Market Data by County

Data From: 04/14/25 - 05/11/25

NJ County	New Listings	Median Sale Price	Days On Market/YoY
BERGEN	197 (-6%)	$751k (13%)	66 / -1
ESSEX	159 (0%)	$695k (12%)	32 / +1
PASSAIC	78 (-12%)	$589k (6%)	28 / -4
MORRIS	127 (-12%)	$693k (5%)	17 / +2
HUDSON	140 (-10%)	$709k (3%)	35 / -3

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

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Inventory and a Note To Buyers

Inventory Still Dropping Below 2024

We're still seeing housing inventory below 2024 but the numbers aren't running away across NNJ. Essex county is just about the same as last year, Bergen county gained 4%, Hudson gained 9%, and Passaic county gained 5% from last week. With the improved economic news, I think we will see these numbers rise above 2024 levels again in the next few weeks.

A Note to Buyers

For buyers in NJ, I think this is a good time to look for a home than it will be when rates drop. If the mortgage interest rates dip below 6.6%, the data shows it's going create so much more competition. Even if it causes more homes available for sale, and it will in my opinion, the amount of buyers submitting offers per home will be even more than now. Consider that there are many homeowners wanting to buy a new property but are also waiting for interest rates to drop. Those sellers will become buyers as well, adding to the buyer pool. Start looking before that happens. You can always refinance to the lower rate down the road.

Questions on any real estate topic, reply to this email to reach out to me directly 973-715-8766

Comparing the U.S. Market to New Jersey

(year-over-year)

U.S. vs New Jersey	# of Homes For Sale	Median Sale Price
U.S.	1,926,455 (14.5%)	$437,942 (1.4%)
New Jersey	22,117 (-0.47%)	$520,700 (9.2%)

Note: When the news reports on the real estate market, they’re referring to national data. New Jersey is very different from the rest of the country.

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

Economic News

Inflation has dropped once again to 2.3% (a 4-year low) from 2.4%, that is incredible news. (Increasing the chance the Feds will cut rates)
Mortgage interest rates eased a bit to approximately 6.86%.
Stock market returned gains for this year

Expanding on Inflation News:

According to the Bureau of Labor Statistics:

Housing costs rose +4% from last year
Energy costs fell -3.7% from last year
Food prices rose +2.8% from last year but dropped -0.4% from March 2025

AI didn't break New Jersey's housing market. Politicians did | Opinion

Until New Jersey commits to a pro-growth agenda that supports new development, residents will remain trapped in a cycle of rising costs.

What To Do This Weekend in NJ

Things to Do in New Jersey in May - 2025

Birds are chirping, summer is on the horizon and the great Garden State is filled with exciting things for the whole family to do. From award-winning wines to jazzy showtimes. Blissful beaches to bronco riding and bird-watching locations that are among the top in the nation.