Thursday, December 24, 2020 / by Teresa Dipeso
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 ®.
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