These 3 NJ counties saw huge drop in new home sale listings

If you’re looking to buy a home in New Jersey you might want to dust off that good luck charm. After the market seemed to start cooling off last year to a mixed bag between a buyer’s market and a seller’s market it has come roaring back to a seller’s market in most of New Jersey.

Home values in the Garden State continue to rise. A report shows in an April-to-April comparison of this year to last that most of New Jersey isn’t done being a thorn in a buyer’s side just yet. In fact, while most zip codes had value increases there were 27 where the home values soared over 10% in just those 12 months.

What’s fueling this? Inventory. Despite rising mortgage rates more people want to buy homes than the number of homes available.

According to a story on nj.com data from realtor.com shows there are three New Jersey counties where newly listed properties for sale plummeted by a shocking 40% this May compared to last May. And last May inventory was already tight.

Those counties are:

As a whole New Jersey ranked seventh in the nation for the biggest decline in new inventory. So those days a year to two years ago of bidding wars and buyers waiving home inspections is back with a vengeance. If all this isn’t depressing enough to a potential home buyer, the median list price in New Jersey last month stood at $544,500.

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Jeff Deminski only.

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