The median sale price of a single-family home in June was $340,000, up 4.6 percent from last year, according to New Jersey Realtors, the largest trade association in the state.
Prices overall are on the rise, and properties are spending fewer days on the market, according to the group’s most recent report.
The median price of a townhouse/condo increased slightly to $260,000 in June; adult communities increased 10.5 percent to $210,000 compared with this time last year.
Single-family homes spent an average of 57 days on the market in June, down 10.9 percent over last year. Average time on the market for townhouses and condominiums was down 15.4 percent to 55 days, with adult communities not far behind at an 11 percent decline to 65 days, when compared to this time last year.
New Jersey Realtors indicated that a strong economy and a quarter-point increase to the federal funds rate in June are spurring competition among buyers, with low inventory adding to an already aggressive market. The number of single-family homes on the market in June dropped 12 percent over last year to 37,573. The townhouse/condo and adult community market numbers followed suit, dropping 12.6 percent to 9,741 and 6.9 percent to 2,335, respectively, for June.