Are home values dropping in NJ?
New Jersey home prices rose 12% in 2020 and 16% in 2021, according to data from the Otteau Group. And they’ve still been rising this year, despite interest rates climbing from 2.7% in August 2021 to 6.7% this week.
Where are houses selling the fastest in NJ?
Homes sold the fastest in the southwest section of the state — Gloucester, Camden and Burlington counties. They sold the slowest in Hudson, Hunterdon, Cape May and Sussex counties.
Is it a good time to buy a house in NJ 2022?
Based on data, now is a good time to buy a house — and first-time buyers agree. According to Fannie Mae’s National Housing Survey, more than 60% of renters would buy a home if their lease ended. Most expect rents to rise sharply in the next 12 months. The housing market may favor Fall home buyers.