NJ is second in U.S. for fastest selling homes

Still not much relief in sight for buyers as data from realtor.com showed New Jersey came in second place in the nation for homes selling the fastest.

In February, homes here sold within a median of 39 days. That makes us tied for second with Massachusetts also at 39 days.

To give that perspective, the national average was 61 days for February. Where are they selling faster to take first place?

Rhode Island, and only by one day. People are dying to be Peter Griffin’s neighbor? No thanks, Quahog. Homes are taking the longest to sell in the state of Montana.

Just like high prices, less time on market comes down to available inventory and basic supply and demand. In a separate realtor.com study out this month there were signs of hope for buyers regarding inventory as a whole.

Nationwide, there were 14.8% more homes actively on sale on a typical day in February this year compared to February last year. 29 out of 50 of the largest metros showed an increase in inventory. Sadly, New Jersey was not one of them.

You would need a crystal ball to truly know when more affordable houses will be a reality in the Garden State.

Buyers who aren’t in a position to make outrageous overbids are continuing to alter plans. Smaller homes, fewer bedrooms, longer commutes to get into more reasonably-priced zip codes are all still in play.

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

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