2024 2nd Quarter Market Update

As we enter July with the summer season in full swing there has been a slight increase in inventory, and we are seeing some price reductions. This trend may be attributed more to seasonal fluctuations, rather than a fundamental shift in the market, but potentially could offer buyers more options this summer. Despite this, premium properties in desirable locations still remain fiercely competitive.

In the first quarter of this year, New Jersey home prices surged by an impressive 11.6% compared to the previous year, placing the state second in the nation, just behind Vermont. In the second quarter, New Jersey maintained its momentum with a 4% increase, once again ranking second, this time following California. To me, this raises an intriguing question: why are New Jersey home prices rising so rapidly compared to the rest of the country?

Unfairly to those of us who know and love our state, NJ has often been seen as an unappealing suburban extension of NYC, leading many to overlook it as a potential home base. However, in recent years, NJ has finally gained the recognition it deserves for its unique qualities and benefits, enhancing its appeal to home buyers and causing demand to skyrocket!

When comparing the cost of living in other suburban NYC real estate markets such as Long Island, Westchester, and Connecticut, New Jersey emerges as a more affordable option for luxury real estate buyers. It offers exceptional value for money and a diverse range of living environments without compromising on proximity to NYC or quality of life.

Specifically, Monmouth County stands out with its compelling value proposition. The county boasts beautiful beaches, top-ranked schools, efficient public transportation, a strong sense of community, and rich cultural offerings. These attributes make it an attractive destination for those seeking a balanced and enriching lifestyle.

Given these factors, it is likely that New Jersey’s real estate market will continue to thrive, making it a sound investment for the future. The state’s rising home prices reflect a growing recognition of its advantages and a sustained demand from a diverse pool of buyers.

Click below for a more detailed look at the market.

WORK WITH Kelly Zaccaro

Kelly Zaccaro is a well respected, top producing agent for the last 26 years in Monmouth County, NJ. She has been the #1 Agent at Heritage House Sotheby's International Realty Rumson Office for the past 5 years from 2019-2023

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