Homes are selling fastest in these 3 NJ counties
New Jersey Realtors is a 6,000+ members-strong trade association that recently put out some interesting stats on how fast homes are selling in New Jersey. And the three counties where properties sell the fastest might surprise you.
Conventional wisdom wouldn’t have you think they’d be southern counties. Historically real estate in South Jersey is less expensive yet not very desirable due to a longer commute to jobs in Central and North Jersey. Since the pandemic came along nothing is conventional.
Now Gloucester, Camden and Burlington counties are selling the fastest. How did that happen?
New Jersey Realtors President Robert White told NJ.com:
“You don’t necessarily have to live close to a metropolitan area any longer because people aren’t back to work and there is no real sign of companies bringing these employees back to a five-day work week. It’s not as important to have commutability anymore because people aren’t commuting into metropolitan areas.”
Yep, the cultural shift of working from home is changing the real estate market. So it’s now Gloucester County where homes sell the quickest with homes there remaining on the market for an average of 27 days. Development centered around Rowan University has been one of the big factors in that.
Next up is Camden County where homes on average took 28 days to sell. These numbers are all from March by the way. Burlington County came in third at 33 days.
Days on market are defined by when a home is first listed until it goes through attorney review. If you don’t live in those counties and want to know how fast a home sells in your area keep reading.
But you may not want to know. For example, if I were to sell my home, my county is next to longest to sell. Yikes!
The rest of the list:
Somerset County: 34 days
Union County: 34 days
Mercer County: 36 days
Essex County: 36 days
Morris County: 38 days
Ocean County: 38 days
Monmouth County: 39 days
Salem County: 40 days
Middlesex County: 40 days
Passaic County: 43 days
Warren County: 43 days
Bergen County: 44 days
Cumberland County: 45 days
Atlantic County: 49 days
Cape May County: 51 days
Sussex County: 51 days
Hunterdon County: 51 days
Hudson County: 52 days
So on average, it’s taking homes in Hudson County almost twice as long to sell than in Gloucester County. Fear, not sellers. The market may have slowed ever so slightly from its insane fever pitch but it’s still a seller’s market. Just don’t wait forever if you’re thinking of making a move.
Opinions expressed in the post above are those of New Jersey 101.5 talk show host Jeff Deminski only.
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