What looked like some hopefulness returning to the Northern NJ housing market over the past two weeks came to a quick halt. According to Redfin data, new listings have dropped below 2025 levels when compared to the same time last year. That shift matters, and it's worth understanding what's behind it.
If you pull back to the NY Metro and Newark Metro area for a wider view, there's nearly a 10% decrease in inventory showing for both. And if you look at all pending sales across the region, those numbers are also below last year — with one notable exception being Morris County, which is showing almost a 1% increase.
"When the news reports on the real estate market, they're talking about national numbers. New Jersey is a very different story — and always has been."
County Market Snapshot
Data from 03/09/26 – 04/05/26 | Year-over-year comparison | Source: Redfin
| County | New Listings | Median Sale Price | Days on Market | vs. Last Week |
|---|---|---|---|---|
| Bergen | 189 (-8%) | $765,000 (+7%) | 76 | -4 days |
| Essex | 150 (-10%) | $676,000 (+4%) | 46 | -1 day |
| Passaic | 77 (-3%) | $600,000 (+11%) | 49 | 0 |
| Morris | 118 (-4%) | $681,000 (+8%) | 22 | -6 days |
| Hudson | 138 (-19%) | $721,000 (+8%) | 46 | -11 days |
*DOM = Days on Market. Year-over-year data from Redfin.
What's Driving the Drop in Listings?
We know that interest rates moving back up to the mid-6% range hasn't helped motivate sellers who already locked in lower rates. When rates made that quick half-point jump from around 6%, seller momentum shifted noticeably. We did see a slight dip in rates recently following the Iran ceasefire, so that's something to watch, but we're not out of the woods yet.
Some headlines are pointing to Easter and Spring Break as the culprit for slower activity. I've looked at the historical data, and I don't see it supporting that explanation. The inventory picture is more structural than seasonal right now.
How New Jersey Compares to the Country
NJ vs. National Market
Year-over-year comparison | April 2026
| Market | Homes For Sale | Median Sale Price |
|---|---|---|
| United States | 1,742,102 (+0.8%) | $429,129 (+0.9%) |
| New Jersey | 23,647 (+1.6%) | $539,300 (+3.6%) |
Source: Redfin. When the news covers real estate, they are reporting on national figures. New Jersey consistently tells a different story.
What This Means If You're Buying Right Now
The hesitation from some buyers because of current events is creating a real opportunity for those who remain active in their search. There is less competition at the moment, which opens more room for negotiation. If you're ready and financially positioned, sitting on the sidelines waiting for the "perfect" rate while prices continue to rise is a trade-off worth thinking carefully about.
What This Means If You're Selling Right Now
It is still a great time to sell. Prices are holding, and in most counties they're up meaningfully year over year. That said, sellers should price realistically. Going too high can result in plenty of activity given the low inventory, but very few actual offers. The market rewards smart pricing right now more than it rewards wishful thinking.
Understanding your home's current value and equity is always the right starting point, whether you are thinking about making a move or just staying informed. I have a free tool that tracks your estimated home value and can send a monthly update so you always know where you stand.
