The New Jersey Real Estate Market: 2024 Trends

I want to... 🏠 Sell my home | 🗝️ Buy a home | 🗺️ Find a new place to live in New Jersey

💡 Key New Jersey housing market facts

Data PointValueRankCompared to National Avg
Typical Home Value $527,599[1]#6 of 50 states43% higher
Median Listing Price $587,450[2]#12 of 50 states28% higher
Median Sale Price $550,700[3]#7 of 50 states27.9% higher
30 Year Mortgage Rate 6.95%[4]#15 of 50 states0.4% lower
Median Days on Market 28[5]#5 of 50 states32.1% shorter
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🗺️ Buying a house in the New Jersey real estate market

New Jersey has an affordability score of 6.5, meaning it takes 6.5 years of the median household income ($85,245) to afford New Jersey's median home sale price ($550,700). Because of this, we rank New Jersey as the 25th least affordable state for buyers based strictly on prices compared to income.

Data PointValueRankCompared to National Avg
Median Sale Price $550,700[6]#7 of 50 states27.9% higher
30 Year Mortgage Rate 6.95%[7]#15 of 50 states0.4% lower
Median Household Income $85,245[8]#2 of 50 states32.1% higher
Affordability Ratio 6.5#26 of 50 states2% lower
Buyers Agent Commission 2.22%[9]#1 of 50 states17% lower
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Resources for New Jersey home buyers

🗺️ Selling a house in the New Jersey real estate market

According to our detailed survey of New Jersey real estate agents, listing agents (those representing the seller) charge an average commission in New Jersey of 2.99%, which is the 15th highest in the United States. Buyers' agents charge an average commission of 2.22%, which is the lowest in the United States.

Data PointValueRankCompared to National Avg
Median Listing Price $587,450[10]#12 of 50 states28% higher
Median Sale Price $550,700[11]#7 of 50 states27.9% higher
Median Days on Market 28[12]#5 of 50 states32.1% shorter
Buyer's Agent Commission 2.22%[13]#1 of 50 states17% lower
Listing Agent Commission 2.99%[14]#36 of 50 states4.6% higher
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Resources for New Jersey home sellers

Moving to New Jersey

According to our recent moving trends survey[15], New Jersey is the 11th most desirable state to move to, with 13% of Americans indicating that they would choose to move there if money were no object.

Here's how New Jersey cities rank in a number of our research studies.

StudyBest New Jersey cityRank
Best Pizza Cities[16]No ranking New Jersey citiesNo ranking New Jersey cities
Best Coffee Cities[17]No ranking New Jersey citiesNo ranking New Jersey cities
Best LGBTQ Cities[18]No ranking New Jersey citiesNo ranking New Jersey cities
Best Bike Cities[19]No ranking New Jersey citiesNo ranking New Jersey cities
Best Commuter Cities[20]No ranking New Jersey citiesNo ranking New Jersey cities
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Article Sources

[1] Zillow – "Zillow Home Value Index". Updated May 31, 2024.
[2] Realtor.com – "Realtor.com Data Library". Updated May 2024.
[3] Redfin – "Redfin Data Center". Updated May 2024.
[4] Bankrate – "Bankrate". Updated July 2024.
[5] Realtor.com – "Realtor.com Data Library". Updated May 2024.
[6] Redfin – "Redfin Data Center". Updated May 2024.
[7] Bankrate – "Bankrate". Updated July 2024.
[8] US Census – "US Census, 2020 American Community Survey". Updated 2020.
[9] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated July 2024.
[10] Realtor.com – "Realtor.com Data Library". Updated May 2024.
[11] Redfin – "Redfin Data Center". Updated May 2024.
[12] Realtor.com – "Realtor.com Data Library". Updated May 2024.
[13] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated July 2024.
[14] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated July 2024.
[15] Home Bay – "Half of Americans Are Surprised by How Much It Costs to Move". Updated February 26, 2024.
[16] Clever Real Estate – "The 15+ Best Pizza Cities in America". Updated February 12, 2024.
[17] Clever Real Estate – "The Best (and Worst) Coffee Cities in America". Updated January 12, 2024.
[19] Clever Real Estate – "The Most Bike-Friendly Cities in the U.S.". Updated July 17, 2023.
[20] Clever Real Estate – "The Best (and Worst) Cities for Commuters". Updated September 21, 2023.

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