House prices in Middlesex –and, in general, the entire state of New Jersey –have seen a very healthy climb over the past few months. Despite multiple lockdowns and a looming economic recession brought about by unstable socio-political climates around the world, the New Jersey housing market is remaining relatively strong and robust, with homeowners seeing a healthy appreciation of their real estate’s value while enjoying a steady stream of qualified prospective buyers.
As one of the most prolific cash home buyers in Middlesex, NJ, we like to stay on top of real estate trends in the city and across the Garden state. And here are our predictions for the Middlesex real estate market in September of 2022 and beyond.
House Prices are Going to Go Up in Middlesex
Over the last twelve months, Middlesex property prices have increased a whopping eleven times: that’s an average incremental increase every month for an entire year. September 2022 is shaping up to continue this upward trend, with experts predicting a steady rise throughout the month all the way to early October and possibly increasing further throughout Q4 of 2022.
Currently, average house prices in Middlesex sit at $326,187, with average price per square foot sitting comfortably at $181. For September, experts don’t predict any fast rises or dips in price but expect some fluctuations throughout the month. While there might be some changes in your real estate’s value, these won’t be significant and will probably in the order of a couple of hundred to a thousand dollars max.
Expect A Price Dip
However, this trend may cool down in Q1 of 2023. With most of the world still trying to recover from the pandemic and the threat of a global recession thanks to unsteady political situations aggravated by certain countries, experts are predicting that Middlesex –and, again, New Jersey in general –housing prices are going to see a cooling and possibly dipping early next year. This makes selling a Middlesex home in 2023 a relatively poor investment decision.
Currently, Middlesex is in the middle of a 36-month long bullish cycle that experts predict may culminate in early 2023 before starting up again around Q3 or maybe even Q4 of that same year. This means that property owners are going to have to sit through eight to ten months of a sluggish real estate market next year, at best.
Worse, we might even see property prices in Middlesex dip down a bit in Q1 and Q2 before normalizing again in Q3 or early Q4 of 2023. But all hope is not lost: Middlesex, New Jersey is an important commuter city that is seeing more and more local employment options popping up, which is indicative of a healthy real estate market that’s poised to become a great long-term investment.
Prices May Go Up Again
Despite some pessimistic analysts calling it the “New Jersey Real Estate bubble”, experts are convinced that the real estate market in Middlesex is poised to go up and up in the long run. In fact, despite the cooling period that experts predict for 2023, they’re still seeing an average rise of 1.43% in value, with many more experts predicting a whopping 10.984% increase in value over the next decade. Again, despite conservative outlooks, the Middlesex housing market has nowhere to go but up.
With New York City being a stone’s throw away from Middlesex, it’s unlikely that the city will see any major or significant decreases in prices over the next decade or so, making Middlesex a very attractive place for people to buy and sell homes. If the forecasts are accurate, we might see Middlesex homes reaching prices that can rival state averages, with some experts even predicting that the city can match or even outgrow its previous peak in prices back in 2006.
Middlesex is fast becoming an important long-term real estate investment for many people and the best way to get in on the action is to start early.
We’re Here to Help You
The Middlesex housing market will remain robust throughout September and possibly throughout the rest of Q4 2022 before going into a brief cool-off period in 2023. This means that the best time to sell your house is now, unless you want to wait another year-and-a-half. Luckily for you, we’re one of the most trusted and eager cash home buyers in Middlesex, NJ.
Quick N Easy Offers has been helping people find the best value-for-money for their real estate in Middlesex County and beyond for years, and it’s because we always provide honest and transparent prices to our customers. Contact us today to learn more about how we can help you.