Homes were selling for $50,000+ their market value and would remain on the market for a week or less.
It has been a seller's market, not a buyer's market.
If you are in the market to buy a new home, I finally have some good news for you: the power once again belongs to you.
According to NJ.com, the house market finally took a chill pill.
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“We’re now transitioning from a seller’s market … to a buyer’s market in which home buyers no longer feel a sense of urgency to buy quickly before prices go higher,” said Jeffrey Otteay, a real estate economist and president of the Otteau Group according to NJ.com.
There are currently 7,000 homes up for sale in New Jersey and believe it or not, being an underdog is working in your favor.
Homes priced at $400,000 or lower are in high demand and are among the fewest on the market.
On the other end of the spectrum is, "Bergen County, where the median price of a home is $4.04 million and they sell in about 50 days, according to Redfin data," via NJ.com.
Those of us with $1,000,000 to put down on a house are few and far between in this market.
But where did the real estate market relax the most at the Jersey Shore?
It is time to find out.
Results were tabulated based on a month's supply which, "refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace, according to the National Association of Realtors," via NJ.com. "In New Jersey, as of August, there is 2.7 months supply of inventory statewide."
There are a total of 16 New Jersey towns on this list. Here are the Jersey Shore towns and their ranking among the entire state:
Jersey Shore Towns Where Real Estate Has Calmed Down
The housing market has finally relaxed a bit...but which Jersey Shore towns have relaxed the most?
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