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You’re a Realtor®? How’s the Real Estate Market

2021-07-02T17:09:00-04:00

July 3, 2021

One of our instructors told our Cherry Hill real estate licensing school class recently, “One thing you’ll find about becoming a real estate agent is that people you meet will constantly ask you, “How’s the market?’” People are inherently interested in real estate and want to hear your opinion as a real estate professional in ways they rarely show interest towards other vocations.

Regardless of where you attend real estate school—although we certainly hope you will choose Garden State Real Estate Academy!—as soon as you earn your NJ real estate license, you should start your journey to learn the market statistics. You will impress folks who express an interest that you are the “go-to real estate pro” they can turn to for answers and advice.

So, with half the year officially now in the rear-view mirror, “How’s the real estate market?

Nationwide real estate market overview.

So far, 2021 has been the best year for real estate sales in decades. Anecdotes abound of homes that sell within hours after receiving multiple offers. One Garden State Real Estate Academy graduate told me recently how his client made an offer for a Cherry Hill home the day it went on the market. It was listed for $475,000 and his buyer submitted an offer for $83,000 above list price . . .  and they lost out to another buyer!

Nationwide, according to a report by Zillow, almost half the homes for sale in American (47%) sold in less than a week. More than three out of four homes (76%) sold in less than a month.

The race to buy was run all across America, but Zillow reported that in three markets: Columbus, Ohio, Denver, and Salt Lake City fully 70% of homes for sale went under contract in less than a week. Seventy percent!

Home Sales in South Jersey.

Since you come to Garden State Real Estate Academy to earn your New Jersey real estate license, you are probably much more interested in how homes are selling in your local market area than in Salt Lake City.

Homes in New Jersey are selling at a record rate. 2020 was a great year for home sales, but the first half of 2021 has far outpaced that. Homes are literally selling twice as fast as they were a year ago, as you can see for the median “days on market” shown below.

Here is an overview of real estate sales in several South Jersey Counties, with comparisons to the first half of 2020.

Burlington County                                 1st half 2020                               1st half 2021

# of housing units sold                          3,044                                           3,696

Median sale price                                  $229,000                                    $271,000

Median days-on-market                       60                                                 30

Inventory available                                1,198 homes                              1,044 homes

 

Camden County                                 1st half 2020                               1st half 2021

# of housing units sold                          3,289                                           3,704

Median sale price                                  $190,000                                    $234,300

Median days-on-market                       56                                                 26

Inventory available                                1,083 homes                              955 homes

 

Gloucester County                                 1st half 2020                               1st half 2021

# of housing units sold                          2,120                                           2,393

Median sale price                                  $202,500                                    $247,000

Median days-on-market                       65                                                 27

Inventory available                                755 homes                                 579 homes

 

Mercer County                                 1st half 2020                               1st half 2021

# of housing units sold                          1,645                                           2,169

Median sale price                                  $265,000                                    $325,000

Median days-on-market                       63                                                 32

Inventory available                                1,014 homes                              894 homes

As a person who first earned his New Jersey real estate license 33 years ago, I truly believe there has never been a better time to get your New Jersey real estate license.

Ready to start YOUR real estate career? Have questions about getting started? Garden State Real Estate Academy is New Jersey’s top-ranked real estate school, according to Google. You can numerous helpful free articles—and you can register for our day or evening pre-licensing classes, now taught by live instructors and available anywhere in New Jersey by Zoom—at www.GSREA.com.

David C. Forward is a licensed real estate broker and instructor and was first licensed as a Realtor® 33 years ago. During his career, David and his business partner sold more than 500 homes in South Jersey.  He is now School Director of Garden Real Estate Academy, has won numerous awards for real estate sales, is a much-requested public speaker who has addressed audiences on six continents and is the author of 19 books.