Bergen and Essex counties reported marked increases in both the number of closed sales and median prices for single family homes during the month of February. What continues to plague these counties is the inventory shortage for Bergen and Essex to just 3.4 months supply and 2.8 months supply, respectively.
Bergen County
Single Family Homes for February
Key Metrics 2019 2020 Change
New Listings 934 990 + 6.0%
Closed Sales 379 437 + 15.3%
DOM* 75 75 NC
Median PX $443K $485K + 9.5%
% of PX 97.3% 97.1% – 0.2%
Inventory 3,126 2,218 – 29.0%
Months Supply 5.2 3.4 – 34.6%
*Days on Market
Essex County
Single Family Homes for February
Key Metrics 2019 2020 Change
New Listings 613 626 + 2.1%
Closed Sales 271 297 + 9.6%
DOM* 66 67 + 1.5%
Median PX $345K $380K + 10.1%
% PX Rec’d 98.4% 99.8% + 1.4%
Inventory 1,592 1,241 – 22.0%
Month Supply 3.8 2.8 – 26.3%
*Days on Market