Broker Bulletin What’s Happening at the Association
22 National Association of Realtors® guides released in 2024 to aid consumers through the home buying process.
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Continuing education credits required for the 2025 term. The 2025 term is July 1, 2023-June 30, 2025. All credits must be completed by April 30 to avoid a $200 late fee in addition to the license renewal fee. Login to NJ Realtors® Academy of Continuing Education to find CE credit resources.
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Candidates for the Class of 2025 Leadership Academy. Meet the Class.
What’s Happening in the Industry According to the National Association of Realtors® recent Home Buyers and Sellers survey, “First-time buyers decreased to 24% of the market share.” This percentage decrease is a record low since 1981. According to realtor.com®, the average 2024 price for a starter home with a mortgage rate of 7%, in New Jersey is $423,540. The National Association of Realtors® released the 2025 Code of Ethics & Standards of Practice. Donate to the Realtors® Relief Foundation to help the California wildfire victims. The Realtors® Relief Foundation provides housing-related assistance to disaster-impacted communities. 60% of designers voted contemporary English cottage to potentially be the most popular design trend for homes in 2025, according to Apartment Therapy.
JANUARY 2025
LEGISLATIVE UPDATE
State of the State Addresses Property Taxes and Clean Energy Gov. Phil Murphy addressed a joint session of the State Legislature and delivered his State of the State Address on relevant matters concerning New Jersey. Gov. Murphy further committed to his efforts to reduce and provide relief from the heavy property tax rate of 2.08%. New Jersey has one of the highest property tax rates of all 50 states. “That is precisely why, under our Administration, we have provided more than $14 billion in direct property tax relief to New Jerseyans through the ANCHOR program and other initiatives. In other words, together…we have provided more property tax relief to the people of New Jersey than any Administration in history,” said Gov. Murphy in his speech. Additionally, the governor stated his administration continues to create more affordable housing for families
across the state while simultaneously creating more housing with additional zoning and permitting reforms. Gov. Murphy also referenced his continued commitment to initiatives like clean energy, building a strong economy to help families, and protect the rights of every New Jerseyan. With the help of the economic opportunities introduced by Gov. Murphy’s administration, New Jersey, one of only two states from the Northeast, was named one of the top 10 fastest-growing states in the country, according to recent data from the U.S. Census Bureau. New Jersey Realtors® will continue to review any proposals on any issues relating to the real estate industry, housing, or private property rights that may come before the State Legislature.
DOJ Continues Inquiry The U.S. Supreme Court denied hearing the appeal challenges from the National Association of Realtors® case based on the decision from the D.C. Circuit Court of Appeals. Due to the Supreme Court’s denial, the decision of the lower courts stands. Now, the Department of Justice will no longer be held to the terms of the 2020 settlement agreement. The 2020 agreement led to NAR aiming to be more transparent about agent commissions and competition. In 2021, the Biden administration retreated from the agreement before finalization and revisited several other NAR policies to investigate.
What does this mean?
The appellate process is now over meaning NAR cannot bring another challenge to the case’s decision. Due to the Supreme Court’s ruling, the DOJ has the legal capacity to pursue another investigation against NAR and its policies aiming for more transparency from the association. It is unclear whether the DOJ will pursue any further investigations since the Supreme Court’s decision. NAR pledges its continued cooperation with the DOJ moving forward and wishes to find common ground on several policies regarding their consumers and the real estate industry.
Single Family Home Prices Increase $250K Over Last Decade Over the past decade, the real estate landscape has undergone significant shifts, with the 2014 market looking much different than what today’s market brings. Since 2014, the housing market has experienced fluctuations in sales prices, new listings, and an increasing imbalance of high demand and low inventory. While the industry looks markedly different in 2024, the data tells a familiar story. Technological advancements, including artificial intelligence, and policy changes have reshaped how agents and consumers navigate the market. One similarity the 2014 and 2024 housing markets share is relatively low inventory. According to NJ Realtors® December 2014 housing market data report, the single family
homes market saw an increase of 7.2% in new listings year-to-date. In December 2024, the single family homes market saw new listings increase by 4.5% year-to-date, according to NJ Realtors® housing market data report. However, one alarming difference in the last ten years is median sales prices have significantly increased. Though inflation is a crucial factor, the market itself is also to blame. In December 2014, the single family home median sales price was $309,000 yearto-date. December 2024 has a stark contrast with a median sales price for the single family market at $560,000 year-to-date. New Jersey Realtors® will continue to report and analyze housing market data as 2025 progresses. Click here to read NJ Realtors® housing market data reports.