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November 2020 Market Reports

Thursday, December 24, 2020   /   by Teresa Dipeso

November 2020 Market Reports

Home prices typically decline when economic activity constricts—but not in 2020. The economic downturn resulting from the COVID-19 pandemic has coincided with a booming housing market. In the first 11 months of 2020, average sold prices have risen for all home types at the Shore, with some towns seeing as much as a 30% increase compared to the first 11 months of 2019.  

Interest rates remain near historic-lows, averaging 2.67% this week.  This provides balance to the market, as homes are still more affordable compared to this time last year.

Home prices at all market levels are accelerating at the fastest rates in the past six years. The lowest price tier saw an increase of 20% year over year in October compared to 10% for the low- to middle-price tier, 9% for the middle- to moderate-price tier, and 15% for the high price tier, according to New Jersey Realtors ®.

Text or call today at 609-780-1434 to put my 25 years experience to work for you!

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Teresa M DiPeso & The DiPeso Group Jersey Shore Real Estate Experts
Teresa M. DiPeso
Long & Foster
Avalon/Stone Harbor/Cape May/Sea Isle/Wildwoods, NJ 08202
609-780-1434

The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity program of the Cape May County Multiple Listing Service. Real estate listings held by brokerage are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity program of the South Jersey Shore Regional MLS. Real estate listings held by brokerage are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers.
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