Average price for recently sold homes in NJ among top in nation

The New Jersey housing market has been out of whack for several years. A lack of inventory is killing young couples looking to buy. Stories of constantly being outbid on homes are plentiful.

Sellers, meanwhile, have seen their property values skyrocket. So much so it’s prompted many homeowners to sell when they weren’t truly thinking that much about selling. With more people looking for homes than there are homes available, the leverage is all the sellers'.

A study by NoTriangle Studio recently looked at homes sold in the last 30 days across the country. Some states have sold the most homes, and Maine tops the list. Then there’s what the average house sells for in a state. We were not close to several homes sold. In that category, we were 37th.

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Average price of home sold in New Jersey

But how much do homes sell for? When it came to that, we were No. 6. The average price of a home sold in New Jersey in the last 30 days is $535,982.

I remember when paying half a million dollars for a home meant you were practically living in a mansion. Now, depending on where in New Jersey you’re buying, that money could get you a two-bedroom home with no central air and no driveway.

I would say young couples starting in the Garden State are better off renting until the bubble bursts. But rents are obnoxiously priced, too, and the market isn’t changing until serious inventory becomes available.

Living with your parents seems the most sensible thing to do. And it’s no wonder why New Jersey ranks near the top of states with young adults doing just that.

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Jeff Deminski only.

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