As of the moment I write this on February 19, 2025, according to the Garden State MLS, there are only 34 homes for sale in Wayne, NJ, that includes single-family homes, condos, and townhomes. Of those for sale, just 20 have been listed in the last 30 days, and seven are priced over $1 million.
Why Are Home Prices So High?
Have you come across a home listing on Zillow or Facebook in town and thought, “That much for that house?!”, only to see it quickly go under contract and sell for even more than the asking price? This is why. The severe lack of available homes has created an ultra-competitive market where demand continues to outpace supply, driving prices higher. It’s no wonder the average first-time home buyer this year reached the age of 38!
How Today’s Inventory Compares to the Last 10 Years
Back in January 2015, there were 256 active listings for the month in Wayne Township, and at its peak in June of that same year, the inventory reached 362 homes. Fast forward to 2024, and the number of available homes for sale dropped dramatically. In January 2024, only 45 homes were listed, with an unexpected peak in November at just 90 homes—a 75% decrease from the peak of 2015!
Pulling back a bit more from the data, New Jersey MLS shows that since November 2021, there has only been one month where active listings surpassed 100 homes, reaching 111.
Wayne, NJ Active Listings Per Month Jan 2015 - Jan 2025
Comparing Inventory Pre-Pandemic vs. Today
When comparing pre-pandemic inventory to the last two years, these numbers should reveal just how extreme the shortage has become:
Listing Per Month in Wayne, NJ (Average)
- 2018 – 2019 Average Listings: 226 homes per month
- 2023 – 2024 Average Listings: 63 homes per month
- Overall Decrease: 72%
This data underscores just how drastically inventory levels have changed—and why today’s market remains so competitive for buyers, and why homes are selling for extremely high amounts.
Comparing Sale Prices Pre-Pandemic vs Today (Early 2025)
To compare prices, according to the NJMLS, the median closing price on a home in January 2015 was $427,500. Fast forward to January 2025, and that number has soared to a whopping $820,750. Looking just one month back, the median closing price in December 2024 was $655,000.
Wayne, NJ Median Sale Price Per Month Jan 2015 - Jan 2025
Why Such a Difference?
I believe that was an anomaly to see a nearly $200,000 median sale increase in one month because closings typically reflect contracts signed the month prior. December 2024 had only 15 homes for sale, and it appears that more than half of the homes that closed in January 2025 sold for $815,000+.
There are many pent-up buyers in this market, and many of them have homes for sale. What everyone seems to be waiting for, according to most experts, is the interest rates to come down. The belief is that once that happens, we will see an uptick in inventory and a buyer frenzy.
Why Is Housing Inventory So Low?
There are a few key reasons behind the current lack of inventory. The most obvious is that many homeowners are holding onto historically low interest rates between 2.5% and 4%, making it difficult to justify selling when today’s rates are significantly higher. At the same time, home prices have risen approximately 52% in the last five years, further adding to affordability concerns. Many homeowners who would like to sell find themselves asking, “Where am I going to go?”—a hesitation that keeps them from listing their homes. As a result, some are choosing to stay put and "wait out the market," while others are tapping into their home’s equity to renovate and better fit their current needs. Until there’s a major shift in interest rates or market conditions, inventory will likely remain low. However, opportunities to sell, buy, or relocate still exist—with the right guidance and strategy.
The Northern NJ Market As A Whole
There are many pent-up buyers in this market, and many towns have too few homes for sale. Some towns won't see a new listing for days and may have less than five homes total for sale.
What everyone seems to be waiting for, according to most experts, is for the interest rates to come down. The belief is that once that happens, we will see an uptick in inventory and a buyer frenzy.
If you would like to know more about your town or home--Reach out!
I'd be happy to go over a customized report for your property or neighborhood.
