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These 4 Trends Will Influence The 2023 North Central New Jersey Luxury Housing Market

by Index Investing News
April 2, 2023
in Property
Reading Time: 5 mins read
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Surveying the spring real estate scene in North Central New Jersey.

Carmen Natale | Turpin Realtors

Low inventory and rising interest rates will likely be a factor in the spring real estate market in North Central New Jersey.

The recently released February 2023 market report from Turpin Realtors, which covers Essex, Hunterdon, Morris, Somerset and Union counties, is a predictor of the upcoming prime season.

“February typically is when we begin to see spring trends percolate,” said John Turpin, president of Turpin Realtors.

Here are some takeaways from the report.

New listings in Peapack-Gladstone, a highly sought after borough, include this five-bedroom … [+] Colonial-inspired house with a swimming pool pavilion.

Turpin Realtors

Tight Inventory

The number of new listings at all price points is down more than 32% compared to February 2022, from 1,435 to 975.

Turpin doesn’t see that changing anytime soon with higher interest rates.

“People saw a good opportunity to sell their houses when interest rates are low,” Turpin said. “A lot of people locked into low mortgage rates.”

Inside a four-bedroom mountain shingle-style estate home, listed for $2.35 million, in … [+] Bernardsville.

Carmen Natale | Turpin Realtors

Lower Sales

The shrinking inventory has led to fewer sales. The number of homes sold was down 28% year over year in February, from 834 to 604 sales.

Pending sales were also down by nearly 20%, with 1,113 contracts signed in February of last year and 914 signed this year. That’s down from a pandemic-era high of more than 1,300 pending sales in 2021 and 2020.

Listed for $1.65 million, this five-plus-acre estate sits at the end of a quiet cul-de-sac in sought … [+] after Stone Row at Hickory Run.

Carmen Natale | Turpin Realtors

Higher Prices

The tightening inventory has led to higher prices, with the median listing price of pending home sales increasing to $625,800 from $596,700 in February 2022.

That’s great news for sellers, but “for buyers, it’s challenging,” said Turpin.

This brick-clad estate on Bernandsville Mountain, listed at $2.495 million, sits on five open and … [+] wooded acres.

Carmen Natale | Turpin Realtors

A Busy Starter Home Market

Competition is extremely high for starter homes, or those priced under $1 million, where new listings are down 35%. There were 1,194 new listings in February 2022 vs. 782 at the same time this year.

The one segment that has seen movement is the market for homes priced at $3 million or more. While sales were half of what they were in 2022—three vs. six—there was a 133% increase in pending contracts and a 27% increase in new listings.

Turpin said he thinks the Northern New Jersey market is on solid ground after an influx of new residents starting in 2020.

“The pandemic drew so many new people that I think our foundation is so solid now,” Turpin said. “When inventory does come into line, I’m very optimistic.”

MORE FROM FORBES GLOBAL PROPERTIES

MORE FROM FORBESGrand Cayman Beachfront Estate Offers Ocean Views And Room To ExpandBy Lauren BealeMORE FROM FORBESHistoric American Foursquare Home Occupies A Sweet Spot In Boulder, ColoradoBy Lauren BealeMORE FROM FORBESWhat $4.5 Million Buys In Colorado, Virginia, Texas And Mexico CityBy Kellie SpeedMORE FROM FORBESWaterfront Farmhouse In Maryland Retains Its Lofty PedigreeBy Lauren BealeMORE FROM FORBESTradition Sets The Tone At A $14.6 Million Somerset Hills Estate In New JerseyBy Lauren Beale

Turpin Realtors is an exclusive member of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.



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Tags: centralHousingInfluenceJerseyLuxurymarketNorthTrends
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