NJ Realtors® Weekly

Published Feb 28, 2024

Top Story of the Week

Apply to Present at 2024 Realtors® Triple Play

The Triple Play Realtor® Convention & Trade Expo is accepting 2024 presentation applications. Consider joining us at the Atlantic City Convention Center Dec. 9-12 and apply before March 18.

This one-of-a-kind convention and trade show brings the best of the best to Atlantic City. Don't miss out on this opportunity to showcase your expertise and help educate Realtors® from the tri-state area. Apply here.


Being a Member Has its Perks

Homes Are Selling Faster Than Last Year

According to New Jersey Realtors® January Housing Market report, homes were on the market for just 39 days year-to-date, a 15.2% decrease over the same period last year. Homes also continue to receive more than the list price, 101%, while the median sales price is up 12% year-to-date to $465,000.

You can become the local market expert in your town—download your municipality reports for the areas you serve.


State of the State

Gov. Murphy Proposed FY 2025 State Budget

Gov. Murphy presented his proposed Fiscal Year 2025 state budget to the New Jersey State Legislature. Totaling $55.9 billion, the governor’s proposed budget recommended funding for several areas affecting housing in New Jersey:

  • More than $50 million for the creation of new affordable housing units.
  • $10 million to incentivize towns to build new accessory dwelling units.
  • $32 million for the Down Payment Assistance Program.
  • $15 million to assist rental assistance recipients in purchasing homes.
  • $180 million in funding for lead hazard remediation.
  • $3.5 billion in direct property tax relief.


While the governor did not propose any increases to taxes or fees, the governor did propose a new 2.5% corporate transit tax on corporations with net income over $10 million to fund New Jersey Transit.

New Jersey Realtors® will work with the State Legislature and the governor’s office to ensure no adverse impacts to real estate are in the budget before it's adopted at the end of the current fiscal year on June 30.