Looking Back on 2017 and Forward to 2018

2017 was a great year for the world of real estate. Will 2018 be another great year, or will home values start to level off?

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What happened in the 2017 real estate market, and what can you expect from the 2018 market?

Overall, 2017 was a very good year in the world of real estate, especially in New Jersey. We had bidding wars out in Sussex County, and Weehawken in Hudson County broke the record for most appreciation. There were bidding wars in Monmouth County, and houses were flying off the shelves in Morris County.

2017 was a very strong year for appreciation, as we saw 7%, 10%, and 14% appreciation in just 12 months.

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There is still a ton of consumer confidence in the real estate market.

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So, what will happen in 2018? Is the market going to cool off? At some point, it needs to stop, right?

I don’t know exactly where prices will land in 2018, but there is still a ton of consumer confidence out there. Buyers are out looking at homes left and right, and the market is very busy. Even though we’re in the holiday season, people are still out and about.

I don’t see our market slowing down too much as we head into the spring market. Inventory is still low, and people are getting ready to list their homes this spring. We could see another climb in home values through the spring market with all of those buyers still out there.

If you have any other questions about our real estate market, give me a call or send me an email. I would be happy to help you!