What National Trends Mean for NJ Buyers and Sellers
The national housing market is sending mixed signals this summer. While some parts of the country are seeing price cuts and homes sitting longer, other regions remain competitive with steady demand. So, what does that mean here in New Jersey? Let’s break it down.
A Tale of Two Markets – Where NJ Fits In
Across the U.S., the market looks very different depending on where you live. States like Texas and Florida are flooded with new listings, driving prices down. Meanwhile, in the Northeast — including right here in New Jersey — inventory is still relatively tight.
That means while the frenzy of multiple offers and sky-high bidding wars has cooled, sellers in NJ still hold an advantage compared to much of the country. Buyers have more breathing room than before, but competition hasn’t disappeared entirely, especially for well-priced homes in desirable towns.
Inventory and Pricing Trends
Nationally, housing inventory is still 13% below pre-pandemic levels. In New Jersey, that shortage is even more noticeable. Towns like Cranford, Westfield, Clark, and Scotch Plains continue to attract strong buyer interest, and homes that are priced correctly are still selling quickly.
Prices here haven’t dropped the way they have in some overheated markets out West. Instead, what we’re seeing is a shift to a more balanced pace: buyers are more selective, sellers need strong marketing and realistic pricing, and homes in move-in-ready condition are the ones moving fastest.
Mortgage Rates and Affordability
Mortgage rates have hovered between 6.5% and 7% for much of the year. While that’s higher than what we saw a few years ago, forecasts suggest rates could gradually dip into the high 5s over the next 12–18 months.
Even a small drop of 0.25% to 0.50% can make a noticeable difference for buyers in New Jersey. For example, on a $500,000 home, that can mean savings of $80–$150 per month, improving affordability and opening the door to more buyers.
What This Means for Sellers
If you’re a homeowner in Union, Middlesex, or Somerset County, this is still a good time to sell. The days of extreme bidding wars may be behind us, but well-presented homes are commanding strong offers. The key difference is that strategy now matters more than ever — professional marketing, staging, and pricing are critical to standing out.
What This Means for Buyers
For buyers, this market is creating new opportunities. Instead of competing against dozens of offers, many buyers now face just a handful, which means there’s room to negotiate on price, repairs, or terms. If you’ve been sitting on the sidelines waiting for a less competitive market, this could be your moment.
The Bottom Line
The New Jersey housing market isn’t crashing; it’s normalizing. That’s good news for both sides of the table. Sellers can still achieve strong returns with the right strategy, and buyers finally have some breathing room to find the right fit.
If you’re curious about what your home could sell for in today’s market, or you’re thinking about making a move, let’s talk. I’d be happy to provide a personalized market analysis or walk you through what it takes to succeed in this shifting market.
Office: 908-664-1500 x564
Cell/Text: 908-917-4189
Email: wayne.zuhl@gmail.com