ESSEX COUNTY, N.J. – Homebuyers in Essex County continued to face rising prices and limited inventory in June as the median sales price for a single-family home climbed to $961,000, up 9.8% from the same month last year. Despite the increase in prices, closed sales dipped 2.7% while new listings rose 10.1%, according to the latest monthly housing market report released by New Jersey Realtors.
The market remained firmly in sellers’ favor as inventory declined 8.5% to 659 homes, representing just 2.3 months of supply. Homes also sold quickly, spending a median of 23 days on the market, down from 25 days a year earlier, while sellers received an average of 112.2% of their list price.
Single-family prices continue climbing
Although more homeowners listed properties for sale during June, demand continued to outpace supply. Through the first six months of the year, new listings increased 1.1%, but year-to-date closed sales fell 6.1%.
Even with fewer completed transactions, home values continued to appreciate. The year-to-date median sales price reached $800,000, a 4.6% increase over the same period last year.
Townhouse and condo market posts sharp price gains
Essex County’s townhouse and condominium market experienced one of the strongest price increases among all property types. The median sales price surged 41.8% to $560,000 in June while closed sales jumped 37.7% to 95 transactions.
Inventory edged up slightly to 199 homes, representing 2.8 months of supply. Homes spent a median of 32 days on the market, and sellers received an average of 104.3% of their asking price.
Adult community sales remain limited
The adult community segment recorded very few transactions during June, resulting in more volatile year-over-year changes. One home closed during the month compared with two a year earlier, while the median sales price slipped 0.6% to $775,000.
Inventory declined from four homes to one, reducing the available supply to just one-half month. Through the first half of the year, however, the median sales price climbed 36.2% to $831,000 while closed sales remained unchanged at nine transactions.
Why it matters
Essex County’s June housing report points to a market where limited inventory continues to support higher home prices despite a modest decline in single-family sales. Buyers remain willing to compete aggressively for available homes, with sellers receiving well above their asking price on average in the single-family market.
