Feb 8, 2015
As you can see, average and median home prices rose for the second straight year, now being $923,000 (average) and $860,000 (median). Both these numbers indicate a strong market for homes in town. Total transactions increased to 79, up from a low of 50 in 2011, and the highest since 2007. The TREAD Index, measuring the total amount of aggregate spend on real estate increased to a record 150% (using 2012 as the baseline of 100%).
So where does that leave us as we start 2015? We have a healthy market. Prices are still below the halcyon days of 2004-2007, and buyers are very discriminating as to their tastes and preferences, not being as willing to invest in “projects”. Looking forward, as the economy slowly grows and interest rates remain low, prospects for 2015 look to maintain the current momentum. However, the headwinds affecting New Jersey’s economy remain and we watch these developments with great interest.
We look forward to 2015. Please contact us with any questions as to how the data affects your plans to buy or sell a home.