Allendale, NJ Homes For Sale - New Jersey Real Estate | BEX Realty (2024)

FAQs

Is now a good time to buy a house in NJ? ›

Yes! Currently, there are very few buyers in the market compared to the supply of homes in New Jersey. The soaring interest rates has kept buyers at bay, so you can avoid bidding wars. As the mortgage rate stabilizes in 2024, more buyers will return, so we'd recommend you to buy a house now.

New-Jersey Housing Market Overview

On average, the number of homes sold was down 15.3% year over year and there were 8,080 homes sold in June this year, down 9,536 homes sold in June last year. The median days on the market was 31 days, down 4 year over year.…

Considering the current market conditions, favorable interest rate environment, and outlook for the first half of 2024, now could indeed be a good time to sell your New Jersey house. With high demand, competitive pricing, and favorable financing options, sellers stand to benefit from entering the market at this time.

Why are NJ homes more expensive? New Jersey's higher home prices are driven by two key factors: its proximity to New York City and its population density, which is the highest in the country, according to SmartAsset. The Garden State has two of America's wealthiest counties: Hunterdon and Somerset.

In 2024, there is expected to be more predictability and stability for potential homebuyers. Additionally, Zillow predicts that more homes will hit the market this year, as more homeowners who locked in all-time-low mortgage rates may put their homes up for sale, growing tired of waiting for such low rates to return.

For Home Sellers

The current market still favors sellers, with demand surpassing supply.

Broadly speaking, spring is generally the best time of year to sell your home. Many families need to be in their new home by the start of the school year, and house-hunting is easier when days are warmer and longer. Fall and winter typically see the lowest amount of homebuying activity.

Some wealthy towns have resisted efforts to build homes that are economical, and long-simmering arguments about zoning and infrastructure have remained unresolved. That's resulted in an affordable housing shortage in the Garden State, now estimated to be between 200,000 and 300,000 units.

Growth Slowing, but Recession Unlikely

“We're still expecting the sequential growth rates to drop sharply over the rest of 2024 and remain low through early 2025,” Morningstar chief US economist Preston Caldwell wrote in his July economic outlook. He's forecasting 2.4% GDP growth for 2024 and 1.4% for 2025.

Bottom Line: The Best and Worst Month To Sell a Home

June is usually the best month to sell a house. It's when you're most likely to reach the most potential buyers and get a price above market value. As a result, on average nationwide, June has one of the highest median sale prices and the most sales overall.

What day of the week do most houses sell? ›

Bottom line. Thursday is generally thought to be the best day of the week to list a house for sale. Studies have shown that homes listed on Thursdays are more likely to sell faster, and for a higher price, but local markets can differ.

Is It Too Soon To Sell Your House? Real estate agents suggest you stay in a house for 5 years to recoup costs and make a profit from selling. Before you put your house on the market, consider how your closing fees, realtor fees, interest payments and moving fees compare to the amount you have in equity.

Deal, a Jersey Shore borough near Asbury Park, ranked 27 in the nation with a typical home value of $3.44 million as of February. Alpine in Bergen County ranked 51 nationwide. The neighboring Jersey Shore resort towns of Avalon (70) and Stone Harbor (82) also made the top 100.

NYC is the most expensive city in America so it should come as no surprise that New Jersey offers a more affordable cost of living. Newark and Jersey City are both considerably cheaper than NYC. The median home price in Manhattan is $965,00 while the median home price in Jersey City is $337,000 and $210,000 in Newark.

The three New Jersey ZIP codes with the highest typical home value as of February are Deal in Monmouth County at $3,443,833, Alpine in Bergen County at $2,821,657, and Avalon in Cape May County at $2,470,147, ranking #27, #51, and #70 out of 150, respectively, according to the list.

Buying a home this year, particularly in early 2024, might mean you're able to beat the rush, as the market could get more crowded if or when rates drop further. Waiting, however, could give you more options to choose from as supply improves, along with the potential for increased mortgage affordability.

The median home price in New Jersey is $510,400 as of April 2024. This marks a 12.4% increase over last year, which is up there with some of the biggest jumps in the nation. In May of 2024, the national median home price was $438,601—New Jersey homes clearly hurdle right over this average.