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Inventory remains down across Northern New Jersey this week, with new listings lower year over year in every county. Prices overall are steady, but Essex and Passaic Counties stood out with major jumps in median sale price.
In Essex County, inventory has now dropped to the lowest level I can track going back to 2023. Median sale price jumped to $675,000, up $73,000 from last week and up 12% year over year. Homes are also selling faster, which shows how limited supply is pushing prices higher.
Passaic County also saw a big move. Median sale price rose from $582,000 last week to $623,000, now up 18% year over year.
Across Bergen, Morris, and Hudson Counties, inventory remains lower than last year but prices were relatively steady this week while homes are selling at about the same pace.
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