Q2 MARKET UPDATE BY ERIN McFEETERS
S
ales prices and mortgage interest rates are on the rise. Freddie Mac reported the average 30-year mortgage interest rate rising 2.50%, and reaching 5.3%, as of July 28.
There were 11,085 total closed sales in New Jersey in June, bringing the Q2 closed sales total to 53,129, a 12.9% decrease over last year. New listings declined in June, with just 15,263 new units available. The limited inventory across the state continues to make for a more competitive market. In all market segments, the median sales price is $425,000 year to date, a 10.4% increase over last year.
Homes are selling higher as buyers continue to offer more than asking price. The percentage of list price received is 102.9% year-to-date, and homes sold in 14.6% less time than last year, which amounts to an average of just 35 days. The atmosphere of the current market could be squeezing firsttime buyers and the older generation of home buyers the most. First-time buyers don’t have the leverage from a sale and tend to be strapped for cash, while the older generation no longer has the steady income to increase their monthly mortgage payment. For the full reports and to read the market reports for your area, visit njrealtor.com/data.
Total Market Overview Key metrics for single-family properties, townhouses, condominiums and properties in adult communities combined, for the report month and for year-to-date (YTD) starting from the first of the year.
Key Metrics
Historical Sparklines
New Listings 6-2019
6-2020
6-2021
6-2022
6-2019
6-2020
6-2021
6-2022
6-2019
6-2020
6-2021
6-2022
6-2019
6-2020
6-2021
6-2022
6-2019
6-2020
6-2021
6-2022
6-2019
6-2020
6-2021
6-2022
6-2019
6-2020
6-2021
6-2022
Pending Sales
Closed Sales
Median Sales Price
Avg. Sales Price
Pct. of List Price Received
Days on Market
Affordability Index 6-2019
6-2020
6-2021
6-2021
6-2022
Percent Change
YTD 2021 YTD 2022
17,136
15,263
- 10.9%
84,996
75,846
- 10.8%
12,297
10,283
- 16.4%
65,929
56,269
- 14.7%
13,067
11,085
- 15.2%
60,967
53,129
- 12.9%
$415,000
$460,000
+ 10.8%
$385,000
$425,000
+ 10.4%
$523,227
$574,058
+ 9.7%
$483,502
$531,422
+ 9.9%
102.6%
104.4%
+ 1.8%
101.0%
102.9%
+ 1.9%
31
26
- 16.1%
41
35
- 14.6%
133
94
- 29.3%
144
101
- 29.9%
31,881
26,358
- 17.3%
--
--
--
2.7
2.7
0.0%
--
--
--
Percent Change
6-2022
Homes for Sale 6-2019
6-2020
6-2021
6-2022
6-2019
6-2020
6-2021
6-2022
Months Supply
Data as of July 20, 2022. All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2022 ShowingTime. | 15
Designated REALTOR® | August 2022 | 4
