Closed Sales Experience Largest Percent Change in 2023

BY ERIN McFEETERS

New Jersey Realtors® released its 2023 year-end residential real estate housing market data. The data points to the continued impact of low inventory and two-decade-high mortgage rates on home sales.

“I’m optimistic about the 2024 housing market,” said New Jersey Realtors® 2024 President Gloria Monks. “If interest rates come down as predicted, we could see more first-time buyers enter the market this year and more sellers ready to list their home.”

The townhouse-condo market segment experienced the highest percent change in closed sales at -24%, amounting to 19,175 closed sales in 2023, 6,063 less than 2022. There were -23.2% fewer single family closed sales in 2023, while the adult community market had -6.2% fewer closed sales. Closed sales totaled 84,305 in New Jersey in 2023, a -22.1% percent change over 2022.

The total market median sales price rose 6.3% in 2023 to $455,000, while the single family market median sales price also increased 6.3% to $502,500. The townhouse-condo median sales price was $375,000, a 10.3% increase, and the adult community median sales price was $330,000, a 4.8% increase.

While prices remained high in 2023, sellers received more than the list price. In the total market, homes received 101.8% of the list price, a percent change of just -0.3%. Homes in the single family market received 102.3% of the list price, townhouse-condos received 101.4%, and homes in adult communities received 99.6%.

Homes in New Jersey sold in a little over than a month, 37 days—8.8% longer than last year. Townhouse-condo units moved the quickest at 34 days, one day shorter than last year. Single family homes were on the market for an average of 37 days and homes in adult communities were on the market for the longest at 41 days.

There were 107,517 new listings in 2023, down -20.1% compared to 2022. Of those new listings, single family homes made up the majority, with 71,701 single family new listings in 2023. In the townhouse-condo market there were 25,155 new listings, and 8,521 new listings in adult communities.

In a recent survey, New Jersey Realtors® members said the market continues to be highly competitive, with sellers’ agents reporting an average of 5.4 offers from their most recent sales and buyers’ agents making an average of five offers for their clients in their last transaction. Members are also unsure what direction housing prices will move in 2024, with 41% expecting prices to stay about the same.

To read the full report on the state and county levels, visit njrealtor.com/data