But Bergen and Essex had 940 and 544 new listings, respectively — decreases of 5.24% and 5.88% from June 2023.
By Maddie McGay, NorthJersey.com
June marked the eighth consecutive month of housing inventory growth across the nation, with 36.7% more homes actively for sale than this time last year.
The Northeast, however, is bridging the inventory gap at a much slower pace than other regions of the country, according to Realtor.com. While inventory grew 48.9% in the South, 35.8% in the West and 21.5% in the Midwest, the Northeast saw inventory increase by just 12.5%.
Despite this inventory gap, the New York metropolitan area has seen the greatest increase in price per square foot in the nation. According to Realtor.com, this signals that there are more smaller, affordable homes hitting the market.
This is how the North Jersey real estate market performed in May, according to data from Realtor.com.
How much has North Jersey's housing inventory changed?
Across the state, 11 counties saw an increase in new home listings compared with June 2023, while 10 counties saw new home listings increase compared with May.
In North Jersey, Passaic, Morris and Hudson counties all saw inventory increase from this time last year. With 596 new listings, Morris County saw an increase of 15.95% from June 2023 and 9.56% from last month. Passaic County had 440 new listings in June, a 8.37% increase from last year, and Hudson County had 11.56% more listings than last year at 328.
Sussex County was the only county to see a decrease in the number of new listings compared with both June 2023 and last month. Here, there were 224 new listings, a 8.94% decrease from last year and a 8.94% decrease from May. Bergen and Essex had 940 and 544 new listings, respectively — decreases of 5.24% and 5.88% from June 2023.
How long are North Jersey homes staying on the market?
Compared to June 2023, active listings stayed on the market for a shorter period of time in 17 New Jersey counties. But when compared to last month, 16 counties had new listings stay on the market for a longer period of time.
In North Jersey, homes stayed on the market for the shortest period of time in Morris and Essex counties at 19 and 22 days, respectively. Listings stayed on the market for about 23 days in Passaic County, 24 days in Bergen County, 31 days in Sussex County and 32 days in Hudson County.
What about North Jersey median home prices?
Nearly every New Jersey county had an increase in listing prices from June 2023, and just more than half had listing prices increase from May 2024.
Morris County had the highest median price increase in North Jersey at 10.79%, with a median listing price of $734,000.
Essex and Passaic counties had median listing prices of $599,999 and $500,000 — a 9.11% and 8.7% increase from June 2023, respectively — while Bergen and Sussex counties had increases of 6.8% and 6.28%, with median listing prices of $799,900 and $425,000.
Here's how all 21 New Jersey counties stacked up in June:
Maddie McGay is the real estate reporter for NorthJersey.com 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@gannett.