file photo by Boyd Loving
the staff of the Ridgewood blog
Trenton NJ, New Jersey Realtors Association , “The 2022 market has softened due to the rise in interest rates and elevated home prices,” said 2023 New Jersey Realtors President Nick Manis. “But there’s still buyer interest and activity on the inventory that is available.”
Closed sales for single family homes were down 18.6 percent, with 73,613 units sold during the year, compared to 90,416 sold in 2021. The median sales price for single family homes rose 8.7 percent to $473,000.
The townhouse/condo market saw a similar decrease in closed sales of 17.8 percent to 25,214. Units were on the market for an average of just 35 days during 2022, a decrease of 12.5 percent over 2021.
Inventory remains a concern, with just 13,595 single family homes for sale in the month of December in 2022, a decrease of 9.8 percent over an already-low 15,066 units for sale in 2021.
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I’m ok with higher interest rates
We can then get quality residents who can actually afford to live here
Low interests bring those who are a better fit elsewhere
I never saw so many stupid lawn signs, toys and swings hanging from the village owned trees , basketball hoops illegally hanging over the street putting our sanitation workers in danger, big swing sets illegally in the yards, and stupid plastic slow down things illegally in the street
… I’d be fine with interest rates at 20%
Careful you don’t hurt yourself up on that high horse.
“YOUS” should keep your bad habits south of Rt 4
this used to be a nice quality place
At 20% interest rates, the country will plunge into the great depression, if not worse, be careful what you wish for.