08844, NJ Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Is this a good time to sell a house in NJ? ›

Considering the current market conditions, favorable interest rate environment, and outlook for the first half of 2024, now could indeed be a good time to sell your New Jersey house. With high demand, competitive pricing, and favorable financing options, sellers stand to benefit from entering the market at this time.

Somerset County

The county was established by charter on May 22, 1688, with land conveyances dating to 1651.

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March. Just over 18 million purchase transactions took place during this period, according to ATTOM.

For Home Sellers

The current market still favors sellers, with demand surpassing supply.

The median home price in New Jersey is $510,400 as of April 2024. This marks a 12.4% increase over last year, which is up there with some of the biggest jumps in the nation. In May of 2024, the national median home price was $438,601—New Jersey homes clearly hurdle right over this average.

The worst time to sell a house is typically during the winter months, particularly in December, January, and February. During this period, bad weather can deter potential buyers from attending open houses, and many people are preoccupied with holiday activities and planning.

If you sold your primary residence, you may qualify to exclude all or part of the gain from your income. Your capital gain is calculated the same way as it is for federal purposes. Any amount that is taxable for federal purposes is taxable for New Jersey purposes.

Real estate experts predict a continued housing shortage, and because they expect high buyer demand to keep pushing home prices up, 2024 may be an ideal time to sell. Experts also anticipate a leveling out of 2023's elevated mortgage rates, expecting rates to eventually settle around 6% – 7% in the spring.