$7,101 Closing Credit*
$598,000
5 Beds
•3 Full Baths
Pedro Mota, Listing Office: New Direction Realty LLC
Is Essex County, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Essex County was a Seller's Market.
Key Takeaway
Essex County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Essex County, NJ
How much do homes in Essex County, NJ cost?
Median Sold Price
$645,578
$299/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$72,418(+12.6%)
Key Takeaway
Homes in Essex County have sold for 12.6% more than they did a year ago.
Summary: The median home sold price in Essex County was $645,578 in October 2024, up 12.6% from last year, and the median price per square foot was $299.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $220K | $255K | +15.9% |
| 2 Bedrooms | $410.6K | $416K | +1.3% |
| 3 Bedrooms | $515.3K | $578.6K | +12.3% |
| 4 Bedrooms | $689.8K | $811K | +17.6% |
| 5+ Bedrooms | $1.1M | $1.3M | +11.9% |
Summary: Essex County housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.9%, 2 bedroom homes increased by 1.3%, 3 bedroom homes increased by 12.3%, 4 bedroom homes increased by 17.6%, and 5+ bedroom homes increased by 11.9%.
Median Sold Price Compared To Nearby Counties
| Essex County | $573.1K | $645.5K | +12.6% |
| Union County | $529.2K | $585K | +10.5% |
| Passaic County | $475K | $525K | +10.5% |
| Bergen County | $613.9K | $665K | +8.3% |
Housing Supply in Essex County, NJ
How many homes are available in Essex County, NJ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 2,006 | 2,383 | +18.8% |
Summary: The Essex County real estate market had 2,383 homes for sale in October 2024, a 18.8% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 80 | 81 | +1.3% |
| 2 Bedrooms | 184 | 236 | +28.3% |
| 3 Bedrooms | 506 | 567 | +12.1% |
| 4 Bedrooms | 423 | 471 | +11.3% |
| 5+ Bedrooms | 813 | 1,028 | +26.4% |
Summary: The Essex County housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 1.3%, 2 bedroom homes increased by 28.3%, 3 bedroom homes increased by 12.1%, 4 bedroom homes increased by 11.3%, and 5+ bedroom homes increased by 26.4%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 260 | 273 | +5.0% |
Asking Price vs. Sold Price
48 Homes Were Sold
Under Asking
20 Homes Were Sold
At Asking
205 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Essex County, you could pay more than the asking price. 75.1% of homes here sold above asking price last month.
Summary: A total of 273 homes were sold or pending in Essex County in October 2024, up by 5.0% month-over-month. Of the 273 sold homes, 18% were sold under asking, 7% were sold at asking, and 75% were sold over asking.
Days on Market for Essex County, NJ
How long does it take to sell a home in Essex County, NJ?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 47 Days | 54 Days | +15.8% |
Summary: Homes in Essex County had an average of 54 days on market in Oct 2024, up by 15.8% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Essex County are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 273 homes were sold in Essex County; 1% of homes were sold within 30 days, 1% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
The data relating to real estate for sale on this web-site comes in part from the Internet Listing Display database of the CENTRAL JERSEY MULTIPLE LISTING SYSTEM. Real estate listings held by brokerage firms other than this site-owner are marked with the ILD logo. The CENTRAL JERSEY MULTIPLE LISTING SYSTEM does not warrant the accuracy, quality, reliability, suitability, completeness, usefulness or effectiveness of any information provided. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify properties the consumer may be interested in purchasing or renting. Copyright 2024, CENTRAL JERSEY MULTIPLE LISTING SYSTEM. All Rights Reserved. The CENTRAL JERSEY MULTIPLE LISTING SYSTEM retains all rights, title and interest in and to its trademarks, service marks and copyrighted material.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Monmouth/Ocean MLS Monmouth County Association Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. Copyright © 2024 Monmouth/Ocean MLS Monmouth County Association Board of Realtors. All Rights Reserved.
Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement.