New Jersey Real Estate Trends in 2022

Now that we are more than 2 months into the new year, we have begun to see new trends forming. If you are looking to rent, buy or invest in New Jersey, it is important to be aware of any predictions and changes that may occur. Understanding price fluctuations and what is and is not normal is also important when beginning your search. Keeping up to date on the latest real estate market predictions as well as understanding previous trends is essential.

 

How Trends Are Changing from 2021?

In 2021, NJ saw plenty of competition within the real estate market. It was frequent to see bidding wars and very little inventory on the market. Homeowners and landlords who never thought of selling in a normal market were seen selling their properties for much higher than usual.

 

On top of this, people who were seen moving into New Jersey and out of the city were willing to pay these high prices – and were willing to get into bidding wars. Buyers were taking advantage of low mortgage rates, and sellers were taking advantage of the higher buyer traffic. As New Jersey saw interest in its 2021 real estate market, anything could happen to go into 2022. Keep reading below to learn more about what to expect in 2022!

 

What Are The Current Trends In The NJ Housing Market Forecast for 2022?

The latest trends in the New Jersey market are close to how they were at the end of 2021. The median price that we are seeing is still around $430,000, but this is low compared to the majority of homes sold in 2021. This is what the homes are typically valued at, not the price of what they are sold for – in 2021 the value increased by 17% and is expected to keep increasing this year.

 

Having a home office is the “new normal” for many buyers currently on the market. Although broad real estate trends are difficult to predict in the short term, many are confident that starting in January of 2022 things are looking good. Prices are still rising and the buyer demand is still very strong. Inventory is low, and that will continue through at least August of 2022.

 

Contact Bergen Realty Team

This is a prediction of the current 2022 real estate market for the New Jersey area. Investing in real estate in NJ can be profitable as it continues to grow with many looking to move out of big cities and into smaller towns. The average price of homes all throughout the state has grown tremendously throughout the years and is predicted to continue growing.

 

Contact the Bergen Realty Team if you are interested in investing in New Jersey real estate, looking to sell your current home, or even curious about the process! Our team of expert agents can help with any questions you may have. Contact us at 201-281-5594 to learn more.

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