An ambitious exploration into high-end residential markets across the globe for 2024.
A View From Northwest New Jersey
A year shaped by Fed policy, we continued to watch interest rates climb in 2023 as economists waited to declare whether 11 consecutive hikes had ignited 'immaculate disinflation'. Here in northwestern New Jersey, the luxury market remained resolute with hybrid work leading to busier suburbs, as the trends in this report explore.
Fueled by carry-over momentum from 2022, a total of 380 luxury segment sales ($2M+) were recorded across Essex, Hunterdon, Morris, Somerset, and Union Counties, reflecting a 3% decrease from the prior year (as recorded in the Garden State Multiple Listing Service). Sales in excess of $3.5M represented 40 of these 380 sales, which reflects a handful more than in the previous year.
Recent Market Movers
Set atop the storied Bernardsville Mountain, the legendary Tuscan-style 'Faircourt' estate in Bernardsville commanded 2023's highest sale throughout Essex, Hunterdon, Morris, Somerset, and Union Counties at $10.5M.
Sotheby's International Realty participated in 12 of these areas' highest sales, more than any other firm. Overall, sales above $3.5M+ saw expansion into a larger diversity of 15 communities, as opposed to just an isolated four in 2020.
While our luxury segment continues to experience the lowest levels of inventory in over a decade, the past three years have recorded robust comparable confidence for purchasers of homes over $2M. We invite you to explore them all at sothebysrealty.com.
Kienlen Lattmann Sotheby's International Realty