Sussex County New Jersey Single Family Residences Housing Market Trends For January 2024

1. 🏡📈 Looking to buy or sell in Sussex County, New Jersey? Here's a snapshot of the current market trends for January 2024: There is a low inventory with only 1.44 months supply, a decrease of -27.64% over the past year. The list to sold price percentage is at 102.4%, and the median days on market is just 21 days. The median sold price is $375,000. Reach out to me, Patrick Rumore, REALTOR® at 973-666-0365, for expert guidance in navigating this competitive market. #SussexCountyRealEstate #MarketTrends

As a potential buyer or seller in the real estate market, it's important to understand the correlation between key metrics that can impact your decision-making process. Let's break down the data to provide a clearer picture.

First, let's look at the Months Supply of Inventory, which currently stands at 1.44. This metric indicates how many months it would take to sell all existing homes on the market if no new listings were added. A lower supply typically suggests a seller's market, where demand exceeds supply, leading to higher prices.

Next, we have the 12-Month Change in Months of Inventory, which shows a significant decrease of -27.64%. This sharp decline indicates a tightening of the market, with fewer homes available for sale compared to the previous year. This trend could result in increased competition among buyers and potentially higher prices.

Moving on to the Median Days Homes are On the Market, which is 21. This metric reflects the average number of days it takes for a home to sell once listed. A lower number suggests a faster-paced market, where properties are in high demand and sell quickly.

The List to Sold Price Percentage is 102.4%, indicating that homes are selling for slightly above their listing prices. This could be due to strong buyer demand and limited inventory, leading to bidding wars and higher selling prices.

Lastly, the Median Sold Price is $375,000, providing insight into the average selling price of homes in the market. This figure serves as a reference point for both buyers and sellers to gauge the current value of properties in the area.

In summary, the data suggests a competitive real estate market with low inventory, quick sales, and prices potentially trending upwards. Buyers may face challenges in finding available properties, while sellers could benefit from favorable selling conditions. It's essential to stay informed and work with a knowledgeable real estate agent to navigate these market dynamics effectively.

If you are thinking of buying, selling, renting, or investing in real estate, Think of Patrick!