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:
|Date||Active Listings||Pending Sale||Homes Sold (6 mos.)||Market Total|
|Data N/A for 1/19/21-2/23/21|
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.