Central New Jersey August Real Estate Update

Check out this market update for Central New Jersey heading into August, 2021!! This summer market continues to move really well in this area and has no signs of slowing down any time soon.

In July of 2021 there were 4454 new listings which is down 13% year over year since last summer. These listings ranged anywhere from $110k all the way to 13 million dollars! During this month there were a whooping 3254 homes closed with an average closed price of $610k which is a staggering 19% increase year over year. July of 2020 was an especially busy time in the market so the increase this year is worth noting. Days on the market are way down from 57 days last year to 27 days on market to get home under contract. 

On the single family home side of things the inventory is down from 4528 to 3865 which is a 15% decrease. Although the supply is smaller the average close price for these properties has drastically increased by 23% since last July! In July 2021 the average closing price was $645k compared to $523k of July 2020. 

The townhome/condos inventory is slightly lower as well but the trend of an increased average sales price continues. Average closing prices for these listings have shot up to $379k from $335k of July 2020 which represents a 13% increase year over year.

PICK OF THE QUARTER

The Destination NJ featured pick for this month is 30 Wilrue Parkway in Pompton Plains, NJ. This listing is 4 bed, 3 bathrooms and over 3000 square feet situated on a beautiful lot. It has a stunning updated kitchen with beautiful hardwood floors that run throughout. A finished basement and in-ground pool make it even more attractive so make sure to check it out before it’s gone! Feel free to reach out to Robert Webb with any inquiries.