March 26, 2021 | Number of The Day
Jump in median sales price for NJ homes over past year

Rather than damping or depressing the New Jersey housing market, as it has so many other business sectors, the pandemic has fueled a buying frenzy, putting the squeeze on inventory and driving up prices. Median sales price for all properties in February, as reported by New Jersey Realtors, shot up to $360,000, a 21.6% increase over the $296,000 median sales prices from February 2020, a month shy of the COVID-19 shutdown.

Closed sales for all properties jumped 13.2% in February, despite a nearly 50% drop in inventory of homes for sale.

Two key factors driving the market are unrelenting buyer demand and shrinking inventory: In effect, more dollars are chasing fewer houses. February inventory was down to just 22,072 homes, a 47.8% drop over February 2020, when 42,257 homes were on hand. There’s only a two-month supply of houses in the pipeline, which New Jersey Realtors characterizes as “a record low for the past decade, at least.”