Wayne, NJ -- While August marks the beginning of the school year for many regions in New Jersey, home prices continue to be on the rise. Although parents of schoolchildren are often hesitant to make a drastic move and uproot households in the first months of school, consumers that don’t have children helped keep the market on an upward slope. With a stable economy, consistent wage growth, and constant mortgage rates, the competition for buyers is expected to remain aggressive for available listings.
In Passaic County, the number of new listings for single-family homes has increased by 8.1 percent since August 2016. The number of closed sales has also increased by 17.1 percent since this time last year. The number of days that houses stay on the market has dropped from 2016. In August 2016, the average number of days was 82. This year, the number of days is 69. The median sales price has increased by 3.2 percent, moving from $315,000 to $325,000.
For townhouses and condos in Passaic County, the number of new listings has decreased by 9.7 percent from August 2016. However, the number of closed listings has increased by 15.9 percent from last year. The days on the market has decreased by 16.2 percent, dropping from 74 days to 62. The median sales price for townhouses and condos has risen from $247,000 to $266,000.
In the adult community, the number of new listings has decreased by 56 percent, from 25 in August 2016 to 11 in August 2017. However, the number of closed sales has increased by 35.7 percent. The median sales price has jumped from $275,000 to $295,000 from last year.
Factors that affect the real estate market and industry trends such as wage growth, unemployment and mortgage rates have all been relatively stable. While every region has its own set of obstacles and issues, the state of residential real estate as a whole is in good condition. New manufacturing data shows that there is a need for housing construction resources and materials, which could help with the current low inventory state in 2018.
As part of the Passaic County community since 1909, The Passaic County Board of REALTORS® represents a diverse group of individuals who work together with their neighbors, community groups, schools and elected officials to help make northern New Jersey a place you want to live, work and play. The Passaic County Board of REALTORS® (PCBOR), the “Voice for Real Estate” in northern New Jersey since 1909, represents more than 2,000 members from all real estate specialties including commercial sales, development, property management, appraisal, auctions, and residential sales. For more information, visit pcbor.com.
Contact: Anika Nahar