The RightWay Report: Northeast NJ Market Recap – April 2025

This is the April 2025 market recap, building on insights from our previous March 2025 report, and designed to help homeowners and buyers navigate the evolving New Jersey real estate landscape. 

Let’s break down the latest trends that shaped the region.

Home Prices Continue to Rise in Essex and Union Counties

Our February projection that low inventory would continue to fuel price growth held, particularly in Essex County, where the median sale price surged to $665,000 (up 14.7 % YoY). Union County exceeded expectations with a year-to-date median of $600,000, a 6% annual increase. Notably, Maplewood jumped a stunning 56% YoY to a median of $1.25M, highlighting the strength of move-in-ready homes in desirable transit-rich areas.

How much has your home’s value increased? Find out with the RightWay Instant Valuation Tool.

Percent of List Price Received Remains Strong

Statewide, sellers received an average of 101% of asking price, showing buyers are still competing. However, this trend varied by region. In Essex County, sellers averaged 4% above asking, while Bergen saw a 3% premium. Hudson County, by contrast, saw homes sell for 1.5% below asking, suggesting values there may be slightly overinflated. This disparity could reflect speculative pricing or long-time owners listing high to maximize equity in slower-moving pockets.

Inventory Still Low, But New Listings Signal Momentum

Inventory remains historically low, but February showed a glimmer of movement. Statewide, new listings increased by 3.9% month-over-month—a modest but important shift. Compared to January, this uptick suggests that sellers are beginning to prep for spring. However, inventory was still down 5.5% year-over-year, meaning buyers continue to face tight competition. Bergen County saw a 19% annual inventory drop, while Union dropped 23%. Towns like Englewood and West Orange showed modest listing growth, while areas like Jersey City and South Orange remained constrained.

Affordability Remains Challenging

As prices continued to climb, NJ’s Housing Affordability Index dipped to 78, down from 86 in December. Our last report warned that affordability would remain a key issue into 2025—and that has proven true. High prices, coupled with interest rate volatility, have stretched many buyers. However, our in-house lending team is here to help you navigate your best financing options.

Set up a personalized home search with the RightWay Home Search Tool to get ahead of new listings.

Key Takeaways for Homeowners and Buyers

• Homeowners: If you’ve been holding off on listing, current data confirms you’re still in a prime position. With homes in Essex County selling for 106% of asking and inventory hovering near record lows, well-prepared homes command strong interest. This spring may present your best cash-out window before competition from new listings intensifies.

• Buyers: Spring competition is already heating up. With days on market declining in many towns and list-to-sale ratios above 100%, acting early and strategically is key. If interest rates dip further, affordability could slightly improve—but expect multiple offer scenarios to persist in transit-accessible neighborhoods.

Let’s Talk!

Whether buying, selling, or just exploring your options, our team will guide you every step of the way.

Reach out to us today for a tailored plan that fits your goals.

This report reflects the latest (February 2025) market activity, published in March and recapped here in April. 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.