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Market Update & Predictions

Sean Quinn

As Lead of the Win with Quinn Team, I am confident that our team will help you navigate through your real estate needs...

As Lead of the Win with Quinn Team, I am confident that our team will help you navigate through your real estate needs...

Mar 23 4 minutes read


Despite Sales Slowing 16% Year To Date,  

Prices Are Expected to Rise 6% in 2022.

It's never been more important to keep an eye on the Market.  

And... we are committed to helping you stay informed.  Here's why ⬇️.

2021 Prices Rose 15%

It's no surprise that NJ prices rose rapidly. 

 

  •  2020 prices went up 12%


  •  2021 prices went up to 15%. 

Data provided by Otteau Group, Inc. March 2022

Growth slows 16% YTD


The number of homes under contract were significantly less during the 1st quarter of 2022 compared to the 1st quarter of 2021.

Graph reflects NJ's sales by years: 

  • 2022 (through Feb)
  • 2021  
  • 2020
  • 2019

Data provided by Otteau Group, Inc. March 2022

Sales Strong Across New Jersey

The expected number of months to sell a home is very strong across NJ.

On average it takes 1.5 months before a home goes under contract. That's great news for sellers!


Data provided by Otteau Group, Inc. March 2022


Expert's Forecast

In 2022 the market is expected to increase by 6%. 

In 2023 there's a another predicted 2% increase. 

However in 2024, the market is expected to decrease -6%.


Data provided by Otteau Group, Inc. March 2022

Forecast Reasons:

Reasons for Slowing  Sales •Demand Normalizing • NYC Outflow  Slower • Homes are Expensive • Double‐Digit  Increases • Rising Interest  Rates • Trade‐Up Buyers Getting Squeezed • Higher Mortgage Rates Impose a  Penalty

Reasons for Low Inventory • High Demand • Escape from NYC • Aging Millennials • Rising Interest Rates • Challenges Trade‐Ups • Insufficient Home Building • Inner‐Ring Land  scarcity • Zoning controls  everywhere • Environmental  Sensitivity

Reasons for Price Increases • Supply  Overwhelmed by Demand Trade‐Up Buyers are More Active  Interest Rates Going Much Higher • Housing Market Still Viable Aging Millennials continue to drive demand.

 1.8 Million NJ Millennials Cornerstone of Housing Demand. 

72% of Housing Demand Seeking Small Lot, Less Square Footage & Townhomes.

Unemployment Will Normalize by 2022. Strong Demand Continues to End of 2022.

Data provided by Otteau Group, Inc. March 2022

Pandemic Shifted What Buyers Want

Aesthetically Pleasing Exteriors Premiums for Larger Lots and Backyards with Amenities • Barns & Outbuildings with Potential for Studios & Lofts • New Home Sizes Increasing   Earth‐Tones are Calming • Open Floor Plans now Give‐way to Compartmental Designs Designated Spaces for Work From Home and Virtual Schooling Big Pantries • Mud Rooms • Decontamination Areas & Storage • Touchless Technology & Smart Appliances • Rural Markets Surged from Work from Home • Vacation Homes are the New Zoom Towns.

Data provided by Otteau Group, Inc. March 2022

Curious about how your home's value has changed?

We will gladly prepare a Comparative Market Analysis for you so that you are armed with the most current information.

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