New Jersey Housing Market

Home prices in New-Jersey were up 11.4% year-over-year in August. At the same time, the number of homes sold fell 22.8% and the number of homes for sale fell 32.4%.

Overview
Supply
Demand
News

New-Jersey Housing Market Overview

What is the housing market like right now?

In August 2023, home prices in New-Jersey were up 11.4% compared to last year, selling for a median priceof $517,300. On average, the number of homes sold was down 22.8% year over year and there were 8,713 homes sold in August this year, down 11,280 homes sold in August last year. The median days on the market was 31 days, down 5 year over year.…

The direction and pace at which home prices are changing are indicators of the strength of the housing market andwhether homes are becoming more or less affordable. The median price of a home in the United States is currently $517,300.…

Median Sale Price

(All Home Types)

$517,300

+11.4% YoY | Aug 2023

Based on Redfin calculations of home data from MLS and/or public records.

What does this mean?

The direction and pace at which home prices are changing are indicators of the strength of the housing market and whether homes are becoming more or less affordable. The median price of a home in the United States is currently $517,300.

Location

Data

Aug 2023

Growth

% YoY

New-Jersey

$517,300

+11.4%

Top 10 Metros in New Jersey with the Fastest Growing Sales Price

New-Jersey Housing Supply

Are there enough homes for sale to meet buyer demand?

In August 2023, there were 25,913 homes for sale in New-Jersey, down 32.4% year over year.The number of newly listed homes was 8,822 and down 18.1% year over year. The average months of supply is 2 months, down year over year. …

The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. Theycan also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. There are currently 25,913 residential homes for sale in the United States.…

# of Homes for Sale

(All Home Types)

25,913

-32.4% YoY | Aug 2023

Based on Redfin calculations of home data from MLS and/or public records.

What does this mean?

The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. They can also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. There are currently 25,913 residential homes for sale in the United States.

Location

Data

Aug 2023

Growth

% YoY

New-Jersey

25,913

-32.4%

New-Jersey Housing Demand

How competitive is the market?

In August 2023, 59.6% of homes in New-Jersey sold above list price, up 2.4 points yearover year. There were only 15.6% of homes that had price drops, down from 17.0% of homes in August last year. There was a 103.0% sale-to-list price, up 0.9 points year over year. …

Homes that sold above list price likely received multiple offers. A high or growing percentage of homes selling above listprice indicates that the housing market is competitive and bidding wars are becoming more common. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive.…

Homes Sold Above List Price

(All Home Types)

59.6%

+2.4 pt YoY | Aug 2023

Based on Redfin calculations of home data from MLS and/or public records.

What does this mean?

Homes that sold above list price likely received multiple offers. A high or growing percentage of homes selling above list price indicates that the housing market is competitive and bidding wars are becoming more common. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive.

Location

Data

Aug 2023

Growth

% YoY

New-Jersey

59.6%

+2.4 pt

Top 10 Most Competitive Cities in New Jersey

Competition calculated using Redfin's Compete Score™

U.S. Migration Trends

Where are people moving to and from?

Nationwide, 26% of homebuyers searched to move to a different metro area between Jun '23 - Aug '23. The top 5 states homebuyers searched to move to were Florida, Texas, North Carolina, South Carolina, and Tennessee while California, New York, Massachusetts, Illinois, and District Of Columbia were the top 5 states homebuyers searched to move from.

Of all the major U.S. metros, Sacramento was the most searched for destination among homebuyers looking to relocate between Jun '23 - Aug '23. Next came Las Vegas, Orlando, Sarasota, and Tampa. San Francisco was the most searched for destination among homebuyers looking to leave, followed by New York, Los Angeles, Washington and Louisville.

Moving to

Moving from

Data Unavailable

Top 10 areas people are moving to

Inbound		Net inflow
Metros		Jun '23 - Aug '23
1	Sacramento, CA	5,100
2	Las Vegas, NV	5,000
3	Orlando, FL	4,300
4	Sarasota, FL	4,000
5	Tampa, FL	4,000
6	Myrtle Beach, SC	3,700
7	Cape Coral, FL	3,600
8	Dallas, TX	3,400
9	Portland, ME	3,300
10	Houston, TX	3,100

Top 10 areas people are moving from

Outbound		Net outflow
Metros		Jun '23 - Aug '23
1	San Francisco, CA	26,900
2	New York, NY	25,300
3	Los Angeles, CA	20,200
4	Washington, DC	14,500
5	Louisville, KY	6,000
6	Chicago, IL	5,000
7	Boston, MA	4,600
8	Hartford, CT	3,400
9	Detroit, MI	2,200
10	Denver, CO	2,100

Methodology

This data does not reflect actual moves. The latest migration analysis is based on a sample of about two million Redfin.com users who searched for homes across more than 100 metro areas. To be included in this dataset, a Redfin.com user must have viewed at least 10 homes in a three month period. This dataset excludes all rentals data.

New Jersey Housing Market