4 NJ towns lead U.S. in homes sold highest over asking price

If you’ve gone looking for a house in NJ recently, you’ll notice that things are getting tougher.

Besides the fact that mortgage rates have climbed above 7%, the highest in over a decade, the economy in general is making it difficult to afford payments.

Usually in a market like this, you’ll see more homes flooding the market. But here in New Jersey inventory is still low which, according to a principle, you probably learned in sixth grade, makes demand high.

It seems like a paradox that even though the housing market has slowed down, there are still bidding wars galore over well-priced homes.

Yes, It is still very much a seller's market.

In a new study, Stacker analyzed data from Redfin to figure out where homes are consistently selling above their listing price. And, wouldn't you know it, New Jersey pops up four times on the list:

In the #20 spot is the New Brunswick metro area, with 57.9% of homes selling above list price.

Camden, NJ takes #18 with an even higher share, 62.4%.

Trenton, NJ is at #9, with an impressive 65.2% of homes selling above list price.

Newark, NJ secures the #5 position with a remarkable 67.7% of homes sold above list price.

This data reflects sales in August 2023, and metro areas with fewer than 300 home sales are not included in the list.

The ranking is based on the average sale-to-list ratio, which is the sale price divided by the list price for homes sold in August. The values are rounded to the nearest hundredth, and they included the median listing and sale prices in these figures.

So if you have been in a losing battle to try to buy a new home and are tired of getting outbid, maybe these four areas are places that you should avoid.

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Judi Franco only.

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