April 2024 Housing Market Update
Experts had predicted that by this point of the year, the interest rates would be in the low 6%’s headed toward the high 5% but unfortunately, that is far from the case. The high rates are keeping sellers who also have to buy from listing which is leading to more of the market gridlock we saw in all of 2023.
While more homes have been listed in March of 2024 as compared to January and February, it’s still a significant deficit when compared to the number of buyers looking to purchase in the area.
In Q1 active listings were down -21% , pending sales were down -27% since there were physically fewer homes to purchase, and closed sales also saw a significant decline, down -31%.*
*Data and graphics below are provided by Realist which pulls data from NJMLS and tax records.