Rand Country Blog October 10, 2018

Real Estate Market Report: Third Quarter 2018 – Sussex County, NJ

The Sussex market surged yet again in the third quarter, with small increases in sales coupled with a dramatic jump in pricing. Transactions were only up about 2% for the quarter, but that finished a year where sales rose over 9%. That’s a pretty robust showing compared to other markets in the region. This strong buyer demand is having its expected impact on pricing, with the average price spiking over 8% and the median up over 5%. And we’re starting to finally see some long‑term price appreciation, with the average price up 3% for the rolling year and the median up just a tick. More importantly, inventory has finally come down to manageable levels, almost to the six‑month level that usually denotes a seller’s market. Going forward, we expect continued strength in sales coupled with meaningful price appreciation through a strong fourth quarter and into 2019.

To learn more about Better Homes and Gardens Real Estate Rand Realty, visit their website and Facebook page, and make sure to “Like” their page. You can also follow them on TwitterPinterest, and Instagram.