Are real estate prices dropping in New Jersey?

If you've been following the news or browsing real estate listings, you may have heard rumors that prices are dropping in New Jersey. However, the reality on the ground is quite different. Across the state, we're seeing multiple offers on properties, sometimes even more than 20, and prices are often going well over asking. 

Why are we seeing such high demand and overbids? There are a few factors at play. First, interest rates are still historically low, which means more buyers are able to afford homes. Second, there's a limited inventory of homes for sale, which means buyers are competing for a smaller pool of properties. And third, many people are looking to move to New Jersey from other areas, especially as remote work becomes more common. 

So, if you're a seller, now is an excellent time to list your home. You're likely to receive multiple offers and can choose the one that works best for you. And if you're a buyer, be prepared to act quickly and potentially offer over asking if you want to be competitive. 

In short, while real estate prices may be dropping in some areas, we're not seeing that trend in New Jersey. Instead, we're seeing a highly competitive market with multiple offers and overbids. If you're thinking of buying or selling a home in New Jersey, now is the time to get in touch with a real estate agent and start the process.