Optimizing NJ Housing Market: Here’s What Will Happen in 2024

As New Jersey housing market slows, it’s time to prepare for the worst – a potential crash in 2024. ATTOM recently released a report highlighting the top three states expected to experience the greatest downfall. Illinois, California, and New Jersey all make the list and even key areas within the states.

What to Expect in NJ Housing Market

• Foreclosure Risks: Analyzing the risks of foreclosures, unemployment, and underwater mortgages, ATTOM reports that Bergen, Essex, Ocean, Passaic, Sussex, and Union counties in New Jersey are particularly vulnerable in the coming year.

• Recession Probability: Though predictions of a national recession for 2023 haven’t come to pass, it’s important to remember that trends could still change – and quickly.

• Job & Home Losses: Some of New Jersey’s biggest layoffs within the last two years have come from prominent companies such as Johnson & Johnson and Lukoil. Unfortunately, many of those affected may never be able to get their jobs back.

• Unaffordable Cities: According to Financebuzz.com, twelve of the most expensive cities in New Jersey will be nearly impossible to afford in the next five years.

• School Budgets: Topping the list of school districts with the highest per pupil spending in the state are Closter, Westwood Regional, Bayonne, Westwood, and Hillside School Districts.

Preparing for 2024

Though a housing market crash isn’t guaranteed to occur in New Jersey in 2024, it pays to be prepared. Homeowners may need to think carefully about what cost-saving measures and investments they can make to secure their finances, while jobseekers should start looking for red flags that could signal an upcoming layoff. And for all, it’s important to keep up with the latest housing market news and forecasts.