The Latest Trends in the South NJ Real Estate Market

If you are looking for a new home or a vacation rental in South NJ, you might be wondering what the latest trends are in the real estate market. As a licensed real estate agent in PA and NJ, I have the insider knowledge and experience to help you find your dream property. In this blog post, I will share with you some of the most important facts and figures about the South NJ housing market, as well as some tips on how to make the best decision for your needs.

## South NJ Housing Market Overview

The South NJ housing market is one of the most diverse and dynamic in the state, offering a variety of options for buyers and renters. Whether you are looking for a beachfront condo, a suburban single-family home, or a rural farmhouse, you can find it in South NJ.

According to Redfin, the median sale price of all home types in New Jersey was $502,100 in July 2023, up 6.4% year-over-year. However, this figure varies widely depending on the location, size, and condition of the property. For example, the median sale price of a single-family home in Camden was $70,500, while the median sale price of a condo in Fort Lee was $441,000.

The number of homes sold in New Jersey was 6,582 in July 2023, down 29.6% year-over-year. This indicates that the supply of homes for sale is still low compared to the demand from buyers. The number of homes for sale was 25,578 in July 2023, down 35.3% year-over-year. The low inventory creates a competitive market where buyers have to act fast and bid high to secure their desired property.

The homes sold above list price ratio was 59.3% in June 2023, down 7.0 points year-over-year. This means that more than half of the homes sold in New Jersey received multiple offers and sold for more than the asking price. The homes sold with price drops ratio was 11.1% in June 2023, up 1.8 points year-over-year. This means that some sellers had to lower their expectations and accept lower offers to sell their homes.

The median days on the market for homes for sale was 41 days in July 2023, up 7 days year-over-year. This means that homes are taking longer to sell than they did last year, but still faster than the national average of 45 days.

## South NJ Vacation Rental Market Overview

If you are looking for a vacation rental in South NJ, you have plenty of options to choose from. Whether you want to enjoy the sun and sand on the Jersey Shore, explore the historic sites and cultural attractions in Atlantic City, or relax in the scenic countryside of The Hills, you can find a vacation rental that suits your budget and preferences.

According to Airbnb, the average nightly rate for a vacation rental in South NJ was $215 in July 2023, up 15% year-over-year. However, this figure also varies depending on the location, size, and amenities of the property. For example, the average nightly rate for a studio apartment in Atlantic City was $114, while the average nightly rate for a four-bedroom house in The Hills was $467.

The occupancy rate for vacation rentals in South NJ was 68% in July 2023, up 5 points year-over-year. This means that more than two-thirds of the available vacation rentals were booked by guests in July 2023. The occupancy rate also varies depending on the seasonality and popularity of the destination. For example, the occupancy rate for vacation rentals in Atlantic City was 81% in July 2023, while the occupancy rate for vacation rentals in The Hills was 55%.

The revenue per available rental (RevPAR) for vacation rentals in South NJ was $146 in July 2023, up 21% year-over-year. This means that the average vacation rental owner earned $146 per night per available rental in July 2023. The RevPAR also varies depending on the performance and profitability of the property. For example, the RevPAR for vacation rentals in Atlantic City was $92 in July 2023, while the RevPAR for vacation rentals in The Hills was $257.

## Tips for Buyers and Renters

If you are interested in buying or renting a home or a vacation rental in South NJ, here are some tips to help you make the best decision:

– Work with a local expert: As a licensed real estate agent in PA and NJ, I can help you navigate the complex and competitive South NJ housing market. I can provide you with the latest market data, insights, and trends, as well as access to the best listings and deals. I can also help you negotiate the best price and terms, handle the paperwork, and guide you through the closing process.
– Be flexible and realistic: The South NJ housing market is hot and in high demand, which means that you might have to compromise on some of your criteria and expectations. Be flexible and open-minded about the location, size, condition, and features of the property. Be realistic about your budget and how much you can afford. Be prepared to act fast and make a strong offer when you find a property that meets your needs.
– Do your research: Before you buy or rent a home or a vacation rental in South NJ, do your homework and research the area. Check out the neighborhood, the schools, the amenities, the crime rate, the taxes, the regulations, and the future development plans. Visit the property in person and inspect it thoroughly. Read reviews and ratings from previous guests and owners. Compare prices and values across different properties and platforms.

## Contact Me Today

If you are ready to buy or rent a home or a vacation rental in South NJ, contact me today. I am a licensed real estate agent in PA and NJ and I have the experience and expertise to help you find your dream property. I can offer you personalized service, professional advice, and exclusive access to the best listings and deals in the South NJ housing market. Don’t miss this opportunity to own or rent a piece of paradise in South NJ. Call me today at 267-249-6572 or email me at FBuonoInc@gmail.com to get started.