HOW IS THE NJ HOUSING MARKET 2020 DOING?
Jerel Washington
D
uring the early stages of the COVID-19 pandemic, reports revealed that the pandemic was slowing down the NJ housing market. After the NJ Governor had referred to real estate activities as essential business, local buyers and sellers hesitated on making any move as they waited to see how the pandemic would impact the economy. Many sellers pulled their homes off the listings while others postponed sales due to the fear of having buyers visit their homes.
But since the reopening and gradual recovery of the economy, NJ’s housing activities have been on the rise since June, as reports show. Records have shown that all aspects of the housing market, including new listings, pending sales, and closed sales, have been rising this spring. All indicators have been clearly showing that buyers are back in the market.
HOME VALUES
According to the Zillow Home Value Index, the typical home value of homes in NJ was $357,546 as of September 30. The home index value is seasonally adjusted and only includes the middle price tier of homes. The NJ home values have increased by 5.3% from September 2019, and Zillow forecast they will increase by 7.2% in the next year. Moreover, data from CoreLogic’s Case-Shiller Index reveals that home values in seven metro areas in New Jersey have significantly inclined compared to the previous year as of May 1, 2020. These metro areas include; Ocean City, Jersey City, Camden/Philadelphia, Trenton, Atlantic City/Hammonton, Warren County/ Allentown, and Vineland/Bridgeton areas.
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THE POWER IS NOW MAGAZINE | NOVEMBER 2020
