The Rand NewsReal

  The Northern New Jersey housing market finished 2019 with a bit of a flourish, with sales and price increases in most of the county markets. We are still seeing some negative impact from the 2018 Tax Reform cap on state and local tax deductions (i.e., the “SALT Cap”), but outside of Hudson County, most of the suburban markets seem to be pricing in the partial loss of property tax deductibility. Going forward, we believe that strong housing fundamentals will […]

  The Sussex County housing market showed continued signs of strength in the fourth quarter of 2019, with sharp increases in both sales and prices. Sales were up almost 3%, which continued a trend from the third quarter and helped moderate the significant sales declines in the early part of the year – sales were down almost 5% for the calendar year, but they were down much more sharply in the first six months. More significantly, we’re starting to see […]

  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% […]

  The Hudson County housing market continued to struggle toward the end of 2019, fighting through the impact of the 2018 Tax Reform’s cap on state and local tax deductions (“SALT Cap”). The SALT Cap has had a disproportionate impact on higher-end home buyers, which has slowed down the Manhattan housing market and adjacent high-priced markets like the Hudson County “Gold Coast.”  For the quarter, overall sales fell 8%, finishing the 2019 calendar year down over 5% and down for […]

  The Morris County housing market saved its 2019 year with a surge of activity in the fourth quarter. Sales were up over 12% from last year’s fourth quarter, which helped Morris finish the year basically flat in transactions – after being down sharply for most of the year. Quarterly prices were up from last year’s fourth quarter as well, rising a tick on average but up over 2% at the median. That helped drive positive price appreciation for the […]

  The Passaic County seller’s market continued through the fourth quarter of 2019, finishing the year with a flourish. Prices keep going up, with the average price rising almost 8% for the quarter and over 4% for the rolling year, and the median price up almost 7% for the quarter and 4% for the year. Indeed, Passaic pricing is at its highest levels since the height of the seller’s market in the 2005-06 era. And while relatively low levels of […]

  The Bergen County housing market finished the year with a solid increase in activity and modest rise in pricing. Single-family home sales were up over 4% from the fourth quarter of last year and finished the 2019 year up almost 3%. Moreover, single-family pricing was generally up, rising over 3% on average and 1% at the median for the quarter, and finishing the 2019 year up modestly. The condo market was more mixed, with prices down even while sales […]

  The Bergen County housing market cruised through the third quarter of 2019, with increases in both sales and prices. Single‑family home sales were up almost 5%, and are now positive for the rolling year. And prices were up, rising 1.5% on average even though flat at the median. We believe that the market is being hampered by both a lack of viable inventory and the 2018 Tax Reform cap on state and local tax deductions (the “SALT Cap”), which […]

  The Northern New Jersey housing market experienced modest but meaningful price appreciation through the third quarter of 2019, even while sales growth was stifled by a lack of inventory and the impact of the 2018 Tax Reform cap on state and local tax deductions (i.e., the “SALT Cap”). Going forward, we believe that strong housing fundamentals will continue to drive appreciation and eventually more sales through the fourth quarter and into 2020. Regional sales were down just a tick, […]