NJ Real Estate Rebounds Big in 2013
Some end of year numbers continued to show that New Jersey, as well as the rest of the country, is slowly but surely getting back to the way things were before the Great Recession of recent years. According to a report by the New Jersey Association of Realtors, the Garden State had a strong year in terms of real estate value.
The report found that home sales in NJ hit their highest point since 2005, with the number jumping 18.1 percent, for 94,671 units sold. In addition, the value of each house has gone up, with the median sales price climbing over three percent to $283,500. Compare that against the national median price of $197,100, and one can see that things are going well for New Jersey home buyers and sellers.
Numbers were up across the board for New Jersey real estate, in nearly every measured category. The median price of single family homes rose 3.4 percent to $310,050 and the average number of days a house remains on the market fell 12.1 percent to 94 days. The median prices also rose in the condo-townhouse market, as they did in the adult community market, as well.
The good news continues for the Garden State. Data released by Standard & Poors showed that November 2013 home prices in the 20 cities it tracked had jumped 13.7 percent, compared to November of 2012. Home construction permits have also reached a six-year high. A study by CohnReznick that over 24,000 new housing units had been approved for construction in 2013. Almost 10,500 single family homes were authorized for construction last year, which is the highest total since 2006.
Based on the numbers, it appears that New Jersey’s housing market picked up a lot of momentum in its recovery, especially when compared against the rest of the nation. This means that it’s a perfect time to either buy or sell a home. For buyers, you can expect the value of your house to rise, while sellers will be able to get a higher price now than they would’ve five years ago.
Whether you are buying or selling a home in New Jersey, you need to enlist the services of a real estate lawyer, to instruct and guide you through the complex process. Contact the experienced attorneys at Posternock Apell, PC today to talk about your next real-estate transaction.