North Jersey-area home prices fall 1% in May, with houses for sale in high demand
A typical Bergen County home listed for $672,500 in May, down 1% from a month earlier, an analysis of data from Realtor.com shows.
The median list home price in May was up about 7.6% from May 2021. Bergen County's median home was 2,019 square feet for a listed price of $320 per square foot.
The Bergen County market was busy, with a median 24 days on market. A month earlier, homes had a median 24 days on market. The market added 1,488 new home listings in May, compared with the 1,764 added in May 2021. The market ended the month with some 2,066 listings of homes for sale.
Information on your local housing market is available through the USA TODAY Network, with more data from Realtor.com.
What were North Jersey-area home prices in May? Here's a county-by-county breakdown
Passaic County's home prices rose 2.2%, to a median $439,450, from a month earlier. The typical house was on the market for 18 days, from 21 days a month earlier. The typical 1,899-square-foot house had a list price of $248 per square foot.
Hudson County's home prices rose 10%, to a median $550,000, from a month earlier. The typical house was on the market for 30 days, from 30 days a month earlier. The typical 1,033-square-foot house had a list price of $554 per square foot.
Morris County's home prices rose 0%, to a median $600,000, from a month earlier. The typical house was on the market for 18 days, from 20 days a month earlier. The typical 2,703-square-foot house had a list price of $280 per square foot.
Essex County's home prices rose 6.3%, to a median $477,400, from a month earlier. The typical house was on the market for 24 days, from 23 days a month earlier. The typical 1,993-square-foot house had a list price of $278 per square foot.
Across metro New York, median home prices rose to $720,000, up 0.7% from a month earlier. The median home had 1,494 square feet, at a list price of $563 per square foot.
Across all of New Jersey, median home prices were $487,500, rising 3.8% from a month earlier. The median New Jersey home for sale had 1,724 square feet at list price of $258 per square foot.
Across the United States, median home prices were $446,950, up 5.2% from a month earlier. The median American home for sale had 1,861 square feet, listed at $226 per square foot.
The median home list price — the midway point of all the houses or units listed over a period of time — is used more often in this report instead of the average home list price because experts say the median offers a more accurate view of what's happening in a market. In finding the average price, all prices of homes listed are added and then divided by the number of homes sold. This measure can be skewed by one low or high price.
The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from the Realtor.com residential listings database.. The story was written by Mike Stucka and Sean Lahman.
This article originally appeared on NorthJersey.com: North Jersey-area homes for sale drop to $672,500 median price
