Market Data by County

Data From: 02/03/25 - 03/02/25

NJ County	New Listings	Median Sale Price	Days On Market/YoY
BERGEN	139 (-3%)	$709k (4%)	86 / 2
ESSEX	125 (0%)	$624k (14%)	54 / 2
PASSAIC	57 (-22%)	$536k (6%)	54 / 1
MORRIS	82 (-16%)	$612k (-2%)	35 / 9
HUDSON	118 (-3%)	$658k (-3%)	58 / 0

*ABOVE IS THE MOST RECENT Year-Over-Year DATA FROM REDFIN

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What’s Next? Spring Market and Interest Rate Impact

Is 6.5% The Magic Number?

Rates continue to move in the right direction and are now at their lowest levels so far this year, trending toward 6.5% on a 30-year fixed. We all know inventory is extremely low, especially if you've been reading my charts. But there's something crucial to note: the last time rates went below 6.5%, in August and September 2024, there was an unexpected surge in inventory! That only ended when the Feds cut their rates, then mortgages shot back above 7%, leading to a miserable December for real estate sales.

So, is this a good sign for a very active spring market with more new listings and pending sales? It appears that way to me. Let's hope this inventory issue finally breaks in our area.

Here are the latest rates for a 30-year Fixed for March 6, 2025:

Zillow Mortgage API: 6.58%
The Mortgage Research Center: 6.67%
Bankrate: 6.66%
Freddie Mac: 6.63%
Investopedia (via Zillow Mortgage API): 6.58%

The "Market Data By County" Chart:

I have a lot to say about the Northern NJ county chart above, so I wrote about it here.

If you have any questions about the market in your area, feel free to reply to this email or call me.

Comparing the U.S. Market to New Jersey

U.S. vs New Jersey	# of Homes For Sale	Median Sale Price
U.S.	1,560,263 (12.1%)	$417,968 (4.0%)
New Jersey	21,720 (3.7%)	$537,600 (8.8%)

Today's Mortgage Rates : Daily Index

View today's current mortgage rates with our national average index, calculated daily to bring you the most accurate data when purchasing or refinancing your home. Follow our daily market analysis with Mortgage Rate Watch and we'll tell you where and why rates are moving.

Northern NJ Homes For Sale by County

Bergen County	Essex County	Passaic County
Morris County	Hudson County	Union County

30-Year Mortgage Rates Jump, Breaking 9-Day Streak of Declines - Mar. 6, 2025

After falling every day for almost two weeks-setting a new four-month low-30-year mortgage rates have now moved a bit higher. Rates climbed for most other loan types too.

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Your Real Estate Concierge | Buy & Sell Homes In NJ | Joseph D Charles - Prominent Properties Sotheby's International Realty

Looking to buy, sell or invest in a home or property in Northern NJ? I provide concierge-style real estate service, offering expert guidance, data-driven insights, and worry free experience. Isn't that what you would expect from a real estate agent?