Team McLain Premiere Group at REAL Broker

Hunterdon County NJ Real Estate Market: 2024 Stunning

Hunterdon County NJ Real Estate

Hunterdon County NJ Real Estate Market Update 2024

Its January.  It is also now 2024.   As the snow falls, the strength of the Hunterdon County Real Estate Market is in full swing.

There are fluctuations and several storylines that must be thoroughly reviewed.

In this January 2024 edition, we will explore the Hunterdon County NJ Real Estate Market trends and predictions.  Join us on this journey through the latest statistics.

 

 

Hunterdon County NJ Real Estate Market Update

The Active Listing Count in the Hunterdon County NJ Real Estate Market currently sits at 228, down from 270.  This goes with the national trend line and is the norm for the time of year.  You will generally see lower inventory until late February.

Many sellers will look to the Spring and Summer to sell.  In the winter months, you will find more serious buyers in the market, and less tire kickers.

Hunterdon County NJ Pending Listing Count

The pending listing count sits at 182, down from 208 also going along with the National Trend Line.

Hunterdon County NJ Months Supply of Inventory

The 12- Month Change in months of inventory shows a significant decrease of -14.59%.  When you see a decline of this level, it suggests a tightening of the Hunterdon County NJ Real Estate Market and a growing demand for homes.

For sellers, this means the competition is getting stronger and could lead to faster sales and higher prices.

Hunterdon County NJ Real Estate Market Price Reductions

Hunterdon County NJ Number of Homes with Price Reductions

The number of Price Reductions have decreased significantly from 24, to 12, also going with the national trend line.  This means sellers are not being as aggressive with reducing their price to get more activity on their property.

Even though it is the winter months, this means the market is heating up, especially when compared year over year.

 

Hunterdon County NJ Real Estate Median Days on Market

Hunterdon County NJ Median Days on Market

This metric indicates the average time it takes for a home to be listed on the market, to under contract, and finally to be closed.  We have seen an Increase Month over Month, but a decline Year over Year.  A lower number signifies a fast-paced market.  This means real estate is in high demand and tends to sell quickly.

This metric is an excellent metric for sellers, as it shows strong buyer interest.  This also shows a swift transaction is possible.

Hunterdon County NJ Real Estate Median List Price

Hunterdon County NJ Median Listing Price

The Median List Price has has decreased pretty significantly and goes with the national trend line.  The List to Sold Price percentage sits at 101.4%.  And reveals the average homes are sold compared to their initial listing price.

A figure above the 100% indicate that homes are selling for more than the asking price.  This suggests a competitive bidding environment.  It is a positive sign for sellers and reflects the willingness of buyers to pay a premium for properties.

 

Hunterdon County NJ Real Estate Home Size and Price per Square Foot

 

Hunterdon County NJ Median Square FootageHunterdon County NJ Median List Price per Square Foot

 

Lastly, let us focus on the Median Square Feet, which currently stands at 2,727 and the median list price per square feet is at $267, up from $254.

A higher median list price and sold price indicate the overall appreciation in property values.  It is beneficial for sellers looking to cash in on their homes.

In Conclusion:  The correlation between these Hunterdon County NJ Real Estate Metrics paints a compelling picture for buyers and sellers alike.  The low inventory, quick sales, decreasing months supply of inventory, and rising median sold price, sellers can expect very favorable market environment.

On the contract, buyers should be prepared for a very competitive landscape.  In this market, properties sell quickly and at a premium.

If you need help in buying, selling or investing in Hunterdon County NJ Real Estate, please reach out to discuss.

 

John McLain

Team McLain at REAL Broker LLC

Office:  908-503-5485

John McLain – Sr. Partner / Team Leader

PREMIERE Group at REAL Broker LLC

See Video Below for Previous Month’s Hunterdon County NJ Real Estate Market Update:

 

 

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