Princeton Town Topics – Let’s Talk Real Estate – September 21, 2022
BUYER INTEREST STRONG AS FALL REAL ESTATE SEASON BEGINS
Buyer Interest Strong as Fall Real Estate Season Begins
The fall real estate season is now underway and although nationally prices are starting to trend slightly lower, prices remain strong in the local NJ-NY metro region.
Historically, the fall months prove to be a good time to buy, and this is expected to hold true this year. While inventories have not returned to pre-pandemic levels, inventories of single-family homes are rising compared to this time a year ago. New projections for September inventories from Realtor.com show that nationally, the market may see up to 46% more active listings compared to the average so far this year.
Here in NJ, while there are more homes available, the strong seller’s market remains intact, and buyer interest has not dwindled. In many local areas throughout central NJ, multiple offers remain the norm, including above asking price.
Homes continue to sell faster locally compared to national markets. While nationally, homes are remaining on the market longer, in much of NJ, many homes are selling within a week and sometimes even in a day or two. Prospective buyers should still be ready to move quickly if they find a home they like, as competition is still in place.