Real Estate Market Trends Report for Sussex County, NJ – April 2024
Current Market Overview
Sussex County’s real estate market is currently experiencing a vibrant phase with several key indicators pointing towards a seller’s market.
Key Data Points
- Median Sold Price: The median sold price for properties in April 2024 was $400,000, marking a significant increase of 7.7% compared to the previous month.
- List to Sold Price Ratio: Homes are selling for 103.2% of their listed price, up 1.49% month-over-month, indicating strong demand and possibly multiple offer situations.
- Days on Market: Properties are selling faster, with a median of 21 days on the market, a decrease of 16% from the prior month.
- Months of Inventory: There is a limited supply, with only 1.8 months of inventory available, which is a reduction of 4.3% from the last month.
Key Observations
- Increasing Values: The median estimated property value has seen an uptick to $423,170, a 0.6% increase from the last month and an 11.7% rise over the last 12 months.
- Active Listings: The number of active listings stands at 260, up 15% month-over-month, while the median list price has grown to $399,450, a 1.1% increase.
Expert Analysis
- High Demand: The data suggests a continuing high demand for homes in Sussex County, evidenced by properties selling above their listing price and the swift pace of sales.
- Limited Supply: The low months of inventory reinforces the seller’s market status, making it an opportune time for homeowners considering selling their properties.
- Price Growth: The consistent rise in median sold and estimated property values indicates a healthy market trajectory favoring property value appreciation.
Recommendations
- For Sellers: Given the strong market conditions, sellers can expect favorable outcomes. Pricing the property competitively can attract multiple offers and possibly exceed the expected value.
- For Buyers: Buyers should be prepared for a competitive market. It might be wise to act swiftly on desirable properties and be ready for potential bidding wars.
- For Investors: The steady increase in property values and the robust market dynamics suggest that investing in Sussex County could yield positive returns, especially in the medium to long term.
Bottom Line
This analysis provides a clear picture of the current real estate market in Sussex County, NJ, and offers actionable insights for various stakeholders in the property market. For more details and personalized advice, contact our real estate experts at Countryside Homes NJ and RE/MAX Select.
Client Testimonials for Countryside Homes NJ
At Countryside Homes NJ and RE/MAX Select, we pride ourselves on delivering exceptional service to our clients. But don’t just take our word for it—read what our satisfied customers have to say. From first-time homebuyers to seasoned real estate investors and new home builders, our clients appreciate our dedication, expertise, and commitment to their success. Here are some of their stories.
Collaborating with Keith LaBrunda and Heather Montalbano from Countryside Homes NJ and RE/MAX Select streamlined the home-buying process for me. They were attentive to my needs and preferences, ensuring they understood exactly what I was seeking in a home and what was within my financial comfort zone. Keith and Heather provided invaluable assistance during the offer stage, sharing insightful details that enabled me to place a successful bid on my desired property. They recommended associates to assist me with securing a mortgage, conducting home inspections, and acquiring homeowner's insurance. Post-purchase, they continued to be a resource, suggesting local companies to contact for internet, water, waste management, oil, and other essential services. The experience of purchasing a home with Keith LaBrunda and Heather Montalbano was seamless and enjoyable.
As first-time homebuyers, the process of finding and purchasing a home felt daunting. But from the moment we reached out to Heather and Keith at Countryside Homes NJ and RE/MAX Select, our worries were put to rest. Their team was incredibly patient, answering all our questions and guiding us through every step. They took the time to understand our needs and preferences, ensuring that we found the perfect home in a neighborhood we love. We were especially impressed by their vast knowledge of the local market and their commitment to ensuring we got the best deal possible. We can't thank them enough for making our dream of homeownership a reality. If you're in the market for a new home, we highly recommend Heather and Keith at Countryside Homes NJ and RE/MAX Select. They truly go above and beyond for their clients!
From the moment we began our home search, Heather at Countryside Homes NJ and RE/MAX Select stood out as the epitome of professionalism and dedication. Her team's in-depth knowledge of the Rockaway Borough area and their unwavering commitment to our needs made our home buying journey not only smooth but truly enjoyable. As new homeowners in Rockaway Borough, NJ, we can confidently say that choosing Heather at Countryside Homes NJ and RE/MAX Select was the best decision we made. Her expertise, patience, and genuine care for our family's needs transformed what could have been a stressful process into a memorable and joyous occasion. We are beyond grateful for her support and would highly recommend her and her team to anyone looking to find their dream home. Thank you for turning our dreams into reality!
Contact a Real Estate Agent
Heather Montalbano
Real Estate Sales Associate
Cell: 973-796-4947
RE/MAX Select
Office: 973-625-0450
Keith LaBrunda
Real Estate Sales Associate
Cell: 973-476-4182
RE/MAX Select
Office: 973-625-0450
RE/MAX Select - Rockaway, NJ
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Preferred Partners
Bill Crowell is a dedicated and experienced account executive at Land Quest Title, a leading title insurance and settlement services company. With a strong background in real estate and finance, Bill has been instrumental in the company’s growth and success
Bruce Oliver is a highly skilled mortgage professional with Bond Street Mortgage, a leading mortgage lender known for its exceptional service and competitive rates. With a strong background in finance and real estate, Bruce has become an expert in various
Gwendolyn Olinski, Esq. is the founder of Olinski Law, LLC, a firm that specializes in all matters of real estate law. With a Juris Doctor from Seton Hall University School of Law, she is certified in Mediation, Arbitration, and Negotiation
Countryside Homes NJ is proud to recommend Ryan Sturzebecker and his company, Alliance Home Inspections, as a preferred partner. Ryan, the owner and principal inspector, is dedicated to delivering top-tier customer service with a focus on helping clients understand the
For over 20 years, Mark Scocco has been involved in multiple facets of real estate and lending. It’s this diverse experience that you can rely on to help guide you through your mortgage transaction from qualification to closing. Mark will
Colleen Waid, owner of Dazzle by Design Home Staging, believes in the power of good design without the necessity of a hefty price tag. She specializes in creating elegant and stylish rooms by rearranging existing furniture, emphasizing focal points, and
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