As you may have guessed, 2015 was a solid year for local real estate. Prices went up but not so much that affordability has been significantly impacted.

In 2015, the median sale price for residential properties rose 2.5% for the year while the number of sales increased by 11.6%. The number of days it took to sell a property decreased by 3.6%.

Residential properties include single family homes and condos/townhouses/co-ops. Single family homes fared slightly better as a category, with a median sale price up 3.3%. Condo/townhouses/co-ops were up only 1.7%.

In 2016 the NJ real estate market should be even stronger based on the current inventory of homes on the market, which is quite low.

A complete report on the real estate market in northern New Jersey will be available soon. Contact me for a pdf copy.

source: NJMLS. Info deemed reliable but not guaranteed.

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