housing market

The annual Out of Reach report finds fair market rent and 'housing wage' in New Jersey are less than in 2021. But "the picture is much worse" than the data.

Six are in the top 10 nationwide, and 11 — more than half the counties in the state — made the top 50.

More than half of millennials in the Garden State feel that the time is now to be putting down roots for their budding families, and 43% specifically said they wanted to start building equity.

Two-thirds of New Jerseyans said they would be willing to make an offer within three days of viewing a home, with 23% saying they would not have a problem making an offer immediately.

Beside COVID concerns, what the high-risk markets also all have in common is that they are high-density, and would be prone to risk even without a pandemic.

But some of the more outlandish home buying anecdotes may not repeat themselves; there might be closer to an average of six to 12 offers per property, at 3% to 5% over the asking price.

The difficulties in securing single-family properties have seemingly pushed many toward townhouses and condo units, for which sales were up almost 11% in August versus the same month in 2020.

While the definition of an "older home" is hard to pin down, in general, a home built before 1978 will have lead paint, and heating and cooling systems that may be in need of upgrades.

New listings have become the Jersey equivalent of waiting in an online queue for Bruce Springsteen tickets.

Thanks to a shortage of inventory and a higher demand, the housing market in New Jersey is looking strong for 2019.