Slim inventory and hungry buyers are causing bidding wars and driving up prices on homes throughout the state.
The average sales price for a single family home in New Jersey is now $500,628, up 24% from a year ago.
But homes are regularly selling for 10, 20 or 30% over list price, agents say.
“The housing shortage started right before COVID and COVID kicked it into high gear,” said Eileen Furbush, a realtor with Weichert Realtors of Pompton Plains.
Heather Fennell, of Weichert Realtors in West Orange, has clients who are shopping for homes in the high-$300,000 price range in West Orange. They’ve bid on six homes and lost them all, including a house listed for $375,000 that sold for $480,000.
“It’s insane right now,” she said. “If you are not prepared to offer at least $30,000 over asking for a single family home, you’re not going get it.”
Here are three houses throughout New Jersey that closed for way more than their asking price:
This Belmar home sold for $400,000 over its asking price.
List price $1,799,999
Sales price: $2,200,000
Percent over asking: 22%
This 3,575-square-foot 5 bedroom, 3 bathroom home was on the market for 11 days and received 8 offers.
“It checks all the boxes for many buyers,” said Robert White managing broker for Coldwell Banker Realty in Spring Lake, whose agency represented the buyer. “Newer construction, loads of upgrades, custom kitchen, finished basement, backyard oasis with salt water pool and four blocks to the beach.”
This home sold for $1.1 million after being listed for $850,000.
2. 310 West End Road in South Orange
List price: $850,000
Sales price: $1,100,000
Percent over asking: about 30%
This 4 bedroom, 4.5 bathroom updated, center-hall colonial is within walking distance to the train to New York City and downtown South Orange.
“We have such low inventory in Maplewood and South Orange area,” said Natalie Farrell, a sales associate with Weichert Realtors in Maplewood who sold the home. “I list a lot of homes and they’re all in multiple bids. Our buyers are coming from the New York City area so we are still undervalued compared to where they live.”
The home sold for $230,000 after being listed for $180,000.
3. 26 Westervelt Avenue Hawthorne
Asking price: $150,000
Sales price $230,000
Percent over asking: 53%
This multifamily home had bad cat smells and the attic had caught fire leaving it charred and water damaged. After 112 showings in the first weekend there were 78 offers by Monday.
“Multi-families for investors are actually hotter than residentials right now,” said Eileen Furbush of Weichert Realtors in Pompton Plains. “People are looking to invest whether they’re going to rent it or turn around and flip it.”
If you’re a buyer, seller or work in real estate, we want to hear from you. Fill out this form to tell us a little bit about who you are, what you want to share with us and how to get in touch with you.
READ MORE:
See how home prices changed in every N.J. ZIP code over the past 10 years on this map
The average price of an N.J. home is $100K more than what it was last year
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Allison Pries may be reached at apries@njadvancemedia.com.
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