4 days ago
With nearly 25% more home listings in May, housing inventory in NJ continues to rise
If it feels like you've been noticing more for sale signs popping up, it's not all in your head: Housing inventory across the nation has consistently been increasing across the country, including right here in New Jersey.
With more than 1.5 million homes for sale — 31.5% more than the year prior — May marked the 19th consecutive month of inventory growth across the nation, according to Monthly Housing Market Trends Report. Inventory is at its highest post-pandemic level to date, and this marks the first time the number of homes for sale has topped one million since the winter of 2019.
"Still, inventory remains 14.4% below typical 2017-2019 levels, though May's gains indicate the market is closing the gap at an accelerating pace," said.
The national median listing price was $440,000, or about 0.1% more than this time last year, but found that about 19.1% of active listings saw price reductions. This is the highest share for any May since at least 2016, and the fifth consecutive month with growing price reductions nationwide.
In New Jersey, there were a total of 16,379 active home listings. This was 24.11% more than last year and 15.69% more than April 2025, according to monthly market data.
The Garden State also had a median listing price of $575,000 — a 0.86% decrease from last year and a 1.05% increase from April 2025 — and active listings stayed on the market for about 33 days.
Mortgage rates also remained fairly consistent in May with what we've seen over the last several months. Rates for a 30-year fixed mortgage ranged from 6.76% to 6.89%, and rates for a 15-year fixed mortgage ranged from 5.89% to 6.03%, Freddie Mac reported.
Here's a breakdown of how North Jersey's real estate market performed in May 2024, according to data from
Fourteen of New Jersey's 21 counties had an increase in new listings compared with May 2024, and 12 counties had an increase in new listings compared with April 2025.
In North Jersey, all six counties had an increase in new listings compared to this time last year.
Bergen: 1,016 listings (14.16%)
Passaic: 336 listings (1.2%)
Morris: 624 listings (14.29%
Essex: 556 listings (11.2%)
Sussex: 264 listings (6.45%)
Hudson: 484 listings (0.83%)
When compared with April, Essex and Sussex were the only two North Jersey counties that saw a decline in new home listings. Otherwise, all other North Jersey counties saw increases during this time.
Bergen: 21.53%
Passaic: 9.09%
Morris: 15.56%
Essex: -1.42%
Sussex: -2.94%
Hudson: 0.41%
Of New Jersey's 21 counties, 16 had active listings stay on the market for a longer period compared with May 2024. And 13 New Jersey counties had active listings stay on the market for a longer period compared with April 2025.
At 31 days — or 7.46% less time than at the same time last year — Sussex was the only North Jersey county that had active listings stay on the market for fewer days in May. All other counties had active listings stay on the market for more days during this time.
Bergen: 24 days (2.13%)
Passaic: 23 days (12.2%)
Morris: 23 days (27.78%)
Essex: 30 days (13.21%)
Hudson: 37 days (11.28%)
When compared with the previous month, active listings stayed on the market for more days in the counties of Morris, Essex and Hudson. And the counties of Bergen, Passaic and Sussex had active listings stay on the market for the same amount of time as the month before.
Bergen: 0%
Passaic: 0%
Morris: 21.05%
Essex: 3.45%
Sussex: 0%
Hudson: 17.46%
As usual, median listing prices have continued to rise across most of the state. Sixteen New Jersey counties saw price increases compared to May 2024, while 17 counties saw price increases compared to April 2025.
With a median listing price of $619,000 — down 7.95% compared with the same time last year — Hudson County was the only place in North Jersey that saw median listing prices decrease. All other North Jersey counties saw increases.
Bergen: $800,000 (0.06%)
Passaic: $549,999 (10.12%)
Morris: $749,000 (0.58%)
Essex: $599,900 (2.42%)
Sussex: $434,900 (7.39%)
And Hudson was also the only North Jersey county that saw median listing prices decrease when compared with the previous month, at 2.13%. The other five North Jersey counties all saw increases.
Bergen: 0.13%
Passaic: 7.58%
Morris: 3.56%
Essex: 0.91%
Sussex: 7.12%
Here's how all 21 New Jersey counties performed in May, according to
Maddie McGay is the real estate reporter for 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@
This article originally appeared on NJ real estate: How market performed in May 2025
