Year-end Housing Data Shows Market Softening

Trenton, N.J. (Jan. 26, 2023)—Rising interest rates, low inventory, and climbing prices have cooled the market in 2022, with closed sales down 17.8 percent over 2021, according to year-end data reports from New Jersey Realtors.

“The 2022 market has softened due to the rise in interest rates and elevated home prices,” said 2023 New Jersey Realtors President Nick Manis. “But there’s still buyer interest and activity on the inventory that is available.”

Closed sales for single family homes were down 18.6 percent, with 73,613 units sold during the year, compared to 90,416 sold in 2021. The median sales price for single family homes rose 8.7 percent to $473,000.

The townhouse/condo market saw a similar decrease in closed sales of 17.8 percent to 25,214. Units were on the market for an average of just 35 days during 2022, a decrease of 12.5 percent over 2021.

Inventory remains a concern, with just 13,595 single family homes for sale in the month of December in 2022, a decrease of 9.8 percent over an already-low 15,066 units for sale in 2021.

For the full reports, visit njrealtor.com/data.

New Jersey Realtors is the voice of real estate for New Jersey. It is a non-profit organization serving the professional needs of more than 63,000 Realtor and Realtor-Associate members engaged in all facets of the real estate business. In addition to serving the professional needs of its members, NJ Realtors is dedicated to enhancing the ability of its members to conduct their business successfully while maintaining the preservation of private property rights. Realtor is a registered collective membership mark, which may be used only by real estate professionals who subscribe to the Realtor organization’s strict Code of Ethics and are members of the national, state and local Realtor organizations. For more information, visit njrealtor.com.

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