Perth Amboy Housing Market Update

There were 27 homes sold in Perth Amboy in September 2021. It was reported by Redfin, in September, Perth Amboy home prices were up 29.1% compared to last year, selling for a median price of $398K. This increase is higher than the statewide increase of 12%. There were 66.7% of homes sold over list price, and the housing market is viewed as competitive, with homes receiving multiple offers. The NJ residential real estate market has benefitted from low interest rates brought on by the pandemic economy. Buyers are motivated by the low rates on mortgages, but face a low housing inventory, with high demand that have driven up prices.