The Softest Part Of The Real Estate Market
Q: I’ve read that parts of the real estate market are softening. Is that true? Judy, Clifton, NJ
A: Housing inventory is an indicator that suggests how long it will take to sell the homes currently for sale in a market based on current demand. Housing inventory levels at most price points in north jersey are still relatively low which is a sign that there is still room for growth. However, at the very high end, inventory levels are incredibly high—over 2 ½ years worth of inventory for homes priced at $2.5 million or higher.
This shows that even with a thriving economy, McMansions have fallen out of favor and the new tax law with limits on SALT deductions has made is less advantageous to own expensive residential real estate. Thanks for your question, Judy.
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