NJ real estate: Counties that saw home inventory increase in April

Once again, New Jersey saw an increase in both home prices and new inventory in April compared to the same time last year.

The number of active home listings in April grew by 30.4% across the nation, marking the sixth straight month of inventory growth, according to Realtor.com’s April 2024 Monthly Housing Market Trends Report. Additionally, there was more activity from home sellers this month, with a 12.2% increase in new home listings compared to last year.

In the New York metropolitan area specifically, the number of active listings decreased by 1.2%, but the number of new listings increased by 2.4%. And, of the properties for sale, 7.1% saw price reductions.

This is how the North Jersey real estate market looked in April, according to recent data from Realtor.com.

Across New Jersey, 13 counties saw an increase in new home listings compared with April 2023. And, the number of new listings also increased in 18 New Jersey counties compared with March.

In North Jersey, the counties of Passaic, Essex and Hudson all saw inventory increases from last year. Passaic County saw 302 new listings in April — a 14.39% increase from 2023 and a 19.84% increase from last month — while Hudson County saw a 11.21% increase from 2023 and a 37.23% increase from last month with 516 new listings. And, Essex County had 490 new listings in April, a 4.7% increase from 2023 and a 7.46% increase from last month.

While Bergen and Morris counties saw 900 and 542 new listings in April — a 19.05% and 15.81% increase from last month, respectively — both counties had fewer homes for sale than this time last year.

With 214 new listings in April, Sussex County was the only county to see inventory decrease from both last year (2.73%) and last month (.93%).

In April, a majority of New Jersey counties saw active listings stay on the market for a shorter period of time.

Homes in Morris and Bergen counties are staying on the market for the shortest period of time in North Jersey, at 21 and 24 days, respectively. Listings are staying on the market for 26 days in both Passaic and Essex counties, while homes stayed on the market for about 35 and 38 days, respectively, in Sussex and Hudson counties.

Overall, median home prices continued to increase in just about every New Jersey county compared to April 2023. And, 15 New Jersey counties saw median home prices increase from last month.

With a median home price of $582,250, Essex County saw the great increase in median home prices from last year at 16.47%. In Bergen and Passaic counties, home prices increased by 8.02% and 8.35%, with median listing prices of $787,495 and $487,500.

The median home prices in Sussex and Hudson counties are $399,900 and $656,750 — 6.64% and 6.36% increases from last year — while Morris County had a price increase of 1.18% and a median home price of $698,750.

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.