New Jersey started 2024 with a total of 7,384 single-family homes on the market, with a median home price of $539,000 and an average price per square foot of $371.60. By the end of the year, inventory had increased to 8,711 homes on the market (+18%), with a median home price of $579,000 (+7%), and an average price per square foot of $391 (+5%).
At the start of 2024, the median days on market (DOM) was 63 days – by the end of the year, median DOM had decreased to 63 days.
New Jersey started the year with 23.21% of homes taking a price cut. (For reference, 35% is the national average for price reductions in a "normal" year.) By the end of the year, about 24.05% of homes for sale had taken a price cut.
