Market Update & Predictions
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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...
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
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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
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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
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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.