Monthly Indicators For residential real estate activity in the state of New Jersey
December 2024
Monthly Snapshot
U.S. existing-home sales improved for the second consecutive month, rising 4.8% to a seasonally adjusted annual rate of 4.15 million units, an eight-month high, according to the National Association of REALTORS® (NAR). Sales were up 6.1% compared to the same time last year, marking the largest year-over-year increase since June 2021. Economists had forecast existing-home sales would come in at an annual rate of 4.07 million units for the month.
+ 12.5%
- 6.1%
+ 11.7%
One-Year Change in Closed Sales All Properties
One-Year Change in Homes for Sale All Properties
One-Year Change in Median Sales Price All Properties
• Single Family Closed Sales were up 11.4 percent to 4,988. • Townhouse-Condo Closed Sales were up 16.5 percent to 1,654. • Adult Communities Closed Sales were up 13.8 percent to 576. • Single Family Median Sales Price increased 8.7 percent to $560,000. • Townhouse-Condo Median Sales Price increased 13.2 percent to $430,000. • Adult Communities Median Sales Price increased 7.5 percent to $360,000. Total housing inventory stood at 1.33 million units heading into December, a 2.9% decrease from the previous month but a 17.7% increase year-over-year, for a 3.8month supply at the current sales pace. Inventory remains below the 5 – 6 months’ supply of a balanced market, and the limited number of homes for sale continues to put upward pressure on sales prices nationwide, with NAR reporting a median existing-home price of $406,100, a 4.7% increase from one year earlier.
Residential real estate activity comprised of single family properties, townhouses and condominiums combined, and properties in adult communities. Percent changes are calculated using rounded figures.
Single Family Market Overview Townhouse-Condo Market Overview Adult Community Market Overview New Listings Pending Sales Closed Sales Median Sales Price Average Sales Price Percent of List Price Received Days on Market Until Sale Housing Affordability Index Inventory of Homes for Sale Months Supply of Inventory Total Market Overview
2 3 4 5 6 7 8 9 10 11 12 13 14 15
Data as of January 21, 2025. All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2025 ShowingTime Plus, LLC.