Is New Jersey's Housing Market Finally Cooling Down? Here's What You Need to Know

Written By Kevin Hill

Is the New Jersey Housing Market Cooling Down?

As spring approaches and the housing market heats up, many are wondering if New Jersey will see an increase in available homes. The good news is that the signs are pointing towards a more balanced market, with more listings hitting the market and homes staying on the market for shorter periods compared to recent months.

Here's a quick breakdown of the current trends:

  • Inventory on the Rise: In February, 19 out of 21 counties in New Jersey saw an increase in new listings compared to January. Additionally, 12 counties saw more new listings this year compared to February 2023.

  • North Jersey Highlights: Morris and Passaic counties experienced the most significant increases in new listings, with 48.82% and 36.67% growth, respectively, compared to January. However, Bergen and Hudson counties, while showing an increase from January, still have fewer listings compared to February 2023.

  • Time on Market Decreases: All 21 counties saw homes selling faster in February compared to January. Sussex County had the longest average listing time at 45 days, while Morris County saw homes sell the quickest at an average of 27 days.

  • Median Listing Prices Up: While some counties saw slight price decreases compared to January, every county in New Jersey had higher median listing prices in February 2024 compared to February 2023. Passaic and Sussex counties witnessed the most significant price increases, with 11.47% and 11.19% growth, respectively.

Overall, the New Jersey housing market appears to be shifting towards a more balanced state. While inventory remains lower than pre-pandemic levels, the increase in new listings and the decrease in average listing times indicate a potential easing of the competitive seller's market that has dominated the market in recent years.

Just a Reminder for Sellers, As Housing Inventory Increases, home prices will stabilize. When there is too much inventory, home prices decrease. Real estate is cyclical like the stock market. Prices do not keep going up and up. Looking to sell? Start your escape here:

https://www.escapefromnewjersey.com/real-estate-agent-finder

County New listings Percent change in new listings Median listing prices Median days on the market
Atlantic County 362 9.04% $397,000 58
Bergen County 608 13.43% $779,495 33
Burlington County 452 30.64% $382,419 32
Camden County 470 33.52% $312,500 37
Cape May County 326 45.54% $899,900 71
Cumberland County 126 10.53% $258,750 50
Essex County 362 -3.72% $499,999 31
Gloucester County 296 46.53% $349,975 44
Hudson County 374 6.25% $649,925 41
Hunterdon County 98 0.00% $668,725 63
Mercer County 260 19.27% $384,500 36
Middlesex County 478 8.64% $499,973 32
Monmouth County 602 14.89% $841,223 38
Morris County 378 48.82% $675,000 27
Ocean County 868 11.57% $553,675 40
Passaic County 246 36.67% $478,750 34
Salem County 76 31.03% $275,725 81
Somerset County 242 32.97% Kevin Hill

Kevin Hill is a 20 year+ real estate professional with Keller Williams Valley Realty in Woodcliff Lake, NJ who escaped to sunny South Florida for 5 years but “Just when I thought I was out, they pulled me back in!” and moved back to the Garden State. If you have any questions or want to see a topic covered in my blog, contact me at Kevin@escapefromnewjersey.com or 201-214-1349.

https://www.escapefromnewjersey.com
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