Despite the global economic uncertainty caused by the coronavirus pandemic, the housing market remained unscathed and thriving in 2020. And as we roll over to a new year, New Jersey home buyers and sellers may be pleased to know that the local real estate sales and 2021 predictions remain favorable. 

Here are 5 Key Predictions for the 2021 New Jersey Real Estate:

There have been several well-documented reports of people moving out of crowded Northeastern cities and towns throughout the year, as urban dwellers continue to head to the suburbs to escape crowded urban spaces due to the coronavirus outbreak. And as our "new normal" pushes us to shift to remote learning and working, some less usual suspects have joined the list of New Jersey's hot housing markets! In fact, several housing market predictions poised North Jersey to become the country's fourteenth hottest market in 2021 for its larger houses with big backyards and lavish spaces.  To say that New Jersey locals are now living in a prime location is an understatement, especially at a time like this.  So if you are a buyer looking into relocating to New Jersey and are putting off house-hunting until next year, you might want to start ASAP instead to lock down the low mortgage rates. Record-high prices will continue rising in 2021, which will deem it to be a seller's market, and buyers shouldn't hold their breath for a bargain until the last six months of 2021 when more homes are likely to become available.

NOTE:

If this year's events have taught us anything, it's that everything can change in an instant. Always remember that unexpected events can alter the direction of the housing market, and the economy's rebound is a huge factor. Let us all remain optimistic and hope for a better 2021.