Rand Country Blog January 13, 2020

Fourth Quarter 2019: Real Estate Market Report – Essex County, New Jersey


The Essex County housing market finished a strong year with a flourish, with increases in both sales and prices. Sales rose almost 2% for the quarter and finished the 2019 calendar year up almost 4%. And these continued increases in sales are finally having a meaningful impact on pricing, which was up for both the quarter and the year: prices were up 6% on average and almost 4% at the median for the quarter, and were up about 1.4% on both the average and median for the year. Going forward, we believe that the seller market fundamentals are strong: a growing economy, prices well below historic highs, low-interest rates, and low levels of inventory. Accordingly, we expect meaningful sales growth and appreciation through 2020.