Real estate agents across the state of New Jersey are reporting an increase in sales across the country, with the region on pace to reach record sales in 2018.
Real estate agents in New Jersey said that the region is on track to hit a record sales of over $8 billion this year.
According to agents, sales are up 15 percent year-over-year, while average rents have risen more than 10 percent.
Sales are up across the board across the county, with an average sale price of $1.85 million, up 7 percent from last year.
Sales are up in the Northeast and across the entire county, as well as in New Brunswick, according to the agents.
Real Estate Sales in the Northern New Brunswick area have been on a tear this year, with sales totaling $3.3 billion, according the real estate agents.
The sales in the region are up 17 percent from the same time last year, but are still a bit below the $5 billion mark.
Sales in New York City, which is home to the Empire State Building, have also grown.
The area is expected to hit the $8.7 billion mark this year with sales topping $1 billion, or almost $6 billion per year, according data from RealtyTrac.
Sales in New Hampshire have also been on an upswing, according Topps Real Estate.
Sales have reached $3 billion in the last month alone, up 9 percent from a year ago.
Sales across the region have also increased significantly, according Realty Trac.
RealtyTrac reports that sales in New Hampstead, the largest and wealthiest neighborhood in New England, are up a whopping 17 percent.
The district has seen a spike in sales, and is projected to hit $6.5 billion in 2018, according real estate agent Joe Wieczorek.
Realtor reports say that sales across New Jersey have been up 15% year-to-date.
Real estate agent Bob Hennepin, who has been a realtor in the state for more than 50 years, said the increase in the area has been remarkable.
“The area has really become the heart of the New Jersey economy, it’s become one of the biggest markets for real estate and, to me, that is a really good sign,” Hennipin said.
Hennipi said that he expects that sales will continue to increase throughout 2018.
“The region will definitely grow, and I think we are on the cusp of that,” he said.
Sales continue to be up across New Brunswick as well, as the area is projected by real estate brokers to hit over $5.8 billion in sales this year.(Published Monday, Oct. 14, 2018)Hennips said that sales are likely to continue to grow in New Bedford, the region’s largest city, with a 20 percent increase this year and a 17 percent increase in 2018 from last.
Sales also have increased in Burlington, the second-largest city in the county.
Realm of Fairfield has been on fire lately, according agents.
Sales of properties in the Fairfield area have grown by more than 100 percent since last year and are on pace for a record-setting year.
A recent survey of more than 4,000 people in the metro area showed that 68 percent of the respondents said that they would consider buying a home in Fairfield.
The sales in Fairford are also expected to reach over $6 million.
Realtors have also reported an increase across the South Shore and surrounding areas.
Sales of homes in South Shore, which includes South Bay, Fairfield and Fairfield Townships, are expected to continue increasing in 2018 and hit $3 million, according RE/MAX Realty.
The region has been seeing a steady rise in sales and rentals in the past year, as agents report a surge in listings, and an increase of $3 to $4 million.
Sales across the Bay Area are expected increase by 50 percent year over year.
In the Bay, which has been hit hard by the Great Recession, sales have risen by 50 to 60 percent.
Sales increased in all of the Bay counties except for Marin County, which experienced a slowdown due to the wildfires that burned through the area.
Real home prices in the Bay area have continued to rise in recent years, according Realtors.
Sales for homes in the East Bay, where prices are still lower than the Bay in the same area, are estimated to hit more than $1 million this year according to data from Zillow.
Real property agents are also reporting an uptick in sales in Orange County, with prices increasing by nearly 50 percent from this year’s record low.
Sales have been rising throughout the county as well.
Zillovision, the country’s largest real estate brokerage, reports that the area will hit $1 trillion in sales for 2018.
Sales at real estate sites are expected up by more that $1,500 for all of