Real Estate Market Trends Report for Sussex County, NJ – May 2024
Current Market Overview
As of May 2024, Sussex County’s real estate market remains vibrant and dynamic, presenting several interesting trends and opportunities for both buyers and sellers. The data reflects a robust seller’s market, characterized by high demand and swiftly moving inventory.
Key Data Points
Property Values: The median estimated property value has shown a steady increase, reaching $425,090, marking an 11.7% increase over the past year. This uptrend suggests strong market health and growing buyer interest in the area.
Sales Activity: The median sold price for properties was $390,000, a 2.5% increase from the previous month. Notably, the average list-to-sale price percentage stood at 104.1%, indicating that properties often sell for above their listing price, a sign of a competitive market.
Inventory and Listings: The months of inventory—a key indicator of market balance—stood at 2.1 months. This low figure highlights a seller’s market, where the number of buyers exceeds available properties, pushing prices upward. Active listings totaled 264, with a median list price of $437,000, showing a significant month-over-month increase of 9.4%.
Market Dynamics: Properties are moving quickly, with a median of 20 days from listing to contract. This rapid turnover rate emphasizes the urgency for buyers in the market.
Expert Observations
Rising Prices: The continuous rise in property values and sold prices reflects sustained demand, likely driven by Sussex County’s appealing location and quality of life. The consistent increase in price per square foot, now at $258, supports this growth narrative.
Market Velocity: The speed at which properties are selling, coupled with prices exceeding listing prices, underscores a highly competitive environment. Potential buyers need to act swiftly and decisively to secure properties.
Recommendations
For Buyers:
- Be Prepared: Given the fast pace of the market, have financing pre-approved and be ready to make quick, competitive offers.
- Explore Options: Consider various property types and neighborhoods within Sussex County to find value even in a hot market.
For Sellers:
- Optimal Timing: With high demand and prices exceeding list prices, now is an advantageous time to sell.
- Market Readiness: Ensure properties are well-presented and priced strategically to maximize returns in this favorable market.
For Investors:
- Long-term Growth: The consistent increase in property values suggests that investments in Sussex County real estate are likely to appreciate, offering good returns over time.
- Diversify Holdings: Explore both residential and potentially underserved segments like condos and townhomes to capitalize on different market dynamics.
Bottom Line
The current real estate landscape in Sussex to County offers significant opportunities, driven by strong demand and limited supply. Stakeholders should navigate this market with strategic insights and readiness to act quickly, ensuring alignment with their investment or residential goals. 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
Featured Listings
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Preferred Partners
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
Denise Damato-Sulzer is a seasoned insurance professional with Select Advantage Insurance Agency, a leading provider of comprehensive insurance solutions. With years of experience in the industry, Denise has honed her expertise in a wide range of insurance products, including home,
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
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
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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