New Jersey’s residential real estate market has been on fire for months, but some of that frenzied buying activity has cooled. That’s according to New Jersey Realtors, which says after a record-setting first half of the year, concerns over affordability and a lack of housing inventory have slowed the market. NJ Realtors president Jeff Jones says some markets are calming down and a more stable, normal market is in the future. In terms of affordability, while mortgage rates are still low, housing prices have exploded. The median sales price for homes in New Jersey this year is $385,000, a more than 20% increase over the same period in 2020.
Meantime, the state’s warehouse market is still booming. Warehouse vacancy rates have fallen to record lows and rents have hit record highs in northern and central New Jersey, according to a new survey. And that’s why we’re seeing a surge in new warehouse construction. You can dig deeper into this story