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County Data Overview
Most reports across Northern NJ show a year over year drop in inventory, except for Bergen County. Prices continue to rise above 2024 levels in most areas. Morris County, however, has seen homes sell for less for two weeks in a row compared to the same time last year. My guess is the market there has just leveled off. Last year around this time, homes were selling for 17 to 21% over asking, with similar mortgage rates and inventory levels of today.
Market Softening?
As far as the market "softening", I'd say some agents have told me this to be their experience very recently, and I have seen it to. Is that happening overall in Northern NJ? No. But certain towns are experiencing a bit of a market shift while others are still super strong. It always comes down to the data and mindset of those currently in that specific market. Whether it be rental properties, commercial, or residential...there's not just one market.
I mentioned last week the market has been on a rollercoaster. So, I will maintain my best to observe and report just the data I find and experience personally, as best I can.
Questions on any real estate topic, reply to this email.
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