August Real Estate Report: New Jersey Housing Market Sees Small Gains

Published Oct 06, 2014

New Jersey’s housing market continued to recover from a soft patch earlier this year, according to the monthly report from the New Jersey REALTORS®. The August median sales price rose modestly again to $315,000, despite fewer closed sales that month. Similar to the previous month, August’s months’ supply decreased slightly, but remains relatively high and new listings continued to come onto the market.

“This summer, we saw a trend where buyers and sellers both had reasons to be happy in the New Jersey housing market,” said Cindy Marsh-Tichy, president of NJ REALTORS®. “In August, affordability was up, median sales prices were up, and the number of days on the market was down. When looking at the median sales prices, buyers had the advantage in the townhouse/condo market and sellers seemed to do well in the adult community market.”

Here are some of the highlights in the single-family home market:

  • New listings: 10,316 (up 2.4 percent)
  • Pending sales: 6,012 (up 1.4 percent)
  • Closed sales: 6,768 (down 9.7 percent)
  • Median sales price: $341,725 (down 0.1 percent)
  • Days on market: 74 (down 9.8 percent)
  • Affordability index: 117 (up 2.6 percent)

Here are some of the highlights in the townhouse/condo market:

  • New listings: 3,161 (up 8.4 percent)
  • Pending sales: 1,904 (down 3.0 percent)
  • Closed sales: 1,922 (down 15.3 percent)
  • Median sales price: $260,000 (down 5.5 percent)
  • Days on market: 74 (down 10.8 percent)
  • Affordability index: 154 (up 8.5 percent)

Here are some of the highlights in the adult community market:

  • New listings: 906 (down 1.3 percent)
  • Pending sales: 654 (down 13.4 percent)
  • Closed sales: 658 (down 26.0 percent)
  • Median sales price: $180,000 (up 11.1 percent)
  • Days on market: 71 (down 16.5 percent)
  • Affordability index: 222 (down 7.9 percent)

View the August 2014 state and county reports here.