Despite still dealing with low inventory, NJ saw a spike in active home listings in March
The state had a total of 13,143 active home listings in March, including 9,000 new listings. This was a 14.57% increase from last year and a 10.9% increase from February 2024, according to Realtor.com's monthly market data. New Jersey also had a median listing price of $550,000, which was 0.18% higher than last year and 0.93% higher than February 2025.
When it comes to the number of days active listings stayed on the market, listings in the Garden State typically stayed up for about 33 days. This was 8.33% less time than the same period last year and 25% less time than February 2025, Realtor.com said.
On the national level, March marked the 17th consecutive month of housing inventory growth, with a 28.5% increase, said Realtor.com's Monthly Housing Market Trends Report. And with 10.2% more new listings than last year, this number was at its highest level in three years.
The median price of homes for sale across the nation was $424,900 in March, unchanged from the same time last year, and homes spent about 53 days on the market. Realtor.com, however, found that about 17.5% of active listings saw price reductions in March, the highest share for any March since at least 2016.
Mortgage rates also continued to dip slightly during March. Rates for a 30-year fixed mortgage remained fairly consistent throughout the month, ranging from 6.63% to 6.67%, and rates for a 15-year fixed mortgage ranged from 5.79% to 5.89%, Freddie Mac reported.
Here's a breakdown of how North Jersey's real estate market performed in March 2025, based on data from Realtor.com:
Thirteen of New Jersey's 21 counties had an increase in new listings compared with March 2024, and four counties saw no change. But when compared with February 2025, all of New Jersey's 21 counties had a more than 10% increase in new listings.
With 464 new listings, Morris was the only county in North Jersey that had a slight decrease in new listings (-0.85%) compared with this time last year. Similarly, Bergen County had 756 new listings, which was about the same as what the county had in March 2024. All of the remaining North Jersey counties saw increases.
Passaic: 284 new listings (12.7%).
Essex: 556 new listings (21.93%).
Sussex: 220 new listings (1.85%).
Hudson: 524 new listings (39.36%).
When compared with February, all six North Jersey counties saw increases in new listings as our region's real estate market continues to pick up this spring.
Bergen: 27.7%.
Passaic: 40.59%.
Morris: 54.67%.
Essex: 34.95%.
Sussex: 52.78%.
Hudson: 39.36%.
Fourteen New Jersey counties had active listings stay on the market for a shorter period compared with March 2024. And all 21 New Jersey counties had active listings stay on the market for a shorter period compared with February 2025.
In North Jersey, active listings stayed on the market for fewer days in Bergen, Morris and Hudson counties in March than at the same time last year. Meanwhile, Passaic, Essex and Sussex had active listings stay on the market for more days in March than at the same time last year.
Bergen: 26 days (-10.34%).
Passaic: 24 days (2.17%).
Morris: 22 days (-8.33%).
Essex: 31 days (6.9%).
Sussex: 39 days (24.19%).
Hudson: 37 days (-10.3%).
When compared with the previous month, active listings in all six North Jersey counties stayed on the market for fewer days in March.
Bergen: -20%.
Passaic: -22.95%.
Morris: -27.87%.
Essex: -6.06%.
Sussex: -23%.
Hudson: -10.3%.
Median listing prices have, yet again, continued to rise across most of New Jersey. Seventeen New Jersey counties saw an increase in median listing prices from March 2024, and 17 New Jersey counties saw median listing prices increase from February 2025.
With a median listing price of $635,000 — down 2.31% compared with the same time last year — Hudson County was the only place in North Jersey that saw median listing prices decrease. Bergen County saw no change in its median listing price of $799,000 from last year, while all other North Jersey counties saw an increase.
Passaic: 6.88%.
Morris: 0.13%.
Essex: 9.43%.
Sussex: 0.01%.
Compared with February 2025, Bergen was North Jersey's only county to have a decrease in median listing prices, at 0.11%. And with a median listing price of $399,950, Sussex County saw no change during this time. All other North Jersey counties saw an increase.
Passaic: 2.81%.
Morris: 3.31%.
Essex: 5.47%.
Hudson: 3.67%.
Here's how all 21 New Jersey counties performed in March, according to Realtor.com:
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.com.
