Real estate update: These NJ counties saw home inventory increase in April

Maddie McGay, NorthJersey.com
Updated 3 min read
0

Once again, New Jersey saw an increase in both home prices and new inventory in April compared with the same time last year.

The number of active home listings in April grew by 30.4% across the nation, marking the sixth straight month of inventory growth, said Realtor.com's April 2024 Monthly Housing Market Trends Report. Additionally, there was more activity from home sellers this past month, with a 12.2% increase in new home listings compared with last year.

In the New York metropolitan area specifically, the number of active listings decreased by 1.2%, but the number of new listings increased by 2.4%. And of the properties for sale, 7.1% saw price reductions.

Across the nation, the number of active home listings in April increased by 30.4%, marking the sixth straight month of inventory growth.
Across the nation, the number of active home listings in April increased by 30.4%, marking the sixth straight month of inventory growth.

This is how the North Jersey real estate market looked in April, based on recent data from Realtor.com.

How much has North Jersey's housing inventory changed?

Across New Jersey, 13 counties saw an increase in new home listings compared with April 2023. The number of new listings also increased in 18 New Jersey counties compared with March.

In North Jersey, the counties of Passaic, Essex and Hudson all saw inventory increases from last year. Passaic County saw 302 new listings in April — a 14.39% increase from 2023 and a 19.84% increase from last month — while Hudson County saw an 11.21% increase from 2023 and a 37.23% increase from last month, with 516 new listings. And, Essex County had 490 new listings in April, a 4.7% increase from 2023 and a 7.46% increase from last month.

While Bergen and Morris counties saw 900 and 542 new listings in April — a 19.05% and 15.81% increase from last month, respectively — both counties had fewer homes for sale than at this time last year.

With 214 new listings in April, Sussex was the only county to see inventory decrease from both last year (2.73%) and last month (0.93%).

How long are North Jersey homes staying on the market?

In April, a majority of New Jersey counties saw active listings stay on the market for a shorter period of time.

Homes in Morris and Bergen counties are staying on the market for the shortest period of time in North Jersey, at 21 and 24 days, respectively. Listings are staying on the market for 26 days in both Passaic and Essex counties, while homes stayed on the market for about 35 and 38 days, respectively, in Sussex and Hudson counties.

What about median listing prices?

Overall, median home prices continued to increase in just about every New Jersey county compared with April 2023. And 15 New Jersey counties saw median home prices increase from last month.

With a median home price of $582,250, Essex County saw the great increase in median home prices from last year, at 16.47%. In Bergen and Passaic counties, home prices increased by 8.02% and 8.35%, with median listing prices of $787,495 and $487,500.

The median home prices in Sussex and Hudson counties are $399,900 and $656,750 — 6.64% and 6.36% increases from last year — while Morris County had a price increase of 1.18% and a median home price of $698,750.

Here's how all 21 counties stacked up in April:

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.

This article originally appeared on NorthJersey.com: NJ real estate: Counties that saw home inventory increase in April

Advertisement

Recommended Stories

  • Homes are overvalued in most of the US – and the problem is worse in these 5 states

    A new report from Fitch Ratings showed that home prices are overvalued in 90% of U.S. metro areas – but the problem is most pronounced in five states.

  • Housing experts revise mortgage rate forecasts for remainder of 2024

    Experts are revising their forecasts about mortgage rates and home prices for the rest of the year.

  • A $10 Billion Real-Estate Fund Is Bleeding Cash and Running Out of Options

    A long line of investors in Starwood Real Estate Income Trust, known as Sreit, want their money back.

  • Dave Ramsey: Real Estate Can Boost Your Wealth, But It's No Easy Ride

    Financial guru Dave Ramsey is a big fan of investing in real estate, but he warns that it's not as easy as online "experts" would have you believe. A robust real estate investment strategy can significantly enhance your net worth and generate substantial additional income. However, it takes a lot of work and patience to succeed when it comes to investing in properties, according to a May 14 blog post on the Ramsey website. "Investing in real estate takes a ton of work," the post states. "It's no

  • Fastest-Growing Cities In The U.S. Include Surprising Newcomers

    The latest population data from the U.S. Census Bureau has revealed some unexpected trends in urban growth across the nation.Cities like Celina, Texas, have emerged as the fastest-growing areas, boasting a population increase of 26.6% from July 2022 to July 2023. The city's growth rate is more than 53 times the national average of 0.5%, suggesting a shift toward smaller, less well-known cities. Driving the trend is a combination of factors, including job opportunities, affordable housing, and hi

  • Grant Cardone Hunts For Multifamily Deals In Sun Belt As Market Struggles With Declining Rents

    Real estate mogul Grant Cardone is looking for multifamily deals in overbuilt Sun Belt markets, which are witnessing some of the biggest rent declines in America. In an interview with Indianapolis-based multifamily investor Gray Capital, Cardone said he'd looked at multifamily deals in multiple Sun Belt markets, but the competition is stiff. "We were looking at some deals in Phoenix, and I thought we were going to be able to grab them, but there's so much action on these deals," Cardone said. "W

  • Is the housing market going to crash? What the experts are saying

    The market keeps defying expectations. But experts agree that a housing market crash is not imminent.

  • The lock-in effect is keeping homes off the market. How long will it last?

    Homeowners are staying on the sidelines of the housing market, biding their time.

  • The Properties High Interest Rates Can’t Touch

    Don’t expect any fashion bargains on Rodeo Drive in Beverly Hills, or New York’s Fifth Avenue. While the average commercial building is worth 20% less than in 2022, the world’s most exclusive shops have barely been touched by the highest U.S. and European interest rates in two decades. Cartier’s Swiss owner, Compagnie Financière Richemont recently bought a property on London’s Bond Street at a rock-bottom 2.2% rent yield.

  • Tucked Away In Pennsylvania, This Town Is America's #1 Retirement Haven

    A recent survey from GoBankingRates.com has revealed the country’s number one best place to retire. Learn where this retirement haven is and why it scored 92 on its livability index. Choosing a place to retire is an important decision to make and according to a report from the Alliance for Lifetime Income, America is soon going to be hitting its record numbers of retirement also known as the ‘silver tsunami." The report revealed that a staggering 4.1 million Americans are set to turn 65 years ol