Ten, twenty years ago, the most popular types of homes were the larger ones. Multiple stories, 4-5 bedrooms, a couple thousand square footage in space—the roomier, the better.
But now, times are changing. Baby boomers are getting older and need less space, and any kids they had are starting to move out. On top of that, millennials are also starting looking for homes of their own—and they’re especially trending towards affordable, smaller homes.
As the market demands change, so does the supply. According to the latest studies, single-family homes are on the rise.
Breaking Down the Numbers
The housing market has been relatively cool lately, with 50% more people staying in their homes longer than they did ten years ago. Additionally, since those larger, more luxurious homes have been the norm, that’s all that was being built.
But as of March, the number of single-family homes sold annually rose to almost 700,000—and that’s not all that changed. The median sales value of these homes was $302,700, compared to $335,400 the previous year. Even though the median sales price is $302,000, 50% of the new homes sold were actually sold below $300,000.
What That Means for Sellers
If you have a larger home and are looking to downsize, then there’s never been a better time than now. As demand for larger homes decreases, waiting to list your home risks having it stay on the market for much longer than you’d like.
What That Means for Buyers
If you’re looking for a smaller, more affordable home, then you’re in luck: the number of single-family homes on the market is only going up—even around Jersey City! Ready to get started with your search? Use my specialized search tool to narrow down your options based on specific features, locations, and sizes, browse my resources for buyers, and get some answers to your questions.
Work with a Professional
When it comes to buying a popular home in a popular market like Jersey City, it’s crucial to work with a professional. When you sell or buy a home with me, I’ll be around to guide you through the ins and outs of the market, find the best home in the best neighborhood for you, and answer all of your questions along the way.
Ready to get started with your Jersey City Gold Coast real estate experience? Just give me a call!