session of the State Legislature and delivered his State of the State Address on relevant matters concerning New Jersey. Gov. Murphy further committed to his efforts to reduce and provide relief from the heavy property tax rate of 2.08%. New Jersey has one of the highest property tax rates of all 50 states. “That is precisely why, under our Administration, we have provided more than $14 billion in direct property tax relief to New Jerseyans through the ANCHOR program and other initiatives. In other words, together…we have provided more property tax relief to the people of New Jersey than any Administration in history,” said Gov. Murphy in his speech. Additionally, the governor stated his administration continues to create more affordable housing for families
DOJ Continues Inquiry
The U.S. Supreme Court denied hearing the appeal challenges from the National Association of Realtors® case based on the decision from the D.C. Circuit Court of Appeals. Due to the Supreme Court’s denial, the decision of the lower courts stands. Now, the Department of Justice will no longer be held to the terms of the 2020 settlement agreement. The 2020 agreement led to NAR aiming to be more transparent about agent commissions and competition. In 2021, the Biden administration retreated from the agreement before finalization and revisited several other NAR policies to investigate.
across the state while simultaneously creating more housing with additional zoning and permitting reforms.
Gov. Murphy also referenced his continued commitment to initiatives like clean energy, building a strong economy to help families, and protect the rights of every New Jerseyan. With the help of the economic opportunities introduced by Gov. Murphy’s administration, New Jersey, one of only two states from the Northeast, was named one of the top 10 fastest-growing states in the country, according to recent data from the U.S. Census Bureau. New Jersey Realtors® will continue to review any proposals on any issues relating to the real estate industry, housing, or private property rights that may come before the State Legislature.
What does this mean?
The appellate process is now over meaning NAR cannot bring another challenge to the case’s decision. Due to the Supreme Court’s ruling, the DOJ has the legal capacity to pursue another investigation against NAR and its policies aiming for more transparency from the association. It is unclear whether the DOJ will pursue any further investigations since the Supreme Court’s decision.
NAR pledges its continued cooperation with the DOJ moving forward and wishes to find common ground on several policies regarding their consumers and the real estate industry.
Single Family Home Prices
Increase
$250K Over Last Decade
Over the past decade, the real estate landscape has undergone significant shifts, with the 2014 market looking much different than what today’s market brings. Since 2014, the housing market has experienced fluctuations in sales prices, new listings, and an increasing imbalance of high demand and low inventory.
While the industry looks markedly different in 2024, the data tells a familiar story. Technological advancements, including artificial intelligence, and policy changes have reshaped how agents and consumers navigate the market.
One similarity the 2014 and 2024 housing markets share is relatively low inventory.
According to NJ Realtors® December 2014 housing market data report, the single family
homes market saw an increase of 7.2% in new listings year-to-date. In December 2024, the single family homes market saw new listings increase by 4.5% year-to-date, according to NJ Realtors® housing market data report.
However, one alarming difference in the last ten years is median sales prices have significantly increased. Though inflation is a crucial factor, the market itself is also to blame. In December 2014, the single family home median sales price was $309,000 yearto-date. December 2024 has a stark contrast with a median sales price for the single family market at $560,000 year-to-date.
New Jersey Realtors® will continue to report and analyze housing market data as 2025 progresses. Click here to read NJ Realtors® housing market data reports
Broker Bulletin
New Jersey’s Fire Safety Overhaul: What this Bill Means for the Real Estate Industry
In December, the New Jersey legislature passed Bill A3894. This bill amends and updates several existing fire safety regulations in the State of New Jersey, including removing the requirement that a fire extinguisher be present at the time of the fire inspection. The removal of this requirement, which was supported by New Jersey Realtors®, was also supported by fire safety professionals, who cited it as a possible safety issue. The bill adds a requirement for homes containing “secondary power sources,” stating that a label must be affixed within 18 inches of the main electrical panel warning of the dangers of secondary power sources. Specifics regarding this label are subject to the rulemaking process. NJ Realtors® has previously engaged with the Division of Fire Safety regarding this new requirement. This bill is currently on the Governor’s desk and will take effect immediately upon signing.
Important Dates Ahead
FEB. 14 FEB. 17 MARCH 4 MARCH 13
Presidents Day—NJ Realtors® Office Closed
Educational Foundation Scholarship Applications Due Valentine’s Day New Jersey Realtors® Leadership Team and Executive Committee Meeting
Top 10 New Jersey Counties with the Highest Single Family Median Sales Price in December 2024
BERGEN COUNTY
$765,000 +11.6% YTD SOMERSET COUNTY
$750,000 +13.6% YTD MONMOUTH COUNTY
$740,000 +10.4% YTD ESSEX COUNTY
$720,000 +15.2 YTD MORRIS COUNTY
$715,000 +10% YTD
HUNTERDON COUNTY
$650,000 +13.7% YTD UNION COUNTY
$625,000 +11.6% YTD CAPE MAY COUNTY
$580,000 +12.1% YTD OCEAN COUNTY
$580,000 +8.4% YTD
Stay in Control of Your Social Media in 2025
While social media might not be your avenue of interest or strength, your business can’t afford to put social media on the back burner this year. Here are a few tips for you and your social media to stay organized in 2025.
First, set S.M.A.R.T goals. Looking to raise your personal business awareness, increase social media site traffic, or create relationships that lead to clients? Setting goals that are Specific, Measurable, Achievable, Realistic, and Time-sensitive is crucial since it creates a framework for successful social media pages. Second, plan and schedule your posts. Planning and scheduling your social media posts are a great way to manage your time. By creating your posts ahead of time, it allows more time to focus on your business initiatives and clients. According to a recent study by the Content Marketing Institute, 83% of successful marketers use scheduling tools for their content. Using a content calendar is
useful to visualize the entire month of your planned posts.
Additionally, make sure to choose the right platforms. There are so many options when it comes to social media platforms. Choosing the right platform is a critical choice when trying to manage your socials. According to a study by the Content Market Institute, 81% of successful marketers attribute their success to understanding their audiences on each platform. Don’t spread yourself too thin and consolidate your efforts to maximize your impact by only utilizing a few social media platforms like; Instagram, Facebook, and TikTok.
Lastly, develop unique branding for yourself. Stay consistent with your choice of colors, fonts, imagery, and voice to distinguish your office from others. Use tools like Canva or Adobe Spark to create branded templates so you’re ready to create a post at a moment’s notice.