September2020.MarketStats1Strong buyer activity has continued into the fall, which is normally the start of the seasonal slowing of the housing market. With stronger buyer activity in the market this year and the continued constrained supply of homes for sale, speedy sales and multiple offers are likely to remain a common occurrence and will keep the housing market hot even when the weather is cooling.

  • Single Family Closed Sales were up 49.5 percent to 3,085.
  • Townhouse-Condo Closed Sales were up 26.1 percent to 676.
  • Adult Communities Closed Sales were up 32.7 percent to 65.

  • Single Family Median Sales Price increased 21.3 percent to $455,000.
  • Townhouse-Condo Median Sales Price increased 7.2 percent to $292,500.
  • Adult Communities Median Sales Price decreased 10.4 percent to $330,000.

 

While mortgage rates remain near record lows, The Mortgage Bankers Association reports that lending standards are tightening, which makes it a bit more difficult for some buyers to qualify. At the same time, unemployment remains substantially higher than a year ago due to COVID-19. Despite all this, buyers are out in full force this fall, showing amazing resilience in the middle of a pandemic.

 

NCJAR Total Market Overview

Morris County

Somerset County  

Union County

Essex County

Passaic County