Lender short sales continue to influence these key NJ markets. However the percentages of new listings which identify themselves as short sales continues to drop in both Essex and Union Counties. In 2016, about 10% of listings initiated in these counties,…
We continue to see differentiation in the markets of individual NJ towns. There are a subset of towns in NJ which are prime bedroom communities with highly ranked school systems that also have an NJ Transit rail station. We continue to…
Data for the market in Essex Fells is portraying a relatively stable situation still with no meaningful movement in median sales prices over the past 24+ months. As we’ve seen with many of the high end NJ markets, it…
Thought I’d share a quick snapshot of the Roseland, NJ housing market. Overall in NJ the market has improved in the past few years but we continue to see variation from market to market in performance. Take as an example…
We took a detailed look at the housing market in Glen Ridge NJ, Essex County, NJ, analyzing changes in pricing and high end activity over time. Here’s a summary of the findings: Median prices have been on a steady uptrend…
With some return to normalcy in the real estate markets we are seeing a return to bidding wars in some central and northern NJ markets. Typically, this effect is seen in communities with relatively tight supply and in those with…
In our previous post we talked about the differing tax rates in various NJ communities and how certain municipalities face an unusually high property tax burden. One of the effects of higher taxes is reduced marketability. Roselle, NJ is one…
This is the first part in a multi-part series of posts regarding taxes and their effect on the NJ Real Estate market. It’s no secret that New Jersey is one of the most heavily taxed states in the US. Since…
As a New Jersey appraiser, I read an article about the effects of changing mortgage rates on housing market demand in the New York Times. One of its contentions was that even a small change in interest rates has a…
Seasonality affects the market every year in New Jersey. In order to fully understand the New Jersey residential single family housing market, one has to understand seasonality. It’s an effect similar to something else New Jerseyans should be familiar with: Traffic.…