Kearny, NJ Real Estate & Homes for Sale | RE/MAX (2024)

FAQs

Is this a good time to sell a house in NJ? ›

Best Time to Sell Your House for a Higher Price

June, July, and August are the best months to sell your house in New Jersey. The median sale price of houses in August 2023 was $513,600, which is expected to rise in 2024.

Why are NJ homes more expensive? New Jersey's higher home prices are driven by two key factors: its proximity to New York City and its population density, which is the highest in the country, according to SmartAsset. The Garden State has two of America's wealthiest counties: Hunterdon and Somerset.

New Jersey experienced the fourth-highest percentage increase in home prices across the nation over the last year, at 7.43%, according to a recent study by the New Jersey Real Estate Network, which analyzed data from Zillow from January 2023 to December 2023.

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March. Just over 18 million purchase transactions took place during this period, according to ATTOM.

For Home Sellers

The current market still favors sellers, with demand surpassing supply.

Deal, a Jersey Shore borough near Asbury Park, ranked 27 in the nation with a typical home value of $3.44 million as of February. Alpine in Bergen County ranked 51 nationwide. The neighboring Jersey Shore resort towns of Avalon (70) and Stone Harbor (82) also made the top 100.

It looks like New Jersey's housing market may soon run out of steam. And that's unfortunate for so many living in The Garden State. According to a recent report released by ATTOM, New Jersey is among one of the top three states expected to see a housing market crash in 2024.

NYC is the most expensive city in America so it should come as no surprise that New Jersey offers a more affordable cost of living. Newark and Jersey City are both considerably cheaper than NYC. The median home price in Manhattan is $965,00 while the median home price in Jersey City is $337,000 and $210,000 in Newark.

As a whole, analysts are optimistic about the outlook for stock prices in 2024. The consensus analyst price target for the S&P 500 is 5,090, suggesting roughly 8.5% upside from current levels.

Generally speaking, the higher the appreciation rate the better. In America, home appreciation rates range from 2-6% when looking at the real estate market over a period of 10 years or longer.

What is the outlook for home prices in New Jersey? ›

The median home price in New Jersey is $510,400 as of April 2024. This marks a 12.4% increase over last year, which is up there with some of the biggest jumps in the nation. In May of 2024, the national median home price was $438,601—New Jersey homes clearly hurdle right over this average.

Home prices in New Jersey are rising and will continue to rise till the supply-demand dynamic changes. The number of houses for sale in NJ was only 20,527 in January 2024. There is very limited inventory to satiate the demand from house hunters. This also makes it the best time to sell a house in New Jersey.

Timing is crucial in real estate, and listing your home during the wrong month can impact a home's sale prices and the time it takes to close. Studies show that spring and summer are the best time to sell, for example, while the months of October and December are the worst.

Bottom Line: The Best and Worst Month To Sell a Home

June is usually the best month to sell a house. It's when you're most likely to reach the most potential buyers and get a price above market value. As a result, on average nationwide, June has one of the highest median sale prices and the most sales overall.

There's no better time than NOW! 12.9% of homes are selling below their listing price. Moreover, there's a 7.7% increase in newly listed homes. So, not only are you spoilt for choice, but you're also more likely to crack a good deal on your dream home.