New Jersey’s real estate market saw more new home listings and properties staying on the market longer in October, but also increasing home prices.
Overall, October marked the 12th consecutive month of inventory growth across the nation, reported Realtor.com. With 29.2% more homes actively for sale than at this time last year, the number of homes actively for sale is the highest it has been since December 2019.
Homes for sale across the nation stayed on the market for about 58 days, which is eight more days than at this time last year and three more days than last month, Realtor.com said. That made this past month the slowest October in five years.
As for interest rates, the median rate on a 30-year fixed-rate mortgage was 6.88% as of Oct. 31, the Wall Street Journal reported. And the median interest rate on a 15-year fixed-rate mortgage was 6%.
This is how North Jersey’s real estate market performed in October, data from Realtor.com showed.
How much has North Jersey’s housing inventory changed?
Thirteen of New Jersey’s 21 counties had an increase in new listings compared with October 2023, and seven counties saw more listings compared with September.
In North Jersey, the counties of Bergen, Morris and Hudson all had more new listings in October than at this time last year. And the counties of Passaic, Essex and Sussex had a decrease in new listings compared with this time last year.
Bergen: 756 (4.71%).Passaic: 294 (-0.68%).Morris: 494 (28.65%).Essex: 390 (-1.52%).Sussex: 180 (-18.18%).Hudson: 382 (1.6%).
Compared with September, Passaic was the only North Jersey county to see an increase in new listings. With 294 new listings, Passaic County saw a 5.76% increase from September. Otherwise, all other North Jersey counties saw new listings decrease from the previous month.
Bergen: -12.7%.Morris: -0.4%.Essex: -25.29%.Sussex: -6.25%.Hudson: -20.75%.
How long are North Jersey homes staying on the market?
Compared with October 2023, 13 New Jersey counties had active listings stay on the market for a longer period. And when compared with September 2024, active listings stayed on the market longer in 11 counties.
The North Jersey counties of Passaic, Morris, Sussex and Hudson had homes stay on the market for more days in October than this time last year, while Bergen and Essex had homes stay on the market for fewer days.
Bergen: 33 days (-8.45%).Passaic: 31 days (8.77%).Morris: 32 days (3.23%).Essex: 36 days (-4.05%).Sussex: 50 days (27.22%).Hudson: 43 days (21.13%).
When compared with the previous month, Essex, Sussex and Hudson counties had homes stay on the market longer in October. In contrast, the counties of Bergen, Passaic and Morris had homes stay on the market for fewer days.
Bergen: -0.76%.Passaic: -8.82%.Morris: -12.33%.Essex: 7.58%.Sussex: 27.22%.Hudson: 1.18%.
What about North Jersey median home prices?
Of New Jersey’s 21 counties, 17 had an increase in median listing prices from October 2023. And when compared with September 2024, 14 counties had an increase in median listing prices.
In North Jersey, Hudson was the only county to see a decrease in median listing prices compared with this time last year. Hudson County had a 0.01% decrease, with a median listing price of $649,947. Otherwise, all other North Jersey counties saw prices increase.
Bergen: $779,500 (0%).Passaic: $549,333 (15.66%).Morris: $738,422 (7.41%).Essex: $571,000 (12.4%).Sussex: $427,500 (7.04%).
Compared with September 2024, the counties of Passaic and Morris saw an increase in median listing prices, while the counties of Bergen, Essex, Sussex and Hudson saw a decrease in median listing prices.
Bergen: -0.16%.Passaic: 1.73%.Morris: 1.93%.Essex: -1.13%.Sussex: -1.16%.Hudson: -2.26%.
New Jersey’s most expensive towns
Realtor.com also recently released a list of the 10 most expensive towns in New Jersey at this point in 2024.
Topping the list is the Monmouth County town of Deal, with a median home price of $6.27 million. And not far behind in second is Alpine, with a median home price of $5.39 million.
The other towns on the list are No. 3 Mine Hill Township ($3.96 million); No. 4 Sea Girt ($2.82 million); No. 5 Mantoloking ($2.29 million); No. 6 Stone Harbor ($2.22 million); No. 7 Avon-by-the-Sea ($2.16 million); No. 8 Millburn/Chatham ($2.01 million); No. 9 Avalon ($1.84 million); and No. 10 Longport/Egg Harbor Township ($1.73 million).
Here’s how all 21 New Jersey counties performed in October:
Maddie McGay is the real estate reporter for NorthJersey.com and The Record, covering all things worth celebrating about living in North Jersey. Find her on Instagram @maddiemcgay, on X @maddiemcgayy, and sign up for her North Jersey Living newsletter. Do you have a tip, trend or terrific house she should know about? Email her at MMcGay@gannett.com.
