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]