New Jersey's Home Vacancy Rate Below 1% Signals Competitive Market

What is the current home vacancy rate in New Jersey? As of this quarter, New Jersey boasts one of the nation's lowest overall home vacancy rates, with less than 1% of residential properties vacant. Among investor-owned homes, New Jersey's vacancy rate remains impressively low, recorded in the mid-1% range compared to significantly higher rates in other states. Notably, New Jersey cities like Trenton and Atlantic City have some of the fewest "zombie homes," with below-1% rates, indicating strong market performance. The limited supply of vacant homes in New Jersey is fueling ongoing competition among buyers, contributing to a market bottleneck that keeps home prices elevated.

For those interested in the New Jersey real estate market, understanding these trends is crucial, as they highlight the ongoing challenges and opportunities in a tightly held housing market.

For expert insights on the Ocean County real estate market, connect with Dominick Leone, REALTOR® at New Jersey Real Estate.