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In Northern NJ, there were no significant jumps in median sale prices this week. However, a few notable trends emerged. In Bergen, Passaic, and Hudson counties, inventory saw an increase, with Hudson County experiencing the most significant change. Inventory shifted from being down 2% last week to up 18% this week.
It’s important to note that these percentages appear dramatic because inventory levels are still relatively low. For instance, in Hudson County, there were 85 homes for sale at this time last year, compared to 103 this year.
Another key change occurred in Essex County, which saw a substantial drop in days on market—down by 17 days. This could be attributed to either an increase in cash purchases with closings under 30 days or homes being listed at more competitive prices. The data backs that up where the median list price was $599,000 and the median sale price is $655,000.
If you have any questions about the market in your area, feel free to reply to this email or call me.
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