Closed Sales Experience Largest Percent Change in 2023 BY ERIN McFEETERS
N
ew Jersey Realtors® released its 2023 year-end residential real estate housing market data. The data points to the continued impact of low inventory and two-decade-high mortgage rates on home sales. “I’m optimistic about the 2024 housing market,” said New Jersey Realtors® 2024 President Gloria Monks. “If interest rates come down as predicted, we could see more first-time buyers enter the market this year and more sellers ready to list their home.” The townhouse-condo market segment experienced the highest percent change in closed sales at -24%, amounting to 19,175 closed sales in 2023, 6,063 less than 2022. There were -23.2% fewer single family closed sales in 2023, while the adult community market had -6.2% fewer closed sales. Closed sales
totaled 84,305 in New Jersey in 2023, a -22.1% percent change over 2022. The total market median sales price rose 6.3% in 2023 to $455,000, while the single family market median sales price also increased 6.3% to $502,500. The townhouse-condo median sales price was $375,000, a 10.3% increase, and the adult community median sales price was $330,000, a 4.8% increase. While prices remained high in 2023, sellers received more than the list price. In the total market, homes received 101.8% of the list price, a percent change of just -0.3%. Homes in the single family market received 102.3% of the list price, townhouse-condos received 101.4%, and homes in adult communities received 99.6%.
CLOSED SALES
MEDIAN SALES PRICE
Year-to-date through December 2023
Year-to-date through December 2023
SINGLE FAMILY 2022
(73,685)
2023
(56,574)
SINGLE FAMILY 23.2%
TOWNHOUSE–CONDO 2022
(25,238)
2023
(19,175)
(7,654)
2023
(7,182)
Designated REALTOR® | February 2024 | 2
($472,500)
2023
($502,500)
6.3%
TOWNHOUSE–CONDO 24%
ADULT COMMUNITIES 2022
2022
2022
($340,000)
2023
($375,000)
10.3%
ADULT COMMUNITIES 6.2%
2022
($315,000)
2023
($330,000)
4.8%
