New Jersey's Housing Market: Available Inventory Down in All 21 Counties, Making It Tougher Than Ever for Buyers

New Jersey is facing a home sales inventory crunch, with new listings plummeting in all 21 counties. According to Realtor.com data, the number of new listings in New Jersey decreased by 22.7% in September 2023 compared to September 2022. This is the largest annual decline in new listings since the start of the COVID-19 pandemic.

There are a few reasons for the decline in new listings. First, interest rates have been rising rapidly in recent months, making it more expensive to borrow money to buy a home. This has discouraged some homeowners from listing their homes for sale. Second, the housing market is still very competitive, with many homes selling above their asking price. This has led some homeowners to decide to stay in their current homes rather than sell and move into a new home.

The decline in new listings is putting upward pressure on home prices. In September 2023, the median listing price in New Jersey was $540,000, up from $499,000 in September 2022. This is the highest median listing price on record in New Jersey.

The low inventory of homes for sale is also making it more difficult for buyers to find a home. In September 2023, the average time it took for a home to sell in New Jersey was 26 days, down from 31 days in September 2022. This is the fastest average home sale time on record in New Jersey.

The combination of high home prices and a low inventory of homes for sale is making it a challenging time to buy a home in New Jersey. For some people, this may be another reason to consider moving out of state.

Here is a chart of all the counties in New Jersey and the data from the Realtor.com report:

County	New Listings	% Change	Median Listing Price
Atlantic County	356	−9.18%	$400,000
Bergen County	632	−25.82%	$788,389
Burlington County	472	−19.45%	$379,000
Camden County	516	−14.85%	$299,900
Cape May County	284	−19.77%	$950,000
Cumberland County	120	−32.58%	$250,000
Essex County	404	−18.88%	$513,000
Gloucester County	296	−12.94%	$360,000
Hudson County	436	−14.51%	$618,450
Hunterdon County	148	−7.50%	$654,900
Mercer County	300	−6.83%	$420,000
Middlesex County	556	−19.19%	$495,000
Monmouth County	656	−16.96%	$799,000
Morris County	448	−11.46%	$697,000
Ocean County	952	−13.92%	$539,000
Passaic County	276	−24.18%	$479,000
Salem County	80	−16.67%	$289,000
Somerset County	264	−22.81%	$659,900
Sussex County	216	−18.80%	$385,000
Union County	320	−22.71%	$549,000
Warren County	128	−7.25%	$400,000