The housing reports for 2024 are in, and here’s the data I’ve broken down. I’m sure you’re aware of how much home prices have skyrocketed, but you might not realize that a large part of it is due to the fact that we have 50% less inventory than we did in 2019, and inventory is still low. For example, Wayne, NJ, currently has only 29 homes for sale (according to the GSMLS), including single-family homes and condos. A town of that size has typically seen over 100 homes for sale.
In addition, many towns here in Northern NJ have fewer than five homes for sale in total. The only way to home prices will come down is when inventory is increased, but that likely won’t happen until mortgage rates and/or inflation drop.
In December 2024:
- The median sale price of a home was $533,500, which is nearly a 10% increase from 2023.
- The number of homes for sale reached 21,956, marking a 5.6% increase from 2023.
For Comparison Purposes, in December 2019:
- The median sale price was $326,600, reflecting a 63% increase over five years.
- The number of homes for sale was 44,286, which is a 50% decrease in comparison to now.
According to Yahoo! research, NJ was the #1 state people moved from in 2024. Top motivators were retirement 22% and moving closer to family, at 20%. Considering home prices keep rising here, it's another clear indicator that we do not have enough homes for the people living here.
Top Outbound States in 2024:
- New Jersey
- Illinois
- New York
- California
- Massachusetts
If you want to know more about the housing market in Northern NJ, or just have a question in general, don't hesitate to reach out to me.
