Sussex County, NJ continues to be a covetable destination for prime real estate. With its gorgeous landscape, charming neighborhoods, world-class attractions, and vibrant dining and shopping scenes, it’s easy to see how it draws in homebuyers from throughout the country.
Thinking of relocating to this stunning region in Northwestern New Jersey? Here’s what you should know about its local housing market to guide your home search.
HOME PRICES
Property prices in New Jersey are generally higher than the national average. It also has the highest property taxes, but such costs are often offset by greater earnings potential.
However, each municipality in the Garden State has a localized housing market that performs differently than its surrounding areas. Consumer demand and various economic factors affect their home prices, which means that property costs in some cities in New Jersey may be lower than the national average.
As of August 2023, the median home price in Sussex County is $375,000, with a median price per square foot of $223. Prices are up by 7.2% year-over-year, with buyers expected to pay an average of 1.71% above the seller’s asking price.
From $380,000 to $400,000, property values in the area saw a 5.1% increase over the past year. In 2021, houses were worth over $350,000 on average. Based on this upward trajectory in home values, a property bought this year could appreciate by 13% within three years.
HOUSING INVENTORY
Properties in the Sussex County, NJ real estate market continue to receive a steady demand from aspiring residents. Its prime location, robust job market, and high median income make it one of the most desirable places to live in.
As of September 2023, over 1,000 homes were sold in the county within the past six months. Properties sell after about 38 days in the market, which is slightly lower than last year’s average of 40 days during the same month.
This August 2023, Sussex County was in a balanced market with over 900 homes for sale across its 28 cities. Local inventory and consumer demand are about the same, which means that buyers have just enough options to choose from.
NEW JERSEY MARKET FORECAST
Home prices and values in New Jersey, including in Sussex County, are expected to continuously rise as more people relocate to the area.
As a neighboring state to New York and Philadelphia, many move to New Jersey to live closer to the country’s bustling economic centers. Its excellent school system and diverse culture also make great reasons to find and buy a home in the Garden State.
Due to New Jersey’s competitive real estate scene, it ranked among the top 10 most expensive states for homeownership throughout the U.S.–and experts believe that the market won’t be cooling down anytime soon.
Inventory will be steady in the next year since people continually move in and out of the state. Mortgage rates are also expected to remain the same, which often means that there will be minimal to no change in the housing market.
Want to stay on top of the latest market trends in Sussex, Passaic, Bergen Counties, and beyond? Let me, Frank DeZao, be your guide. Call me at 201.953.9376 or send an email here to be informed of the latest movements in Sussex County real estate.