Where Housing Demand Is Falling In NJ

Performance Property Real Estate Question

Q: I read somewhere that NJ home prices went up double digits last year. Is there anywhere in NJ where home prices aren’t going up? Rachel, Maplewood, NJ

A: Actually, home prices in NJ went up double digits in both of the last 2 calendar years with an even bigger home price increase in 2021 than in 2020. However, there are places where housing demand is going down like in Sussex County and some other more rural parts of the state as more people return to the office and move back to cities as the pandemic is waning. Although there has been a reduction in housing demand in Sussex County and other outer ring areas, home inventory levels still have not reached an equilibrium point where home prices would stabilize or go down. Thanks for your question, Rachel.

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