Market Data by County

Data From: 06/02/25 - 06/29/25 (only "New Listings" Updated this week)

NJ County	New Listings	Median Sale Price	*DOM (YoY)
BERGEN	192 (-9%)	$765k (5%)	66 / -4
ESSEX	155 (0%)	$749k (9%)	23 / -1
PASSAIC	97 (15%)	$586k (5%)	22 / -6
MORRIS	131 (-4%)	$698k (-3%)	18 / -2
HUDSON	136 (-3%)	$700k (5%)	42 / -7

ABOVE IS THE MOST RECENT Year-Over-Year DATA FROM REDFIN | *DOM = Days on Market

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NJ State "Mansion" Tax Increase IMPLEMENTED

The Tax Has Been Implemented

Last week I mentioned this proposal but now it's official as of Monday, June 30th. Here's what's going on as simply as I can put it.

Any purchases of residential property, and most commercial property, that exceeds a $1,000,000 sale price after July 10, 2025 will have an additional 1% fee charged to the seller of that property.

Prior to this change, buyers were forced to pay a 1% tax on their side, known as the "mansion" or "luxury" tax. Buyers will no longer pay that fee after said date.

If there is already a contract active before July 10, and closes before November 15, the seller will be able to request a rebate of this new tax. The seller will not be able to avoid paying it upfront, however.

It also is a scalable tax and will add an additional percentage (shown below) for every $500,000 of a purchase price starting at $2,000,000. The final tier will be at $3,500,000 and above.

If you want the break down charts or more information on this, just send me an email.

Comparing the U.S. Market to NJ

(year-over-year)

U.S. vs NJ	# of Homes For Sale	Median Sale Price
U.S.	2,098,681 (16.2%)	$440,892 (0.6%)
New Jersey	30,733 (7.3%)	$560,300 (5.3%)

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.

HAPPY 4TH OF JULY !

HAVE A SAFE AND HAPPY WEEKEND OF CELEBRATION!

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

Notable Market Update:

Inventory Is Climbing!

The U.S. hit 2 Million Homes For Sale

Last time that happened was July 2020

New Jersey hit 30,000 Homes For Sale

Last time that happened was November 2022

It's still a seller's market in NJ but, buyers are gaining ground.

Realty Transfer Fee Calculator › NJ REALTORS®

Realty Transfer Fee Calculator This calculator provides an estimate of the RTF that you will need to pay when you sell real property in New Jersey.

The Dream Home That Was Hiding in Plain Sight: The Story Behind 38 Birchwood Terrace, Wayne NJ - New Construction Home

Discover the transformation of 38 Birchwood Terrace in Wayne, NJ-an old, half-destroyed house rebuilt into one of the nicest new construction homes in town. Read how this project came to life, what made the lot so valuable, and why acting early matters in today's real estate market.