Market Data by County

Data From 05/13/24 - 06/09/24

NJ County	New Listings	Median Sale Price	Days On Market
BERGEN	232 (1%)	$719k (11%)	70 / 0
ESSEX	157 (-2%)	$669k (18%)	29 / 2
PASSAIC	98 (12%)	$559k (14%)	30 / -2
MORRIS	132 (2%)	$727k (22%)	15 / -1
HUDSON	145 (17%)	$654k (5%)	34 / -20

*ABOVE IS THE MOST RECENT YTD DATA FROM REDFIN

FEDERAL RESERVE CHANGES PROMISE

The Federal Reserve said yesterday that they will be scaling back their estimate of three cuts this year down to just one. This is because inflation, although technically slowing down, is still way up. In order for them to make a cut, the inflation rate will need to come down significantly. According to a company who tracks this, the prediction is that there is a 49% chance for the cut to happen in September.

As far as Northern NJ, prices keep on rising and inventory is going above the 2023 numbers. That's great news but it's not enough. Hudson county sale prices are coming down, which is likely due to it's surge in inventory. We'll keep watching.

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Comparing the U.S. Market to New Jersey

U.S. vs New Jersey	Home For Sale	Median Sale Price
U.S.	+13.8%	+5.1%
New Jersey	+0.0%	+12.2%

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
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Federal Reserve sees some progress on inflation but envisions just one rate cut this year

Federal Reserve officials said inflation has fallen further toward their target level in recent months but signaled that they expect to cut their benchmark interest rate just once this year.