Wondering when’s the best time to buy a house in New Jersey? There are always great homes for sale, but you have a better chance of getting a good deal if you start your search at the right time. Good timing depends on factors like housing inventory, mortgage rates, and market trends, which vary month to month.
For example, in recent years listing prices for homes in New Jersey were lowest in January. On average, homes were $44,552 less expensive. While in November — the month with the highest prices — the listing prices were $35,837 more than the annual average.
Mortgage rates, on the other hand, were lowest in December. But with interest rates currently on the rise, it pays to explore your options with a trusted mortgage providerto make sure you’re getting the best rate possible.
In truth, the best time to buy a house depends on your priorities and situation. Read on to find out which time of year will give you the most options and the biggest savings when buying a house in New Jersey.
Best month for
7.2% lower than average
12.3% more homes to choose from
2.95% interest for 30-year mortgage
Realtor.com data (10/1/2020)
Bankrate data (12/1/2020)
If you're interested in buying a home in New Jersey, the first step is to find a realtor who knows the local market. The right agent can help you find the best house for your budget and priorities — and negotiate a winning offer so you don't miss out on your dream home.
The best way to find a great local realtor is to use a free service like Clever Real Estate. Clever will match you with top agents from trusted brands like RE/MAX and Keller Williams. Interview as many agents as you'd like until you find the perfect fit, or walk away at any time with no obligation. Add your zip code below to request hand-picked agent matches today!
The best time of year to buy in New Jersey
If you want a wide selection of homes to choose from, try starting your home buying journey in April, May, or June, when more houses are on the market. But keep in mind that you’ll probably face more competition and higher prices during these months.
If you’re looking for a better deal, consider buying a house after June. Plenty of sellers list their homes around this time, but there aren’t as many buyers. With decreased competition, you’ll likely pay less for a home.
You’ll face the least competition during the winter months, but that’s because not many sellers list their houses during this time. On average, no more than 20,000 houses are listed from November to January.
That said, real estate trends in New Jersey can vary greatly depending on local markets. The best way to find a home in your target market is to connect with a local realtor. They'll help you navigate the ins and outs of your market and find the best time to buy a house in New Jersey.
The best places to buy a home in New Jersey
Princeton Junction, a town in Mercer County, has a population of 2,427. It’s known for being one of the best places to live in New Jersey because of its pleasant suburban feel. Families enjoy the area for its highly-rated public schools and parks.
Monmouth Junction is nestled in Middlesex County, just outside of New York City. The city has a population of 3,534, and most people in the area own their homes, many of them high value. With a low crime rate, the area provides a safe environment for families with children.
Located in Essex County near New York City, Glen Ridge is a convenient place to live for those who commute to the city. The area has a population of 7,668, and residents enjoy an array of coffee shops and parks. Its vintage homes and gaslit streets add to its charm.
Princeton Meadows is a larger city in Middlesex County, home to a population of 13,692. With the cost of living slightly lower than other cities, the area attracts young professionals and families. Most residents own their homes.
Located in Gloucester County, Beckett offers a quieter lifestyle, with a population of 4,887 and low crime rates. Overall, the area is up to date. The homes are fairly priced and some of the most affordable in the area.
Four ways to get a great deal on a home in New Jersey
1. Find a great New Jersey real estate agent
The first step in any home search is to connect with an experienced local realtor. A knowledgeable New Jersey real estate agent understands the local market. They can direct you to the best neighborhoods and advise you on the best time to buy a house in New Jersey.
2. Determine what you need and want in a house
Work with your agent to determine what you want in a house. Are you looking for a two-story house with four bedrooms? Or do you want something small and easy to maintain? Be realistic about what you can afford. House hunting is exciting, but being underwater with your mortgage isn’t. Your agent can help you find a property with a size and value that meets your needs.
3. Find a lender and secure financing
Unless you plan to buy your home with cash, you'll need to apply for a mortgage. For most home buyers in New Jersey, interest rate is one of the biggest factors when choosing a lender. Doing some upfront research and comparing options to find the best rate could save you tens of thousands of dollars over the life of your loan.
For example, in New Jersey a typical house is worth $364,000. Assuming a 20% down payment, if you took out a 30-year mortgage for 3.5%, your monthly payment would be $1,299. But if you shopped around and found a 3% mortgage, your monthly payment would drop to about $1,228.
4. Negotiate for the best possible price
Once you find your dream home, your agent will help you submit an offer. They’ll also negotiate after the home inspection to make sure you get the best deal possible.
If you're looking for a realtor, Clever can connect you with the top buyer's agents in your area for a free, no-obligation consultation.
Fill out our online form, and a Clever representative will reach out to get the process started and answer any questions.