How much does the average NJ home cost? Median prices by county

While houses might be staying on the market for a bit longer than a year ago, New Jersey home buyers are still paying above asking prices and houses are still , according to real estate data through late spring.

Statewide data compiled by New Jersey Realtors shows that housing affordability has lingered around a more than 30-year low, as the median price for a single-family house was at $465,000 as of May.

The highest average above asking — or list price — was Essex County at 105.2% year to date through May.

A shortage of inventory has been a factor in lower-than-average home sales this time of year, according to New Jersey Realtors — as existing homeowners enjoying their own fixed mortgage rates have delayed listing their houses until current market conditions improve.

How much does the average NJ home cost? Median prices by county

Everything is costing more these days — and housing is certainly no exception in New Jersey.

Data for 2023 from January through May, compiled by New Jersey Realtors, shows that homes hit the market and sell in two months or less, on average.

Median prices for single-family homes have reached $500,000 and above in nine counties.

Most counties have seen houses go for more than the list price this year, while the rest have been very close to asking — on average.

Statewide, the average time from listing to sale for a single-family house has been 44 days this year, compared to 36 days in 2022.

South Jersey has seen some of the highest demand continue, with the shortest times between when a home is listed until it's sold.

Camden County has seen single-family houses sold an average of 32 days after hitting the market, closely followed by Gloucester County at 33 and Mercer County at 37 days.

Higher mortgage rates

Along with continued high prices and low supply, prospective home buyers have also been faced with fluctuating mortgage rates.

To check affordability of average monthly mortgage payments by county, check out this online tool from the National Association of Realtors.

Another factor when house-hunting — property taxes. Here's the lowest in the state, as of this year.

Top 20 lowest property tax towns in NJ in 2022

In descending order, these 20 towns had the lowest average property tax bills in 2022.

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