Hottest Homes For Sale In NJ Right Now
Q: What homes are in hottest demand right now? Lexi, Perth Amboy, N
A: Average home inventory in NJ statewide is still less than 2 months which is very low and suggests high demand for homes at most price points. Now that Millennials dominate home buying now, you might think that entry level homes at or below $400,000-$500,000 would be the hottest commodity right now, however, there has been almost a 50% increase of sales of NJ homes in the $1mil-$2.5 mil price range. This surge in buying in the $1 million-$2.5 million price range is primarily due to trade up home buying activity. Trade up home buying occurs when a homeowner sells their home and then purchases a more expensive home. Trade up activity is a very healthy sign for a local real estate market because it results in not just one but two real estate transactions. Thanks for your question, Lexi.
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