Home buyers in New Jersey have been paying well above asking prices and houses have been snapped up in half the average time as just two years ago, according to real estate data through the summer.
Statewide data through August, compiled by New Jersey Realtors, shows that housing affordability has remained at a 33-year low, as the median price for a single-family house is now $475,000.
The highest average above asking — or list price — has been Essex County at 109.3% year to date through August. See the list below for all the counties.
That’s compared to a statewide average of 103.4% above list price.
Meanwhile, 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 23 days after hitting the market, closely followed by Gloucester County at 24 and Burlington County at 25 days.
Statewide, the average time from listing to sale for a single-family house has been 32 days this year, compared to 63 days in 2020.
Higher mortgage rates
Along with higher prices and lower supply, prospective home buyers have also been faced with higher mortgage rates.
To calculate the average monthly mortgage payment by county, check out this online tool from the National Association of Realtors.
The following is a county-by-county breakdown of this year’s home sales, based on data from New Jersey Realtors.
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 2022 from January through August, compiled by New Jersey Realtors, shows that South Jersey has been seeing homes hit the market and sell in less than a month, on average.
Median prices for single-family homes have reached $500,000 and above in nine counties in North and Central Jersey.
All but two counties have seen houses go for more than the list price, on average, this year.
Erin Vogt is a reporter and anchor for New Jersey 101.5. You can reach her at firstname.lastname@example.org
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