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.
Will real estate prices go down in NJ?
Gains in home prices are expected to slow to single digit increases after two years of double-digit growth. Home prices in New Jersey rose 12% in 2020 and another 15% in 2021, according to the Otteau Group. They’re expected to increase another 5% in 2022 before declining in the next 12 to 18 months.
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.