Market Data by County

Data From 06/10/24 - 07/11/24

NJ County	New Listings	Median Sale Price	Days On Market
BERGEN	192 (-1%)	$728k (8%)	67 / -1
ESSEX	134 (-10%)	$697k (17%)	23 / -8
PASSAIC	78 (-4%)	$538k (10%)	24 / -10
MORRIS	116 (6%)	$698k (14%)	15 / -1
HUDSON	114 (-3%)	$716k (10%)	32 / -1

*ABOVE IS THE MOST RECENT YTD DATA FROM REDFIN

The Odds of Interest Rate Cuts Happening

in September are 90% Likely

As predicted, it is very likely the one promised rate cut for 2024 will happen in September as the implied odds of the Feds doing this has shot up to 89% from 73% last Wednesday. This is thanks to inflation finally dropping by 0.1%, which is a great improvement from it going up by multiple percentage points every month this year.

It may also be encouraging that interest rates have been coming down as a reflection of this to around the 6.5% range, down from the low 7's.

Click here for last week's email

If you have any questions on a property or town in NJ,

reply to this email and I will send you the info.

Comparing the U.S. Market to New Jersey

U.S. vs New Jersey	Home For Sale	Median Sale Price
U.S.	+15.7%	+4.8%
New Jersey	+1.0%	+11.4%

NJ Demand:

New Jersey has seen an increase of 5,000 people moving here. Meanwhile, New York is seeing 37,000 people wanting to leave.

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.

All Northern NJ Homes For Sale!

Bergen County	Essex County	Passaic County
Morris County	Hudson County	Search All

Mortgage Forecast: Will Rates Go Down in 2024?

Mortgage interest rates are expected to decline gradually in 2024, but most economists don't expect the 30-year fixed rate to fall below 6% until 2025, according to a U.S. News analysis.

Just Sold For $125,000 Over Asking in Garfield, N

Just sold this two-family home here in Northern NJ for $125,000 over asking! I was able to attract 148 individual showings, 35 offers and nearly 20% more than we listed it for.

Multi-family's are the most desired property's to purchase thanks to them having the largest buyer pool. If you are considering buying or selling a property like this, reach out and I'd be happy to talk you through it.