Whether you’re a buyer on the lookout for a great deal or a seller that wants to turn a quick profit, being familiar with recent 2022 real estate trends in Middlesex, NJ will certainly help turn things around for you in the property business! Below, we compiled a quick list of topline trends that can help you purchase your dream home or make the sale you’ve always wanted to make.
Median listing price is on a steady increase
According to Realtor.com, in March 2020 last year, median listing home price was at $359,000. It has since undergone a steady increase from then to today. As of February 2022, according to recent real estate news in Middlesex, NJ, we are looking at a median listing price of $414,900.
Depending on how attractive your property is in terms of location, this bodes well for sellers who want to list at a slightly higher price. Don’t list too high though, or your buyers may just look elsewhere.
The Middlesex housing market is competitive
This is a particularly hard working period of time for both buyers and sellers. Better bid on that dream home right away if you want it, or be ready for an influx of offers if you’re a property owner willing to sell.
The redfin compete score of homes in Middlesex is at around 77, which puts them in the very competitive range. This means that homes are likely getting multiple offers upon listing, which is great news for sellers on the market. Homes sell at 4% above their listing price, and don’t have a quick turnover period at just 20 days.
Condominiums are on the rise
If you’re looking for a smaller property for your roommate, live-in partner, spouse, or just for yourself, you’re in luck! Condominium sales are steadily on the rise in Middlesex, with a significantly lower median listing price than most homes. Expect that properties for rent will be listed more often as sales go up, too!
Condos and townhouses can typically retail in Middlesex for around $285,000, which makes them easily accessible with a mortgage or loan. Still, this price increased from around 19.7% since last year, which means that you’d want to ideally lock in a deal as a buyer earlier rather than later.
Flood risk seems to be decreasing
Those who are concerned about climate issues in Middlesex don’t have to worry too much in the near future. Only 22% of homes are at risk of flooding in Middlesex. Even if this may seem lower than other areas, we still suggest inquiring with sellers regarding how often properties get flooded and what measures properties have in place to safeguard against flooding.
If you’re looking into flood insurance premiums on the off chance that you’d have to deal with flooding as a Middlesex resident, these premiums range from around $225 to $1,234 a month.
Amenities near Middlesex continue to have good reviews
Grocery stores, coffee shops, pharmacies, restaurants, and gas stations in Middlesex continue to have good reviews of 4 stars and up. As a seller, you might want to increase the price of your property a bit when it’s near locations like Destination Dogs, Duck Donuts, Costco Gas, and it’s near a lot of CVS Pharmacy branches.
Schools continue to be rated quite highly as well! Buyers with children might be interested in purchasing properties near Monmouth Junction Elementary School, Woodbrook Elementary School, Thomas R. Grover Middle School, and J.P. Stevens High School, which are all given a 5 star rating on GreatSchools.
Need to learn more?
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