NORTH CENTRAL NEW JERSEY RESIDENTIAL MARKET REPORT
MONTH OF MAY Essex*, Hunterdon, Morris, Somerset & Union* Counties
MAY SALES
RESIDENTIAL PROPERTIES YEAR OVER YEAR
Homes Sold
Homes for Sale
Median Sold Price (000's)
3,000
$800
$600 2,000
$400
+ 5.0% Prices
1,000
Median Sales Price
$200
– 5.3%
0
Sales
2021
2022
2023
2024
$0
2025
Closed Sales
MAY CONTRACTS
+ 15.7%
Inventory
New Listing
New Contracts Pended
2022
2023
4,000
Average Inventory
3,000
– 0.9%
New Listings
+ 1.5%
Purchase Contracts
2,000
1,000
0
2021
This report is inclusive of results from select municipalities in Essex and Union counties as follows: Essex County: Essex Fells Twp, Livingston Twp, Maplewood Twp, Millburn Twp, Montclair Twp, South Orange Village, West Orange Twp Union County: Berkeley Heights Twp, Mountainside Boro, New Providence Boro, Scotch Plains Twp, Summit City, Westfield Twp Copyright Turpin Realtors 2025. This data provided by Garden State Multiple Listing Service and Trendgraphix is deemed reliable but not guaranteed.
2024
2025
NORTH CENTRAL NEW JERSEY RESIDENTIAL MARKET REPORT
YEAR TO DATE MAY 31 - ACTIVITY BY PRICE Essex*, Hunterdon, Morris, Somerset & Union* Counties
HOME SALES BY PRICE 2024
2025
4000
3191
3040
Homes Sold
3000
2000
689
1000
784 90
157
44
32
0 Under $1M$1M Under
UNDER $1 MILLION
$2-2.99M $2-2.99M
$3M+ $3M+
$1,000,000 - $1,999,999 MILLION
YTD 2025
YTD 2024
% Change
Homes for Sale*
1171
958
22%
New Listings
5021
5045
Contracts Pended
3907
Homes Sold Days on Market
$1-1.99M $1-1.99M
YTD 2025
YTD 2024
% Change
Homes for Sale*
360
335
7%
0%
New Listings
1387
1283
8%
4091
-4%
Contracts Pended
977
906
8%
3040
3191
-5%
Homes Sold
784
689
14%
31
29
7%
Days on Market
29
30
-3%
YTD 2025
YTD 2024
% Change
$2,000,000 - $2,999,999 MILLION
$3 MILLION+
YTD 2025
YTD 2024
% Change
Homes for Sale*
115
108
6%
Homes for Sale*
75
86
-13%
New Listings
280
224
25%
New Listings
126
123
2%
Contracts Pended
164
113
45%
Contracts Pended
59
48
23%
Homes Sold
157
90
74%
Homes Sold
44
32
38%
Days on Market
43
35
23%
Days on Market
52
74
-30%
* Homes for sale is not cumulative; rather it is the number homes listed as “Active” by the MLS on the last day of subject month. This report is inclusive of results from select municipalities in Essex and Union counties as follows: Essex County: Essex Fells Twp, Livingston Twp, Maplewood Twp, Millburn Twp, Montclair Twp, South Orange Village, West Orange Twp Union County: Berkeley Heights Twp, Mountainside Boro, New Providence Boro, Scotch Plains Twp, Summit City, Westfield Twp
© 2025 Turpin Realtors
Subject to Errors and Omissions
Source: GSMLS 6/10/25 & Trendgraphix
LOWEST RATES. GUARANTEED IN WRITING. AS OF 6-11-2025
INTEREST RATE
APR
CONVENTIONAL 30-YEAR FIXED*
6.5%
6.595%
JUMBO 30-YEAR FIXED**
6.625%
6.728%
FIRST-TIME HOMEBUYER 30-YEAR FIXED***
6.375%
6.468%
LEARN MORE Hilltop Mortgage Group LLC NMLS # 2522152. Programs, rates and conditions are subject to change without notice. Rates can be lower depending on your exact scenario. Call for current pricing for your exact scenario. ARM Loans - APR may increase after closing. Rates may vary depending on each individual credit history and underwriting factors and may contain points. All rates are 35 day lock periods (longer terms available). Rate quotes based on scenarios below: * Based upon 75 LTV, Single Family Primary Home. Loan amounts greater than $350,000. FICO score 760 and above. Purchase Transactions (refinances may have different rates) - NJ-PA-FL-CTMA. ** Based upon 75 LTV, Single Family Primary Home. FICO score 760 and above. Purchases High Balance loans are not available in every county. ***Based upon 96.5 LTV, Single Family Primary Home. Loan amounts greater than $200,000. FICO score 680 and above. Turpin Real Estate has a business relationship with Hilltop Mortgage Group, including an indirect owner in common. Turpin Real Estate may receive a financial or other benefit from Hilltop Mortgage Group business. Hilltop Mortgage, LLC | 8 E Main Street, Suite 2, Mendham, NJ 07945 Matt Chemis, Loan Advisor | NMLS# 2316591 | mchemis@hilltopmtg.com | Phone: 862-259-3250