This article originally appeared on NorthJersey.com: NJ real estate: How market performed in March 2025
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Newsweek
13 hours ago
- Newsweek
Number of Americans Selling Their Home Hits Major Milestone
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. The imbalance between sellers and buyers in the U.S. housing market has now passed the 500,000 mark, according to the latest data from Redfin, as unsold inventory continues piling up across the country. Back in May, the real-estate brokerage warned that the number of Americans selling their homes was nearing half a million, the highest on records dating back to 2013. Now that record has been shattered. In June, there were a total of 1.922 million sellers on the market, up 12.8 percent from a year earlier, facing 1.413 million buyers, down 8.9 percent from a year earlier, according to Redfin. The difference between them is around 509,000. What's Behind This Growing Gap? When historically low mortgage rates during the pandemic spurred a homebuying frenzy across the country, this revealed how significant the nation's shortage of homes was after years of underbuilding in the aftermath of the subprime mortgage crisis. While the U.S. is still facing a gap between supply and demand of millions of homes at the national level, there are now more properties for sale on the market than there are buyers. This has a lot more to do with affordability than Americans' desire for homeownership. The 30-year fixed-rate mortgage, the most popular home loan in the country, has been hovering between the 6-percent and the 7-percent marks since 2022, and was at 6.72 percent as of July 31, according to Freddie Mac. While home prices are no longer climbing at the speed that characterized the pandemic years, they are still rising at the national level, and they remain much higher than before 2019. The median sale price of a typical U.S. home was $446,766 in June, according to Redfin, up 1 percent from a year earlier but 44 percent from June 2020. Stock image of homes at various stages of construction, from pre-construction to fully complete and ready to sell on the market. Stock image of homes at various stages of construction, from pre-construction to fully complete and ready to sell on the market. Getty Images Other rising costs—including home insurance premiums, homeowners association (HOA) fees, and property taxes—have also been rising in recent years, and continue inching up in many parts of the country. Buyers pushed to the sidelines by higher costs are being made increasingly cautious by concerns over the future of the U.S. economy, which many experts warned would suffer the impact of White House tariff policies. At the same time, sellers who were holding on to their homes because of lower monthly payments have now stopped waiting for mortgage rates to come down. Some are forced to sell by life circumstances, others have just waited long enough. In June, there were over 2.1 million homes for sale in the U.S. market, up 14.7 percent from a year earlier. But, increasingly, they can only sell their homes if they adjust their price expectations and offer buyers hefty discounts. In June, according to Redfin, 21.5 percent of homes sold with a price discount—up 4 percentage points from a year earlier. The number of homes sold above list price, on the other hand, dropped by 4.1 percentage points to 31 percent. The reason the number of properties on the market in June was higher than the number of sellers was that the latter may be selling more than one home. It's a Buyer's Market. So Why Does It Not Feel Like One? Redfin defines a buyer's market—where buyers have the upper hand over sellers—as one where there are over 10 percent more sellers than buyers. In June, sellers outnumbered buyers by 36 percent. But American homebuyers are struggling to feel like the housing market is in their favor. While they have more options on the market to choose from and are gaining more negotiating power, they are still facing homes that are far more expensive than they were five years ago, and which often come with high property tax bills and home insurance premiums, depending on where they are located. The shift toward buyers has also been much more significant in states that have seen a huge surge in inventory together with a construction boom—for example, Florida and Texas—than in those where the shortage is still acute—as in the Northeast. There is also a risk that buyers' advantage might start disappearing as sellers who cannot get the price they want for their homes take their properties off the market. According to a recent report by delistings were up by 48 percent nationwide in July compared to a year earlier. For every 100 newly listed homes added to the U.S. market in the same month, 21 were delisted.
Forbes
3 days ago
- Forbes
Mortgage Rate Outlook: Should You Lock Now Or Wait For Possible Fed Cuts?
