The RightWay Recap: Northeast NJ Market Report – July 2025

With spring now behind us, the early summer market continues to surprise. Some prices are spiking, others stabilizing. Inventory is shifting unevenly. And affordability? It’s tighter than ever.

Let’s break down the big trends.

Home Prices Rise—But Buyers Are Pushing Back

New Jersey’s median sales price for single-family homes rose to $600,000, up from $560,000 last year—a 7.1% year-over-year increase.

Livingston reached $1.28M, a strong 6.3% rise over last year’s $1.2M. Englewood clocked in at $820K, which marks a 10% dip from its previous $911K high. Union County climbed to $555K, up 5.7%. Jersey City saw a modest gain, ticking up from $690K to $694K.

Suburban areas continue to appreciate rapidly, while some urban markets are showing signs of plateauing. Prices are up, but not everywhere—and not equally.

📉 TL;DR: Prices surged in suburbs like Livingston, dipped in Englewood, and held steady in cities like Jersey City. Sellers still hold the advantage, but the trend isn’t universal.

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Inventory Ticks Up—But Not Enough

Statewide inventory for single-family homes rose by only 0.2%, from 7,978 to 7,989 active listings. But that calm surface hides a swirl of local movement.

Elizabeth City saw inventory skyrocket—up 130% from last year. Union County expanded by 15.4%, while Essex County edged up 4.7%. Livingston nudged forward 2%, maintaining its status as a low-inventory, high-demand market.

While the state as a whole remains tight on listings, certain local markets are cracking open.

📉 TL;DR:  Inventory barely moved statewide, but surging supply in towns like Elizabeth could mean real opportunities for buyers.

Homes Are Taking Longer to Sell

Homes are lingering longer than they were this time last year. Statewide, Days on Market (DOM) ticked up slightly to 33 from 32. That may seem minor, but the regional differences are telling.

Jersey City saw a big jump—homes now sit an average of 39 days compared to just 27 last year. Hudson County also slowed from 39 to 44 DOM. Essex County inched from 28 to 29. Buyers are being more selective, especially in markets where homes are being overpriced.

This signals a need for sharper pricing and preparation for anyone looking to list in the coming months.

📉 TL;DR: Homes are taking longer to sell, especially in Jersey City and Hudson. Sellers need precision to avoid sitting stale.

Affordability: A Growing Crisis

The Housing Affordability Index dropped statewide from 78 to 74 year-over-year, and from 77 to 74 month-over-month. The market is getting tougher, especially for first-time buyers.

Much of the strain comes from price increases in traditionally more affordable housing. Condos in Union County hit $427,500—up 11.8%. In Livingston, condo prices soared 38.7% to a steep $877,500. Budget-conscious buyers are being priced out, especially in areas where capitalized veteran buyers are circling for opportunity.

📉 TL;DR: Affordability is tightening fast. First-time buyers are feeling the pinch most.

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Key Takeaways for Homeowners and Buyers

• Sellers: Prices remain strong, especially in high-demand towns. But buyers are pushing back in overpriced urban markets. List smart, and lean on local trends to guide your pricing.

• Buyers: The market isn’t easy, but it’s opening up in pockets like Elizabeth and Union County. Continue to save for opportunities that will arise. With hustle and strategy, you can still win.

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Need advice on how these trends impact your plans? Contact us today to strategize the RightWay.

This report reflects the latest (May 2025) market activity, published in June and recapped here in July. All data in this report is sourced from NJ Realtors®. Consumers can find public market reports on the NJ Realtors® website: https://njar-public.stats.10kresearch.com/reports.