New Jersey’s rural homeowners victims of market

TRD NEW YORK /
Jan.January 13, 2012 11:30 AM

A division in the fortunes of homeowners living in rural and non-rural areas became more apparent during the recession, the New York Times reported, and remains despite a slight uptick in the housing market. In New Jersey especially, there is a large division in market fortunes, with rural homes lagging on the market.

“The only people I’ve seen selling their houses recently are those who absolutely had to — because they were in financial disarray, a job change, divorce or death,” said Dawn Rapa, a Coldwell Banker Elite agent working in rural Salem County.

Salem County has the most extensive housing inventory of all 21 counties surveyed in the state, the Times said: 44.5 months’ worth of houses, largely priced under $400,000. Other counties have inventories around twice the state average — 29 months’ worth in Cumberland County, 26 in Cape May County, and 24 in Atlantic County.

For homes priced between $1 million to $2.5 million, it could take more than four years to sell the inventory in Atlantic County and close to seven years in Ocean County, according to data cited by the Times. [NYT]


Related Articles

arrow_forward_ios
An aerial view and a rendering of The Element at 400 Claremont Avenue (Credit: Google Maps)

Jersey City mixed-use project lands $120M in financing

Meadowlands Arena (Credit: Google Maps and iStock)

NBC spends $750K to transform arena in New Jersey swamp

Triplemint’s David Walker and John Scipione with Hoboken, New Jersey (Credit: iStock)

Triplemint expands to New Jersey

Thor's Joseph Sitt and the New Jersey Center of Excellence

Thor is breaking into the life sciences industry

Before demolition. the historic home at 44 Pleasant Avenue was on the market for $10 (Credit: Montclair Township, iStock)

A home listed for 10 dollars, but no one wanted it

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news

New heights for Everest as insurer inks North Jersey’s largest lease deal of 2019

New heights for Everest as insurer inks North Jersey’s largest lease deal of 2019

Somerville moves forward with 31-acre transit village, Woodcliff Lake office property sold for $36M & more North Jersey real estate news

Somerville moves forward with 31-acre transit village, Woodcliff Lake office property sold for $36M & more North Jersey real estate news

arrow_forward_ios
Loading...