By Richard Choi, New Jersey Realtor – Expert Analysis of the Housing Market
According to the latest report from the National Association of Realtors (NAR), existing home sales decreased by 5.9% in March compared to the previous month. The housing market across the United States, including New Jersey, continues to show a cooling trend. New Jersey Realtor Richard Choi analyzes the key findings of this report and their impact on the New Jersey real estate market.
Key Market Indicators and New Jersey Impact
“The median home price in March reached $403,700, representing a 2.7% increase year-over-year. Notably, the Northeast region saw a 7.7% price increase to $468,000, which is directly affecting the New Jersey housing market,” explains Richard Choi.
Inventory conditions have also seen significant changes. The number of existing homes available on the market increased to 1.33 million units, up 8.1% from February. This inventory growth is expected to provide New Jersey buyers with more options in the coming months.
Northeast Region and New Jersey Trends
Sales in the Northeast region decreased by 2% compared to February but remained at the same level as last year. “Within the Northeast region, New Jersey is maintaining a relatively stable market. Particularly, Bergen County and Fort Lee areas continue to hold their value well due to their prime locations,” emphasizes New Jersey Realtor Richard Choi.
Mortgage Situation and Buyer Psychology
As of April 17, the average 30-year fixed mortgage rate was 6.83%, slightly lower than last year’s 7.1%. “Although rates have decreased somewhat, they still represent a significant burden for many New Jersey home buyers. However, New Jersey’s strong job market and higher income levels are helping to offset some of this mortgage rate pressure,” Richard Choi analyzes.
New Jersey Real Estate Investment Outlook
Investors and second-home buyers accounted for 15% of all transactions in March. “New Jersey remains an attractive investment destination thanks to its proximity to New York City. Areas like Palisades Park and Fort Lee in particular offer high investment value due to stable rental demand and growing Korean communities,” explains New Jersey Realtor Richard Choi.
Advice for New Jersey Property Buyers
Richard Choi offers the following advice for those considering purchasing real estate in New Jersey in the current market:
“With increasing inventory, buyers now have more choices and negotiating power. However, premium properties in desirable locations are still selling quickly. Bergen County in particular remains competitive due to excellent school districts and transportation convenience. A balanced approach is essential—be thorough in your preparation but ready to act when you find the right opportunity.”
Conclusion
The New Jersey real estate market follows national trends while maintaining its unique characteristics. Richard Choi concludes, “Despite high mortgage rates and economic uncertainties, the fundamentals of the New Jersey housing market remain strong. From a long-term perspective, New Jersey real estate continues to be a valuable investment.”
Richard Choi is a New Jersey Realtor who has lived in New Jersey for over 30 years and specializes in real estate. He is particularly knowledgeable about Fort Lee and Palisades Park properties and is dedicated to providing real estate information to the Korean community.
For more information and consultation, contact New Jersey Realtor Richard Choi.
