By: Richard L. Smith
Author’s Note: The views and observations expressed in this article are those of Richard L. Smith and are based on his personal perspective and observations of the current real estate market. Any market data referenced is credited to its respective source.
I’ve recently started doing something that a lot of people in New Jersey are probably doing right now — looking at homes and wondering whether this is really the right time to buy.
I’m not necessarily running out tomorrow to purchase something, but I’ve been looking.
What really caught my attention was seeing several homes around my own block in lower Hudson County go up for sale. Naturally, I started checking prices not only in Hudson County, but also around Essex and Union counties.
My first reaction: homes are still expensive.
The numbers back that up. Redfin reported that New Jersey homes had a median sale price of about $563,000 in May, 3.3% higher than a year earlier. (Redfin)
In North Jersey, the picture gets even more interesting.
I’ve found that Redfin’s three-month figures ending in May put Essex County’s median sale price at roughly $723,000, up 3.3% from the same period last year. Union County was around $720,000 — a significant 10.8% increase. (Redfin)
Hudson County showed a different trend in Redfin’s figures, with a median of approximately $683,000, down 5.8% year over year. (Redfin)
More recent July figures published by New Jersey Real Estate Network show Hudson’s median sales price at $652,500, with sellers still receiving an average of 101.6% of their asking price. (New Jersey Real Estate Network)
So what did I take away from my little house hunt?
The market isn’t moving in exactly the same direction everywhere. Some areas are seeing prices rise, while others are showing signs of cooling.
But if you’re waiting for North Jersey homes to suddenly become cheap, the numbers don’t suggest that’s happening yet.
I’ll probably keep looking — and watching those “For Sale” signs around my Hudson County neighborhood a little more closely.
Information for this report was reviewed from Redfin and New Jersey Real Estate Network housing-market data.
