Market Report for Essex County NJ

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Reports on Latest Real Estate Activity in Essex County NJ

This page is my newest market report page, added in December 2020, to help you follow the trends and activity in the real estate marketplace within Essex County of the state of New Jersey.  Our intent is to add some tabular data here that goes into the trends and stats regarding the number of homes available for purchase, homes currently under contract and homes that were sold recently.  Our initial goal is to use a six month window of time for presenting the data herein.  We will also augment that data with some market news stories as they become available, provided that it is relevant to just the real estate markets here in this county.  Your feedback and suggestions will be welcomed, so please do not hesitate to contact me if you have any questions or would like to share your thoughts about the data on this page.

 


Market data summary and recent trends

My team has started to collect some key stats about the volume of real estate transactions and sales of homes taking place within Essex County, New Jersey. Some of it originates from the MLS data feeds we subscribe to, while other portions are manually collected and posted here to provide a more complete view of the real estate markets are doing. The table below provides a recap of the latest key stats we are keeping track of regarding homebuying and selling activity:

Recent Real Estate Sales Stats for Essex County NJ
Date Active Listings Pending Sale Homes Sold (6 mos.) Market Total
01/12/2021 711 891 2495 4097
Data N/A for 1/19/21-2/23/21
03/02/2021 603 851 2339 3793
03/09/2021 624 870 2326 3820
03/16/2021 662 899 2294 3855
03/23/2021 689 909 2266 3864
03/30/2021 664 912 2263 3839
04/06/2021 677 932 2243 3852
04/13/2021 689 945 2241 3875
04/20/2021 671 1008 2203 3882
04/27/2021 663 1038 2194 3895
05/04/2021 670 1043 2161 3874
05/11/2021 684 1039 2173 3896
05/18/2021 698 1076 2138 3912
05/25/2021 686 1104 2137 3927
06/01/2021 698 1113 2137 3948

Note: table created 3/24/21 and is now updated weekly.

Analysis of the recent real estate data shown above

Although we have a gap in the data for most of January and February, it is easy to see that the market has turned upward in early March of 2021, with increasing numbers of active home listings and home sale transactions awaiting closing. As for the number of homes sold within the preceding six month time window, that number still reflects the normal seasonal dip from the winter and it too is expected to begin to increase as more home sales are closed within the coming weeks.

As of early April 2021 we are seeing more and more homes going under contract while active listings are either level or going up slightly, indicating that the supply of homes available for sale (i.e. inventory) is going down.  This will likely keep prices elevated, with a good possibility of residential real estate prices going higher in the coming weeks.

However, as the month of April has continued, we note that the number of new listings is not keeping pace with the homes under contract.  This supports the notion that homes continue to get bids from buyers quickly, as they are anxious to avoid price increases or interest rate increases due to rising prospect of inflation in Q3 of this year.  Fortunately, there is just enough volume to keep prices relatively stable, and sellers continue to have a strong position from which to list their homes on the market.

 


Overview of recent real estate activity in Essex County

We are seeing decent market activity here, but it is about 25 percent less than in nearby Bergen County, presumably due to the fact that Essex County does not reach the Hudson River by New York City. Many of the recent home purchases in the greater north Jersey region are influenced by former residents of NYC or people who used to commute to NYC for work but are no longer doing so due to the pandemic. This has led to fluctuations in the real estate markets in the area, but the good news is that it is still a robust market with plenty of home buying taking place. Our market report data below gives you a snapshot of all listed homes sold or to be sold in Essex County, and if you keep track of the summary stats at the bottom of each section, you will be able to gauge how the markets are evolving in this area.

We will also be adding more tabular data here over time, partly based on the listing data below, to give readers a better insight into the real estate activity taking place in Essex County.  It is our hope that this new data will be useful for you in your planning for buying or selling your home in the near future.

 

Active Properties
Address Beds Baths List Price DOM
529-531 Mulberry Street N/A N/A $14,000,000 4 days
166-170 Emmet Street N/A N/A $14,000,000 4 days
746-758 South 14th Street N/A N/A $12,500,000 38 days
159 Gates Avenue 6 9 $8,500,000 89 days
88 South Mountain Avenue 8 9 $7,499,000 116 days
59 Willet Street N/A N/A $7,000,000 39 days
62 Tulip Avenue 7 10 $5,999,000 84 days
368 Hartshorn Drive 8 10 $4,950,000 15 days
131 Rensselaer Road 7 10 $4,750,000 73 days
168 Mcwhorter Street N/A N/A $4,750,000 160 days
Average: 4.7 3.3 $886,925 65 days
Viewing 1 - 10 of 658
Viewing 1 - 10 of 658
Properties Under Contract
Address Beds Baths List Price DOM
127 Stewart Road 7 7 $4,695,000 188 days
24 Vanderbilt Drive 5 9 $3,895,000 67 days
40 Overlook Road 8 7 $3,495,000 84 days
14 Heller Drive 6 7 $3,299,000 56 days
82 Mountain Avenue 6 9 $3,200,000 139 days
28 Greenview Way 6 8 $3,000,000 84 days
4 Sleepy Hollow Court 5 6 $2,875,000 312 days
272 Valley Way 5 6 $2,595,000 56 days
58 Locust Avenue 6 5 $2,399,888 83 days
24 Inverness Court 6 5 $2,298,000 25 days
Average: 4.5 3.0 $693,288 249 days
Viewing 1 - 10 of 766
Viewing 1 - 10 of 766
Sold Properties
Address Beds Baths Sold Price DOM Sold Date
8 Grasmere Court 6 9 $4,300,000 97 days 1/29/24
89 Eagle Rock Way 5 7 $3,850,000 53 days 4/24/24
25 Lawrence Drive 5 7 $3,600,000 62 days 6/3/24
37 Glenwood Road 5 6 $3,350,000 40 days 4/23/24
75 Llewellyn Road 6 6 $3,250,000 26 days 6/10/24
5 Goodhart Drive 7 8 $3,100,000 80 days 4/2/24
91 Highland Avenue 7 6 $2,900,000 70 days 1/24/24
76 Yantacaw Brook Road 6 7 $2,850,000 120 days 6/7/24
117 Forest Way 6 7 $2,850,000 79 days 3/8/24
18 Summit Street 6 5 $2,525,000 74 days 5/16/24
Average: 4.2 2.9 $705,974 89 days
Viewing 1 - 10 of 1508
Viewing 1 - 10 of 1508

board logoThe data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than Real Estate Company are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website.
All information deemed reliable but not guaranteed. Last date updated: .
Source: New Jersey Multiple Listing Service, Inc.
“2024 New Jersey Multiple Listing Service, Inc. All rights reserved.”