The NJ residential real estate market is heavily driven by supply and demand. The shortage of housing inventory is one of the main reasons it is still hard to buy a home in Mercer County, NJ. Anytime there is less than a 6 months supply of housing inventory, it is considered a sellers market. Through the end of August 2022, there were only 1.2 months of housing inventory available. The average days on market for a home in Mercer County, NJ was only 22 days, and there were only 516 homes available for sale. A total of 445 homes sold for an average of 101.8% of asking price.
Per the data listed above, it is still a very good time to sell your home. However, the Fed has indicated they are going to continue to increase rates through the end of the year. As a result, more home buyers will be priced out of the market, thus slowing the demand due to affordability. As you know, the higher the rates go, the less house someone will be able to afford. The slowing demand could still take some time to play out in the market. So, if you are thinking of selling, now is the best time to do it, before things get worse.
See the chart below for a town breakdown of Mercer County, NJ real estate stats for August 2022:
|Township||# Listings Added||Total Active through 8/31/22||# Turned to Pending||Closed Transactions||Months of Inventory||Average DOM||Sold Price/List Price Avg.|