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Latest News in Real Estate
Mortgage applications increased this week, even though rates moved a bit higher. That sounds like good news, but here in Northern New Jersey, the main problem is still the same: we do not have enough homes for sale.
Bergen County
New listings dipped 11%, but prices stayed steady, up just 1% from last week. Bergen continues to be the county where homes take the longest to sell.
Essex County
Prices are flying high. New listings are up 8%, and the median sale price jumped 10%, which is an increase of about $41,000.
Passaic County
New listings have dropped sharply. Last week they were up 4%, but now they are down 7% from last year. Home sales, however, stayed relatively flat.
Morris County
New listings fell 10%, which is actually a 5% improvement from last week’s numbers. Prices are unchanged from last year. Morris remains the fastest-moving county, with homes selling the quickest.
Hudson County
The median sale price pushed well above 2024 levels. Prices are now up 5% after being down 2% just last week. New listings also rose, up 4%.
Overall, demand is still strong, and buyers are clearly active, but low inventory continues to hold back the market across Northern NJ.
