July brought some interesting shifts to the NJ real estate market. Nationally, housing inventory went up for the 33rd straight month, but it’s still 11.6% lower than before the pandemic. Median listing prices across the U.S. dipped 2.4% to $428,950, and mortgage rates nudged upward. Here in New Jersey, we saw listings grow by 13.86%, with the median price holding steady around $575,000. For first-time buyers, these numbers can feel overwhelming, but they also open up new opportunities. As someone who specializes in guiding clients through their first purchase, as well as helping those in foreclosure or navigating divorce settlements, I know how important it is to understand what these shifts mean for your personal goals. Whether you’re weighing your options for downpayment assistance or considering the best way to protect your home’s equity, staying informed is key.
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