TRENTON, NJ – A recent study reveals that New Jersey ranks among the top 10 states where homes sell the fastest. The statewide average of 38 days on the market signals a robust seller’s market, largely fueled by an influx of residents from neighboring cities such as New York and Philadelphia.
The study, conducted by Agent Advice, analyzed historical data from various states to identify the average time it takes for homes to sell. Massachusetts and New Hampshire led the rankings, with homes staying on the market for an average of 32 days. Washington followed closely with an average of 33 days.
New Jersey’s brisk sales pace places it in tenth position alongside Georgia and Oregon. The state’s position in the top 10 correlates with a larger trend of people moving from urban centers into suburban or rural settings, particularly amid ongoing social and economic shifts.
Low inventory across New Jersey contributes to the seller’s market. The shortage of available homes speeds up transactions, benefiting homeowners looking to sell.
This is in stark contrast to New York, where homes take an average of 61.5 days to sell, making it the state with the longest average time from list to sale. Chris Heller, co-founder of Agent Advice, suggests that various factors, including seasonal timing and market competition, play a role in how quickly homes sell.
The study also found that Virginia and California trailed closely behind New Jersey, with homes in these states taking an average of 36.5 days to sell.
New Jersey’s performance in the study reflects a larger, nationwide average time of 43 days for a home to sell, according to Heller. The data suggests that for those looking to sell quickly, New Jersey provides a favorable market.
