Typically spring is known for being the busiest season in real estate as the number of homes on the market is highest during this time. For buyers, this is a prime time as you have your choice of housing options. As a seller, there are more buyers looking to purchase during this time, which can really help you get the best value on your home. Narrowing it down, the best month to sell a home nationwide is May, according to an ATTOM Data Solutions analysis of 14.7 million home sales from 2011 to 2017. Homeowners in this month had seller premiums above estimated market value. In addition, the best day of the year to sell your home is actually June 28th, which saw an average seller premium of 9.1%. While this data is of course an average of all markets, depending on where you live your state might sway from the national trend.
While you may be inclined to believe that New Jersey falls in line with many of the other East Coast states with high seller premiums in the warmer months, depending on your city and town, that’s not always the case. Take a look at this breakdown of three top cities in the Garden State:
Trenton, New Jersey
In Trenton, NJ the best month to sell is June as the seller premium during this time is 1.1%. The median home sale price during this time from 2011 to 2017 is $219,000. To put this into perspective, the median price of homes currently listed in Trenton is $67,999. According to Trulia data, trends in Trenton show an 8% year-over-year rise in median sales price and a -4% drop in median rent per month.
Atlantic City, New Jersey
In Atlantic City, the best month to sell is July with a seller premium below the market average at -4.0%. The median home sale price during this time from 2011 to 2017 is $165,000. For perspective, in July 2011, the median list price for a single home in Atlantic City was $175,000, and as of July 2018 the median price was $125,000. While home values have decreased over the years, the market seems to be on the up with the addition of new casinos and developments in the area, giving sellers a greater chance at getting a better deal on their home.
Ocean City, New Jersey
In Ocean City, the best month to sell is actually February where the seller premium is 18.7%. The median home sale price during this time from 2011 to 2017 is $322,150. Typically for beach homes, the best time to sell is late winter/early spring. Ocean City fits right in with trend. This time period is perfect for sellers to get enough exposure on the market before summer really starts. For buyers, it’s the perfect time to purchase a beach home before Memorial Day kicks off summer. Trends in Ocean City show a 6% year-over-year rise in median sales price and a -69% drop in median rent per month.