Rand Country Blog January 22, 2019

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

Pricing in the Sussex market surged yet again in the fourth quarter, even while falling inventory held sales down. Transactions were down sharply, falling almost 12% for the quarter, but finishing the year up almost 2%. But the drop in sales clearly did not indicate a lack of demand, with prices spiking across the board: up 6% on average and 13% at the median for the quarter, and finishing the 2018 year up 5% on average and 6% at the median. More importantly, inventory has finally come down to manageable levels, down 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 2019.

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