A dramatic drop in home inventories contributed to a 20% increase in single-family home prices statewide from 2020, according to April data recently released by New Jersey Realtors. The rapid rise in prices follows forecasts last month from real estate experts who told TAPinto that the market is unlikely to slow down anytime soon.
“The numbers validate the story we hear time and time again,” Jeff Jones, 2021 president of New Jersey realtors, said in a statement. “But it’s important to remember that many of these numbers compare to the scale of the pandemic last year, when a lot of businesses stalled.”
Help may be on the way in the form of new registrations, which more than doubled after appearing below average for most of the year. But there is still 40% less home inventory on the market year over year, leading to a price spike last month in New Jersey, where overall demand for residential real estate has increased. by 33.4%.
“As more restrictions are lifted and owners become more comfortable, we remain optimistic more stocks will come to market,” Jones said in a statement. “Even with these hurdles, buyers are drawn to low interest rates and continue to stay in the market.”
Bergen County home prices jumped 10.9% as the number of single-family units sold rose 49.9%. Prices for townhouses and condominiums in Bergen County also rose 5.5% for the month, as the number of units sold doubled year over year.
Here’s a breakdown showing how the April Begen County single-family home data compares to the same activity in the rest of New Jersey:
New registrations New Jersey: 11,138 (+ 110.8%) Bergen County: 1,188 (+ 176.3%)