Top Large Teams in New Jersey – Ranked by Sides

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2023 New Jersey Housing Market Summary

New Jersey started 2023 with a total of 9,281 single-family homes on the market, with a median home price of $489,000 and an average price per square foot of $340. By the end of the year, inventory had decreased to 7,683 homes on the market (-17%), with a median home price of $539,000 (+10%) and an average price per square foot of $372 (+9%).

At the start of 2023, the median days on market (DOM) was 70 days – by the end of the year, median DOM had decreased to 63 days.

New Jersey started the year with 26% 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% of New Jersey homes for sale had taken a price cut.

Finally, Altos’ proprietary Market Action Index (MAI) shows that New Jersey started 2023 as a strong seller’s market, with an MAI score of 52; by the end of the year, the MAI had dropped to 42 – a slight seller’s advantage.

This market summary is powered by Altos Research – click here to run a free report for your area.

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