After a brutally sluggish 2021, the American real estate market is back and hotter than ever, particularly in Central New Jersey, where housing prices have gone up steadily despite the recession brought about by COVID-19. This is good news for cash home buyers in Middlesex, NJ.
Most of the bidding war and sky-high prices, however, have been fueled by low inventories and stocks of homes for sale; that being said, the past 2 years have seen a significant increase in stocks of available houses, with new home listings increasing by 41% in the first quarter of 2022 alone.
This translates to over 9,000 new homes hitting the statewide New Jersey real estate market in March alone, compared to 6,500 listings in February. Statewide, the biggest increases in real estate listings –and where the market is red-hot at the moment –occurred in Bergen, Monmouth, and Middlesex counties, with Salem, Essex, and Hunterdon seeing the smallest increases in comparison.
A Look Into the Middlesex, NJ Real Estate Market
As of April 2022, Middlesex home prices have seen a highly impressive 25% increase compared to last year, with median prices soaring to $435,000, slightly higher than the national median average of $428,000. If you plan to sell your house fast, be ready to turn a profit.
Middlesex homes, on average, spend just 15 days on the market in 2022, compared to 19 days just one year ago. However, sales of homes in Middlesex did go down to 17 in 2022, 5 houses short of 2021’s 22 house sales.
Middlesex, NJ: A Competitive Market
With all of this being said, it’s safe to say that Middlesex, NJ is the perfect real estate market for both buyers and sellers, with real estate market analysts Redfin giving it a competitive score of 82/100, ranking the Middlesex market as Very Competitive for the first half of 2022.
In fact, many homes in the Middlesex, NJ market get multiple offers, with some even receiving waived contingencies. On average, homes in Middlesex sell for around 7% above their list price, with many going pending in around 15 days. Meanwhile, hot homes can sell up to 11% above list price, with these houses going pending around 10 days.
Real estate trends for 2022 say that sales-to-list prices are sitting at an impressive 107%, with a steady 2.82 points increase year-on-year. This also means that 88.2% of homes for sale have sold above their price list, thanks to people who want to sell their house fast in Middlesex, NJ and millennial buyers taking advantage of economic stimulus programs.
Real Estate Risks in Middlesex, NJ
There are some hazards to look out for when buying houses in Middlesex, NJ, however. As of 2022, approximately 22% of homes in Middlesex are at risk of flooding, translating to 1,090 houses. Within 30 years, the Federal government estimates that around 22% will be at risk of flooding, translating to 1,130 homes. That being said, the risk of flooding in the Middlesex area are much lower, and the increase in risk is slower, than the national average.
On average, floods in Middlesex, NJ can cause around $350 worth of damage to houses every year. This means that only 14% of homes in Middlesex have required flood insurance. Flood insurance premiums can range anywhere between $200 and $1,200 every month.
But the biggest risk to real estate in Middlesex, NJ remain to be storms. The east coast is notorious for dangerously strong hurricanes coming in from the Atlantic, and while Middlesex itself is a lot more inland than, say, New York or Jersey City, it can still feel the effects of a strong hurricane barreling through.
We Can Help You Learn More About Real Estate Trends!
The real estate market can be a confusing and often-times intimidating place to be, but we’re here to help! We buy houses in Middlesex, NJ, and we know the score when it comes to the latest real estate trends in Middlesex and beyond.
Quick N Easy Offers is proud to have a panel of real estate experts and analysts who spend the time to do research on every Middlesex property we make an offer on. That’s because we want to make sure that you get the most bang for your buck and that we can provide you an offer that is as close to actual market value as possible. We don’t just want to help you sell your house fast: we want to make good on the communities we service and we want to make sure that we leave a lasting, POSITIVE impression on our clients.
Contact us, today, and we’ll help you find the right value for your property!