NJ Home Draws 24 Offers, Closes $251K Over Ask
Market Frenzy Creates Unprecedented Bidding War While New Jersey's housing market shows signs of cooling from previous years' peaks, a relentless competitive frenzy continues. Bidding wars across the state are more intense than ever. Despite market volatility, the intensity remains staggering. In May 2025, 53.3% of homes sold above list price. Properties regularly attract armies of eager buyers, with some listings drawing over 20 competing offers. Market data highlights a challenging reality for purchasers, as buyers pay an average of 102.1% of the asking price. The limited inventory of only 28,045 available homes statewide fuels this fierce competition. The national median home price increased by 2.7% year-over-year to $403,700, reflecting persistent demand despite a reduction in buyer numbers. Bidding strategies have transformed into aggressive warfare tactics. Buyers increasingly waive critical contingencies and submit escalating offers to survive. The supply crunch adds pr...