Lincoln Park, NJ Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Where are homes selling the fastest in NJ? ›

🔎 Key takeaways: Average time to sell in New Jersey

In New Jersey, it takes an average of 63 days to sell a house. That's 20.3% faster than than the national average of 79 days. On average, homes in New Jersey sit on the market for 28 days, and it typically takes 35 days to close once an offer has been accepted.

Wondering if you need a realtor to buy a house in New Jersey? You're not required to use a realtor to purchase a home, but it's highly recommended. Buying a home without a realtor can be difficult and risky since there are legal, financial, and logistical intricacies involved in the process.

Home prices in New Jersey are rising and will continue to rise till the supply-demand dynamic changes. The number of houses for sale in NJ was only 20,527 in January 2024. There is very limited inventory to satiate the demand from house hunters. This also makes it the best time to sell a house in New Jersey.

Nationally, the best time to sell a house is March if you're trying to sell quickly, while the best time to maximize profit is July. Zillow recommends listing your home for sale in March, but no later than Labor Day, based on historical market trends.

Sellers can net thousands of dollars more if they sell during the peak months of May, June and April compared to the three slowest months of the year, October, November and December, according to a 2023 report by ATTOM Data Solutions.

Late spring and early summer are the busiest and most competitive time of year for the real estate market. There's usually more inventory listed for sale than other times of year, and home prices are steeper to reflect the increased demand.

Best Time to Sell Your House for a Higher Price

June, July, and August are the best months to sell your house in New Jersey. The median sale price of houses in August 2023 was $513,600, which is expected to rise in 2024. However, cities like Camden, Freehold, and Colonia follow an upward trend throughout the year.

Using a Realtor to sell a home in New Jersey is not a requirement, but going it alone takes a lot of time and work. The 'for sale by owner' approach eliminates having to pay a commission fee to a listing agent. But you may still be required to pay your buyer's agent.

Is it worth getting a real estate license in NJ? ›

A licensed real estate agent or company can earn more money, access more deals, earn more commissions, increase business knowledge, and expand contact networks. A real estate agent has an average salary of $94,335 per year in NJ. Here are the most frequently asked questions (FAQs) about NJ real estate.

It's not required to hire a real estate attorney in NJ or a NJ realtor for your transaction, but a real estate attorney will help you navigate the potential rollercoaster ride as effectively and efficiently as possible.

You will report any income earned on the sale of property as a capital gain. When filing your New Jersey Tax Return, a capital gain is calculated the same way as for federal purposes. Any amount that is taxable for federal purposes is taxable for New Jersey purposes.

If you sell a house or property in one year or less after owning it, the short-term capital gains is taxed as ordinary income, which could be as high as 37 percent. Long-term capital gains for properties you owned for over a year are taxed at 0 percent, 15 percent or 20 percent depending on your income tax bracket.

Usually, sellers pay the Realtor commission in New Jersey.

Fastest growing towns in NJ

Lakewood in Ocean County was the fastest-growing municipality in New Jersey, according to the data. In 2012, the population was 91,423. In 2022, it ballooned to 133,875, a 46% increase for a location that has become attractive to Orthodox Jewish families.

1 fastest-selling housing market: Hartford, Connecticut. As of January 2024, the fastest-selling housing market in the U.S. is Hartford, Connecticut. The metro area's median “days-to-pending” was eight days, down from 52 days in January 2020.

The COVID-19 pandemic hot spot of Miami experienced the largest price declines. The median home list price fell 8.2% year over year, to a median price of $550,000 in February.

Down in Southern England, the picture is less rosy, with the East of England (-1.4%) leading the way in terms of house price falls. It's followed by by the South East (-1%), South West (-0.9) and London (-0.4%). The East Midlands is also experiencing slight falls of 0.4%.