Real Estate Market Trends Report for Warren County, NJ – May 2024

Current Market Overview

Warren County, NJ, continues to exhibit a strong real estate market as of May 2024, characterized by increasing property values and a competitive environment favoring sellers. Key indicators such as the median sold price, the list-to-sold price ratio, and inventory levels present a robust market with significant buyer interest.

Warren County Residential Market Trends - Realtors Property Resource - May 2024

Market Dynamics

Median Sold Price: The median sold price for properties in May 2024 stood at $408,000, marking a slight increase of 0.74% from the previous month. This trend highlights a steady appreciation in property values, making Warren County an attractive area for investors and homeowners alike.
List-to-Sold Price Ratio: The ratio has reached 103.6%, indicating that homes are selling for more than their listing prices, a clear sign of a seller’s market with strong buyer demand.
Inventory Levels: The months of inventory was relatively low at 1.87 months, a minor increase of 3.31% month-over-month. Low inventory levels suggest that the market is tilting in favor of sellers, with fewer homes available to meet the current buyer demand.

Yearly Trends

Over the past year, the median estimated property value has risen by 12%, reflecting a significant growth in property valuations. This growth trajectory positions Warren County as a region with robust investment potential.

Observations and Expert Analysis

The data points towards a persistently competitive market with quick sales and high demand. The median days on market is just 21 days, nearly 9% faster than the previous month, demonstrating that properties are moving quickly.

Recommendations

For Sellers: It’s an advantageous time to sell, as high list-to-sold ratios and quick sales periods can yield excellent returns on investment. Pricing strategically just above market rates could maximize returns without deterring potential buyers.
For Buyers: While the market is competitive, buyers should be prepared to act swiftly and decisively. Considering the rising prices, locking in purchases sooner could be financially beneficial as the trend shows continuous growth.
For Investors: The consistent increase in property values and a strong seller’s market suggest that investments in real estate could be profitable. Focus on areas with the highest appreciation rates and consider long-term holds to maximize potential gains.

Bottom Line

Warren County’s real estate market shows no signs of slowing down. Both residential and investment buyers should note the quick turnover and rising prices as indicators of the area’s desirability and growth potential. Moving forward, stakeholders in the Warren County real estate scene should monitor market dynamics closely, as the current trends provide substantial opportunities for strategic engagement in the 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.

David R. New Homeowner

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.

Rachel and Andre First Time Homebuyer

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!

Prestia Family New Homeowners

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!