Princeton Town Topics – Let’s Talk Real Estate – August 3, 2022
SUMMER MARKET ENDING BUT SELLER’S MARKET REMAINS
As the summer market winds down, we’re seeing a slight shift in the real estate market in New
Jersey, although the climate remains firmly a seller’s market.
Housing inventories throughout markets in New Jersey remain very low when compared to
previous, pre-pandemic years. In July, the number of homes on the market was down more
than 20% from last year. Average national real estate prices are showing signs of dipping, but
this hasn’t been the case in NJ. Locally, prices remain very strong, particularly in the most
desirable locations.
What has changed is the frenzied pace of the market, which has calmed since the beginning of
the year. Buyers are still very motivated and interested. However, they have a few more
choices, so they’re taking their time and considering more factors before jumping into a deal.