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Americans shopping for a mortgage may want to hold tight for now. At its July 30 meeting, the Federal Reserve did not deliver a rate cut. The majority of members voted to leave the federal funds rate unchanged at 4.25% to 4.50%, signaling a continued wait‑and‑see stance. As a result, mortgage rates will likely remain elevated for the near future. Lenders adjust interest rates based on the Fed's federal funds rate and other economic conditions, meaning prospective homebuyers could face higher monthly payments if they lock in a mortgage right now. However, the Fed may ease rates during its September meeting, potentially creating better opportunities for homebuyers to secure lower mortgage rates in late 2025. 30-year fixed mortgage rates remain elevated, currently averaging 6.72% according to Freddie Mac. Mortgage rates respond to several factors, including investor expectations about what the Fed might do next. If the Fed cuts rates later this year, mortgage rates could follow—but there's no guarantee. If you shop for a mortgage today, you're locking in a rate based on current conditions. Acting now might make sense if you're on a tight timeline. Some of the best mortgage lenders offer competitive terms, including rates lower than the national average and the ability to qualify for a mortgage with a minimum credit score of 580. However, if you want the lowest rate possible, you should work on improving your credit score to indicate less risk to a potential lender. If you have the flexibility to wait, holding off until after the Fed's September meeting might lead to better mortgage deals if the central bank cuts rates. However, no policy shift is certain at this time. Read more: Mortgage Rates Forecast For 2025: Experts Predict How Much Rates Will Drop Assess your timeline. If your home purchase is flexible, waiting may save you thousands in interest. If you're on a deadline, don't wait indefinitely—today's rates are still reasonable by historical standards. Monitor key economic data. The Fed's September decision will factor in two more months of inflation data and labor market reports. Mortgage experts are keeping an eye on CPI data, wage growth, unemployment and hiring trends to anticipate whether a cut to the federal funds rate is imminent. Ask about rate locks with a float-down option. Some lenders let you lock in today's rate but still snag a lower one if rates drop before you close. It's a valuable backup if you want to play it safe now, but anticipate the Fed might cut rates soon. Factor in broader market conditions. Even if the Fed cuts rates, mortgage rates depend on Treasury yields, inflation expectations and global capital flows, not just Fed policy. For borrowers on the fence, waiting to pull the trigger on a mortgage—and possibly holding off through the summer—could be a smart move. The Fed's July meeting offered no rate cuts, but growing internal dissent among the Fed's board and a cooling labor market raise the odds of a cut in September. If you can afford to wait a few weeks, you might benefit from lower mortgage rates and save significantly across the life of your loan. Conversely, if you're under time constraints or risk missing out on desirable inventory, securing a rate now can still make sense, especially if your lender offers the option to adjust later.
Yahoo
3 days ago
- Yahoo
Average rate on a 30-year mortgage eases again, offering modest relief for home shoppers
The average rate on a 30-year U.S. mortgage eased to where it was three weeks ago, modest relief for prospective homebuyers challenged by rising home prices and stubbornly high borrowing costs. The long-term rate slipped to 6.72% from 6.74% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.73%. Shop Top Mortgage Rates Personalized rates in minutes A quicker path to financial freedom Your Path to Homeownership Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased. The average rate dropped to 5.85% from 5.87% last week. A year ago, it was 5.99%, Freddie Mac said. Elevated mortgage rates continue to weigh on the U.S. housing market, which has been in a sales slump going back to 2022, when rates started to climb from the rock-bottom lows they reached during the pandemic. Mortgage rates are influenced by several factors, from the Federal Reserve's interest rate policy decisions to bond market investors' expectations for the economy and inflation. The main barometer is the 10-year Treasury yield, which lenders use as a guide to pricing home loans. The yield was at 4.34% at midday Thursday, down from 4.37% late Wednesday. Yields moved higher most of July as traders bet that the Fed would keep its key short-term interest rate unchanged at its meeting this month. On Wednesday, the central bank's policymaking committee voted to hold its main interest rate steady. And Fed Chair Jerome Powell pushed back on expectations that the Fed could cut rates at its next meeting in September, pointing to how inflation remains above the Fed's 2% target, while the job market still looks to be 'in balance.' A cut in rates would give the job market and overall economy a boost, but it could also fuel inflation just as the Trump administration's tariffs risk raising prices for U.S. consumers. 'If a September rate cut starts to be more likely, it is possible that we could see mortgage rates edge downward at the end of the summer, similar to what we saw last year at this time,' said Lisa Sturtevant, chief economist at Bright MLS. 'If inflation expectations continue to be high, mortgage rates could also remain higher.' The average rate on a 30-year mortgage has remained relatively close to its high so far this year of just above 7%, set in mid-January. The 30-year rate's low point this year was in early April when it briefly dipped to 6.62%. Economists generally expect the average rate on a 30-year mortgage to remain above 6% this year. Recent forecasts by and Fannie Mae project the average rate will ease to around 6.4% by the end of this year. That may not be enough to spur a turnaround in home sales, which remain sluggish so far this year. New data on contract signings this week suggest home sales could soften further in the near term. A seasonally adjusted index of pending U.S. home sales fell 0.8% in June from the previous month and was down 2.8% from June last year, according to the National Association of Realtors. There's usually a month or two lag between a contract signing and when the sale is finalized, which makes pending home sales a bellwether for future completed home sales. The housing market doldrums are helping to keep the U.S. homeownership rate stuck at around 65%, as of the second quarter, according to the U.S. Census. The homeownership rate is now at its lowest level since 2019, when it was 64.2%. It has averaged 66.3% going back to 2000. Despite rates easing in recent weeks, mortgage applications fell 3.8% last week from a week earlier to their lowest level since May, according to the Mortgage Bankers Association. Applications were still up 21.8% versus the same period last year. 'There is still plenty of uncertainty surrounding the economy and job market, which is weighing on prospective homebuyers' decisions,' said Joel Kan, deputy chief economist.
