After the pandemic started 2 and a half years ago, the New Jersey real estate market took off like a rocket.

Now that interest rates for home mortgages are rising things have cooled off a bit, but Robert White, the president of New Jersey Realtors, said the residential market is still going strong.

He said the big difference between last year and now is that “buyers stand a better chance of getting their bid won and securing that dream of home ownership.”

He said at the end of August in 2021, “we probably were looking at anywhere from 15 to 25 offers on any given property within the first 24 hours of it coming to market. Today we’re probably seeing anywhere from 5 to 7 offers, and maybe that’s within the first 36 hours.”

Less frenzy in the NJ real estate market

White said some buyers last year were offering way over asking price for homes they hadn’t even seen. But that is much less likely now.

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“Today there’s time for the buyer to come out of the city or come out of Philly, depending on the area, and make an appointment to see the home," he said. “Fewer buyers are bidding over the asking price but it’s still making it a competitive market.”

Real estate sign indicating sold house
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White pointed out even with interest rates going up, there hasn’t been any group of home buyers shut out of the process.

“Whether they be first-time home buyers, move-up buyers, we haven’t seen any of them disappear from the market because of the interest rates, but they may not be as actively looking as they once were,” he said.

NJ homeowners are testing the waters

White said the overall volume of home sales is down a bit, in part because some homeowners are testing the waters to see if they can hit the jackpot with an over-the-rainbow offer.

He said if the house doesn’t sell within 30 days it may be pulled off the market, or the price will be lowered if the people are truly interested in selling.

He said even though sales are slowing a bit median home prices are still up.

“Across the state, we’re up about 11% year over year. Llast year at this time they were about $460,000, we’re now about $510,000,” said White.

He added the market is shifting a bit but “it’s a great time to buy, it’s a great time to sell, let that professional be your trusted advisor throughout that transaction.”

2021 NJ property taxes: See how your town compares

Find your municipality in this alphabetical list to see how its average property tax bill for 2021 compares to others. You can also see how much the average bill changed from 2020. For an interactive map version, click here. And for the full analysis by New Jersey 101.5, read this story.

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