Rand Country Blog January 22, 2019

Fourth-Quarter 2018: Real Estate Market Report – Passaic County, NJ

Pricing in the Passaic housing market surged in the fourth quarter, closing a robust year in which low levels of inventory suppressed sales, even while driving prices up. Inventory is still falling, dropping over 23% from last year and now down below the six‑month level that usually denotes a seller’s market. And we’re seeing that in the pricing trends, with prices up 6% on average and 7% for the quarter, finishing the full 2018 year up 5% on average and at the median. The lack of inventory is still, though, holding back sales, which fell 7% for the quarter and ended the 2018 year down almost 2%. Going forward, we expect that sales will only go up when these rising prices tempt more homeowners into the market, and that we will continue to see price appreciation through a robust winter and spring market.

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