New Jersey’s housing market is showing signs of balance this fall, with more homes available but at a slower pace of growth. According to the latest data from Realtor.com®, active listings rose 17% year-over-year in September, marking the 23rd straight month of inventory gains. Still, the momentum that began earlier this year has cooled, and overall national inventory remains 13.9% below pre-pandemic levels.
Inventory Expands — But at a Slower Pace
Across the country, housing supply continues to improve, but regional trends reveal a growing divide. Markets in the South and West have surpassed pre-2020 inventory levels, while the Northeast—including New Jersey—and the Midwest remain undersupplied. That imbalance keeps competition steady for well-priced homes in many Garden State communities, especially along the coast and in commuter-friendly suburbs.
Homes Taking Longer to Sell
Nationally, the typical home spent 62 days on the market in September, a full week longer than the same time last year. The trend reflects a cooling market overall, even as mortgage rates have edged lower in recent months. In New Jersey, that’s translating into slower buyer urgency—a sign that the pandemic-era frenzy has fully given way to more deliberate, negotiation-friendly transactions.
Prices Hold Steady, With Regional Variation
The national median list price remained at $425,000, virtually unchanged from last year. However, pricing trends differ by region: the West saw a 3.6% decline, while prices on a per-square-foot basis are rising in the Northeast, suggesting that homes here—especially in densely populated or high-demand areas—continue to command strong value relative to size and location.
In many parts of New Jersey, price stability rather than appreciation has become the new normal. Buyers are getting some relief, but sellers remain in a strong position if their homes are well-maintained and competitively priced.
More Price Cuts, Especially in Mid-Range Homes
About one in five listings nationwide (20%) saw price reductions in September, with the most common cuts occurring among homes priced between $350,000 and $500,000. That’s a range where many New Jersey buyers—especially first-time homeowners—are most active. Luxury listings, by contrast, have seen fewer adjustments, as high-end sellers remain patient in a slower-moving market.
What It Means for New Jersey Buyers and Sellers
Overall, the market is gradually returning to a more traditional rhythm: buyers have more choices, but not yet the upper hand. Sellers are facing a market that rewards accurate pricing and patience rather than overbidding and speed.
In a state like New Jersey, where inventory remains below pre-pandemic norms and location continues to drive demand, the coming months could bring more balanced conditions—a welcome shift after years of volatility.
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