The real estate market in ♏North Jersey had an interesting month in October 2024.
More homes were li🐬sted for sale, but prices continued to rise, and homes stayed on the market longer than be🎶fore.
Whether you’re buying or selling, it’s important to know how things 🐽are shifting in your area.
Here’s a detailed look at what happened in the North J🍒ersey housing market last month.
- 13 of New Jersey’s 21 counties listed more homes than October 2023.
- Most counties saw home prices increase. Some places, like Passaic, Morris, and Essex counties, saw big jumps in prices, even double digits.
- The average rate for a 30-year fixed mortgage in October was 6.88%, making home financing more expensive.
More Homes Listed, But Longer Waits for Buyers
October saw a rise in th𝔉e number of homes liste♉d for sale in North Jersey.
Thirteen out of the 21 counties in New Jersey haಞd an increase in new listings compared to October 2023.
However, ꦏwhile there were more homes on the market, it’s taking longer for buyers to actually close on a deal.
In fact, many counties saw homes staying on the market longer thanᩚᩚᩚᩚᩚᩚᩚᩚᩚ𒀱ᩚᩚᩚ last year.
For example, Passaic, Morris, and Sussex counties saw an increase in the length of time homes stayed on the market, while B💦ergen and Essex counties saw a slight improvement, with homes selling faster.
How Did the Counties Compare?
- Bergen County: 756 new listings (up 4.71% from last year)
- Passaic County: 294 new listings (down 0.68% from last year)
- Morris County: 494 new listings (up 28.65% from last year)
- Essex County: 390 new listings (down 1.52% from last year)
- Sussex County: 180 new listings (down 18.18% from last year)
- Hudson County: 382 new listings (up 1.6% from last year)
Compared to September 2024, Passaic was the only county with an increase in new 🐻listings.
The rest of the counties saw fewer listings than the previous month, with Berg꧒en and Hudson seeing some of the largest drops.
Homes Are Staying on the Market Longer
Not only are there more listings, but homes are also staying on the ma🐭rket longer.
✱In Octobeღr 2024, 13 counties saw a longer time for homes to sell compared to October 2023.
The counties of Passaic, Morris, Sussex, and Hudson were amon💟g those with the longest wait times.
Here’s how꧅ long homes were on the mar♏ket in North Jersey counties:
- Bergen County: 33 days on the market (down 8.45% from last year)
- Passaic County: 31 days on the market (up 8.77% from last year)
- Morris County: 32 days on the market (up 3.23% from last year)
- Essex County: 36 days on the market (down 4.05% from last year)
- Sussex County: 50 days on the market (up 27.22% from last year)
- Hudson County: 43 days on the market (up 21.13% from last year)
Compared to September 2024, Sussex County saw the biggest increase in the time homes stayed on the🐟 market, jumping 27.22%.
On the other hand, homes sold faster in Bergen, Passaic, and Morris countiesᩚᩚᩚᩚᩚᩚᩚᩚᩚ𒀱ᩚᩚᩚ in October than in September.
Home Prices Are Going Up
As for prices, things aren’t slowing down.
Most counties saw an increase in the median 🐭listing price fro🐻m October 2023.
Of New Jers𒁏ey’s 21 counties, 17 saw prices rise, while൲ 14 saw increases compared to September 2024.
Here’s a look at the median lis☂ting prices iꦇn North Jersey:
- Bergen County: $779,500 (no change from last year)
- Passaic County: $549,333 (up 15.66% from last year)
- Morris County: $738,422 (up 7.41% from last year)
- Essex County: $571,000 (up 12.4% from last year)
- Sussex County: $427,500 (up 7.04% from last year)
- Hudson County: $649,947 (down 0.01% from last year)
Compared to September 2024:
- Bergen: -0.16%
- Passaic: +1.73%
- Morris: +1.93%
- Essex: -1.13%
- Sussex: -1.16%
- Hudson: -2.26%
Most of the counties saw a price increase, with Passaic County having the l෴argest jump atꩵ 15.66%.
As we can see, Hudson Countꦰy was the only area with a slight price drop.
The Cost of Finance a Home in North Jersey
It’s not just the prices going up—financing a ಞhཧome is also getting more expensive.
At the end of October, the median interest rate on a 30-year fixed mortgage was 6.88%, whic🍬h is still high compared to previous years.
This makes buying a home even harder for those trying to lock in a 🦩reasonable mo👍rtgage rate.
In actuality, some counties in North Jersey are amoꦗng the most expe✤nsive places to finance a home.
For example:
- Cape May County: Total financing cost of $1.49 million
- Monmouth County: Total financing cost of $1.46 million
- Bergen County: Total financing cost of $1.4 million
These high financing costs can make it mor♛e difficult for buyers to afford a home, especially as prices and mortgage rates climb.
Full Breakdown of All 21 New Jersey Counties in October 2024
Here’s a complete list of how each county in New Jওersey performed in October 2024, showing the number of new listings, median listing p🔴rices, and the length of time homes stayed on the market:
| County | New Listings | Percent Change in Listings | Median Listing Price | Percent Change in Price | Median Days on Market |
| Atlantic County | 362 | 0.0774 | $399,950 | -3.59% | 54 |
| Bergen County | $756.00 | 0.0471 | $779,500 | 0% | 33 |
| Burlington County | $552.00 | 0.0698 | $389,450 | $0 | 32 |
| Camden County | $574.00 | 0.1389 | $349,844 | $0 | 34 |
| Cape May County | $330.00 | 0.1379 | $891,694 | -3.75% | 57 |
| Cumberland County | $142.00 | 0.1639 | $299,850 | $0 | 49 |
| Essex County | $390.00 | -1.52% | $571,000 | $0 | 36 |
| Gloucester County | $360.00 | 0.1392 | $372,225 | $0 | 32 |
| Hudson County | $382.00 | 0.0016 | $649,947 | -0.01% | 43 |
| Hunterdon County | $158.00 | 0% | $677,750 | $0 | 40 |
| Mercer County | $310.00 | -0.64% | $470,950 | $0 | 41 |
| Middlesex County | $610.00 | 0.1509 | $546,725 | $0.10 | 38 |
| Monmouth County | $676.00 | -0.88% | $824,607 | $0.04 | 47 |
| Morris County | $494.00 | 0.2865 | $738,422 | $0.07 | 32 |
| Ocean County | $934.00 | 0.0566 | $574,975 | $0.08 | 43 |
| Passaic County | $294.00 | -0.68% | $549,333 | 0.1566 | 31 |
| Salem County | $92.00 | 0.0952 | $302,500 | 0.1 | 47 |
| Somerset County | $302.00 | 0.1527 | $701,348 | 0.0695 | 31 |
| Sussex County | $180.00 | -18.18% | $427,500 | 0.0704 | 50 |
| Union County | $290.00 | -12.12% | $592,000 | 0.0783 | 33 |
What Does This Mean for You?
The North Jersey housing market in October 2024 shows a mix of opportunit𒊎ies and challenges.
More homes are being listed,🎉 but with prices rising and interest rates still high, it’s ꩵa competitive market.
If you pl𒁏an t🙈o buy, expect homes to take longer to sell, and be prepared for higher prices.
If you’re selling, now could be a good timeও, especially in counties like Passaic and Morris, where prices have surged.
Staying on top of these trends can help you d𒈔ecide whether to buy or sell in this busy and evolving market.
