Hottest NE Jersey RE Markets Right Now
Q: Which markets in North Jersey are hottest right now, Gerald? Holly, Wayne, NJ
A: One of the things I track in the local real estate markets I operate in is housing inventory. Housing inventory is a measure of the number of months required for a local housing market to absorb the inventory of currently available unsold homes. The lower the housing inventory, typically, the hotter and more competitive the local real estate market. When housing inventory is very high, it normally foreshadows an impending reduction in home values whereas when housing inventory is very low, it normally foreshadows an increase in home values–the break-even point is about 6 months of housing inventory. I operate in 5 northeast Jersey Counties: Hudson, Essex, Union, Passaic & Bergen and here are the towns with the lowest housing inventory in each county as of September 2020: Bergen County (Maywood-.6 months housing inventory); Passaic County (Bloomingdale-1.1 months housing inventory); Hudson County (Kearny-1.2 months housing inventory); Essex County (Caldwell-.9 months housing inventory); Union County (Roselle Park-.8 months housing inventory). Housing inventory like everything else in markets is constantly changing so it’s a good idea to track inventory in your local housing market consistently.
For more real estate tips and information visit my blog at geraldlucas.com.