These NJ counties have some of the hottest real estate markets
This will come as no surprise to anyone who’s been house shopping in New Jersey for the past few years, but the Garden State is home to some of the hottest real estate markets in the country.
According to NJ.com, six New Jersey counties are among the hottest 100 in the U.S., based on Realtor.com data for March of this year. They basically look at supply and demand for listed properties, and how quickly they sell.
The six hottest New Jersey counties, with their national rank:
Houses in these markets often get multiple offers and then sell for more than the list price; and the list prices are pretty high! The median price for a house listed in Somerset is $649k; in Burlington it’s $349,900. In Hunterdon the median list price is $526,500; in Morris, it’s $633,450; for a home in Camden, the median list price is only $278,950 and in Union, it’s $510,625.
Statewide, the median home listing is $440,368 with a home staying on the market for just 24 days. Homes are currently appreciating at a little over 6% per year and a full 55% of them sell for over asking price.
If you’re planning on looking to buy a home soon, real estate professionals advise you to:
- Get pre-approved for a mortgage before you start looking at homes.
- Be prepared to act quickly when you find a home that you like.
- Be willing to compromise on your must-haves.
- Be patient. The market is competitive, but there are still good deals to be found.
Look inside this magnificent Morristown mansion
Opinions expressed in the post above are those of New Jersey 101.5 talk show host Bill Doyle only.
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