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
KABR Group CEO Kenneth Pasternak and 85 Challenger Road in Ridgefield Park, NJ (Photos via KABR)

KABR sells New Jersey building for reported $60M

KABR sells New Jersey building for reported $60M
Gov. Phil Murphy (left) and billionaire David Tepper

Does taxing the wealthy really drive them away?

Does taxing the wealthy really drive them away?
Onyx Equities' Jonathan B. Schultz (left) and John Saraceno, Jr. with 7 Sylvan Way (right) and 8 Campus Drive in New Jersey (Onyx Equities)

Onyx Equities acquires massive New Jersey office portfolio for $160M

Onyx Equities acquires massive New Jersey office portfolio for $160M
As more New Yorkers escape to the suburbs or Florida, some of their brokers are going with them. (iStock)

Following the money, NY brokers seek licenses in other states

Following the money, NY brokers seek licenses in other states
Renters continue their tri-state bookings, eliminating the post-Labor Day slowdown (iStock)

In Hamptons and elsewhere, season no longer ends on Labor Day

In Hamptons and elsewhere, season no longer ends on Labor Day
Extell Development president Gary Barnett and Kushner Companies founder Charles Kushner with a rendering The Lofts at Pier Village in New Jersey (Rendering via Extell Development)

Kushner Cos. buys Gary Barnett out of development on NJ waterfront

Kushner Cos. buys Gary Barnett out of development on NJ waterfront
New Jersey Gov. Phil Murphy, New York Gov. Andrew Cuomo and Connecticut Gov. Ned Lamont (Credit: Murphy by Bennett Raglin/Getty Images for Montclair Film; Cuomo by Spencer Platt/Getty Images; Lamont by Bonnie Biess/Getty Images for SiriusXM)

Cuomo joins forces with Connecticut, NJ governors to combat coronavirus

Cuomo joins forces with Connecticut, NJ governors to combat coronavirus
Lucy the Elephant is for rent (Credit: iStock)

New Jersey’s most famous zoomorphic attraction is up for rent on Airbnb

New Jersey’s most famous zoomorphic attraction is up for rent on Airbnb
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...