Is Now a Good Time to Buy a Home in NJ?

Is Now a Good Time to Buy a House in NJ?

Are you wondering if it’s a good time to buy a house right now in New Jersey? Should you hold off and wait before buying a home in NJ given the high mortgage interest rates, potential recession, and slowdown in the housing market? One way to tell if it’s a good time to buy a house right now is to see if we are in a buyer’s market or a seller’s market right now.

Is Now a Good Time to Buy a Home in NJ?
Is Now a Good Time to Buy a Home in NJ?

Is New Jersey in a Buyer’s Market or Seller’s Market right now? 

According to Redfin’s December 2022 data, there is 2.3 months supply of homes in NJ right now. This means New Jersey is in a seller’s market right now. Months of supply is a common metric used by real estate professionals to gauge whether a market is in a buyer’s market or seller’s market. It is calculated by taking the total number of homes for sale divided by the number of homes sold in one month. A balanced market would be a 5 to 6 months supply of homes and a buyer’s market will be greater than 6 months supply of homes. The best time to buy a house is when it’s a buyer’s market. A buyer’s market is when there is a lot of inventory of homes for sale but not enough buyers out there wanting to buy a home. 

Is the Entire State of New Jersey in a Seller’s Market?

Yes, every county in NJ is in a seller’s market right now. It’s not the best time to buy a house in NJ right now. Since winter is a time of low housing inventory, I suggest waiting a few months for more homes to enter the market. There should be a spike in new listings in March because that is when sellers begin putting their properties for sale.

What Does it Mean to be in a Seller’s Market?

In a seller’s market, the seller gets the upper hand because there aren’t enough houses up for sale and there are too many people trying to buy a home. Bidding wars with homes selling for more than the asking price are common in seller’s markets.

Check out: 40 Places in The US Where Homes are Still Selling Fast

Counties in New Jersey Where It’s a Seller’s Market

Below are counties in New Jersey where it’s a seller’s market. If you are thinking of buying a home in these New Jersey counties, it may make sense to hold off on buying a home until the Spring when there are more homes for sale. There should be an uptick in new home listings in March since that’s when sellers begin putting their homes for sale.

Hudson County, NJ

Hudson County, NJ is in a seller’s market with 4.2 months supply of homes. 

Cape May County, NJ

Cape May County, NJ is in a seller’s market with 4 months supply of homes. 

Atlantic County, NJ

Atlantic County, NJ is in a seller’s market with 3.9 months supply of homes. 

Bergen County, NJ

Bergen County, NJ is in a seller’s market with 3.1 months supply of homes. 

Salem County, NJ

Salem County, NJ is in a seller’s market with 3 months supply of homes. 

Essex County, NJ

Essex County, NJ is in a seller’s market with 2.8 months supply of homes. 

Ocean County, NJ

Ocean County, NJ is in a seller’s market with 2.8 months supply of homes. 

Monmouth County, NJ

Monmouth County, NJ is in a seller’s market with 2.7 months supply of homes. 

Cumberland County, NJ

Cumberland County, NJ is in a seller’s market with 2.6 months supply of homes. 

Passaic County, NJ

Passaic County, NJ is in a seller’s market with 2.5 months supply of homes. 

Warren County, NJ

Warren County, NJ is in a seller’s market with 2.2 months supply of homes. 

Gloucester County, NJ

Gloucester County, NJ is in a seller’s market with 1.8 months supply of homes. 

Mercer County, NJ

Mercer County, NJ is in a seller’s market with 1.8 months supply of homes. 

Sussex County, NJ

Sussex County, NJ is in a seller’s market with 1.8 months supply of homes. 

Camden County, NJ

Camden County, NJ is in a seller’s market with 1.7 months supply of homes. 

Hunterdon County, NJ

Hunterdon County, NJ is in a seller’s market with 1.7 months supply of homes. 

Burlington County, NJ

Burlington County, NJ is in a seller’s market with 1.6 months supply of homes. 

Middlesex County, NJ

Middlesex County, NJ is in a seller’s market with 1.5 months supply of homes. 

Union County, NJ

Union County, NJ is in a seller’s market with 1.5 months supply of homes. 

Morris County, NJ

Morris County, NJ is in a seller’s market with 1.4 months supply of homes. 

Somerset County, NJ

Somerset County, NJ is in a seller’s market with 1.2 months supply of homes. 

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