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South New Jersey real estate market performance review

2018 Market Review Summary

 

How did the real estate market perform in South New Jersey in 2018?

In 2018 we saw a Sellers Market in many areas across the country, including much of Main Street Realty’s service area. The housing inventory was low, but the number of buyers hunting for their dream home remained high through the year. In a sellers market, home buyers are competing over the available houses, which results in surging home sale prices.

We also saw the mortgage interest rates begin to climb. Since the crash in 2008, mortgage interest rates for a 30 year mortgage have, on average, stayed below 6%. From 2015 through 2017 we saw average interest rates in the 3% range. 2018 saw rates climb over the 4% mark. Here’s an article that digs deeper into reviewing the history of interest rates.

Another factor that played into the 2018 market is the millennial generation. Those born between 1982 and 2004 are considered millennials. This generation currently holds the largest number of mortgage applications across the country. How has that impacted the market? It has shifted the way a property needs to be marketed to the public and how sellers present their properties. The millennial generation is more in tune with social media and technology, which means sellers have had to adjust their home presentation to attract buyers.

Looking Forward to 2019

It is expected that we will begin to see the market balance across the country in 2019. However, South New Jersey is still experiencing a very low inventory as we begin the year. If you are considering selling, 2019 may be the year where you will receive a high value for your home. Contact Main Street Realty for a detailed analysis of your home’s value in today’s market.

 

Below is a market performance review of many of the communities Main Street Realty serves. This data provides a snapshot of property inventory and average home prices from the past three years for communities within Camden County. The data was derived from Bright MLS.

 

DO YOU KNOW WHAT YOUR HOME IS WORTH IN TODAY’S MARKET?

FOR A PROFESSIONAL MARKET ANALYSIS OF YOUR HOME, CONTACT MAIN STREET REALTY

856-858-2200 – info@mymainstreetrealty.com

 

For a more detailed analysis of your local market or to discuss your property value in today’s market, contact Main Street Realty.

856-858-2200   –   info@mymainstreetrealty.com