Is Essex County, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Essex County was a Seller's Market.
Housing Prices in Essex County, NJ
How much do homes in Essex County, NJ cost?
Median Sold Price
$600,136
$298/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Essex County was $600,136 in March 2024, up 9.1% from last year, and the median price per square foot was $298.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $211.5K | $233K | +10.2% |
2 Bedrooms | $363.3K | $420K | +15.6% |
3 Bedrooms | $499.9K | $540K | +8.0% |
4 Bedrooms | $691.5K | $736.8K | +6.5% |
5+ Bedrooms | $1.0M | $1.2M | +14.9% |
Summary: Essex County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.2%, 2 bedroom homes increased by 15.6%, 3 bedroom homes increased by 8%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 14.9%.
Median Sold Price Compared To Nearby Counties
Passaic County | $450K | $499K | +10.9% |
Union County | $499.7K | $550K | +10.0% |
Essex County | $549.8K | $600.1K | +9.1% |
Housing Supply in Essex County, NJ
How many homes are available in Essex County, NJ?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
1,654 | 2,129 | +28.7% |
Summary: The Essex County real estate market had 2,129 homes for sale in March 2024, a 28.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 45 | 55 | +22.2% |
2 Bedrooms | 160 | 199 | +24.4% |
3 Bedrooms | 380 | 466 | +22.6% |
4 Bedrooms | 317 | 420 | +32.5% |
5+ Bedrooms | 752 | 989 | +31.5% |
Summary: The Essex County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 22.2%, 2 bedroom homes increased by 24.4%, 3 bedroom homes increased by 22.6%, 4 bedroom homes increased by 32.5%, and 5+ bedroom homes increased by 31.5%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
188 | 221 | +17.6% |
Asking Price vs. Sold Price
35 Homes Were Sold
Under Asking
23 Homes Were Sold
At Asking
163 Homes Were Sold
Over Asking
Summary: A total of 221 homes were sold or pending in Essex County in March 2024, up by 17.6% month-over-month. Of the 221 sold homes, 16% were sold under asking, 10% were sold at asking, and 74% were sold over asking.
Days on Market for Essex County, NJ
How long does it take to sell a home in Essex County, NJ?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
78 Days | 83 Days | +5.9% |
Summary: Homes in Essex County had an average of 83 days on market in Mar 2024, up by 5.9% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During March 2024, 221 homes were sold in Essex County; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.