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Real Estate Market Report: 1st Quarter 2018 – Essex County, NJ

Growth in the Essex market was stifled by a lack of inventory, which was down over 17% from last year and kept sales relatively flat. But increasing demand chasing fewer homes for sale drove prices up, with the average and median both rising about 2%. We’re now seeing sustained appreciation in Essex, with the yearlong prices up almost 2% on average and over 4% at the median. These rising prices will eventually attract more homeowners into selling their homes, but […]

Real Estate Market Report: 1st Quarter 2018 – Morris County, NJ

The Morris market cruised through the first quarter, with increases in both sales and prices. Even an almost 20% drop in inventory did not hold sales back, with closings up over 4% from last year. But that lack of inventory did have its expected impact on pricing, which was up over 3% for both the average and the median. We’re now seeing sustained appreciation, with yearlong pricing up over 3% on average and almost 4% at the median. These rising […]

Real Estate Market Report: 1st Quarter 2018 – Passaic County, NJ

Passaic sales growth was stifled by a lack of available homes for sale, which fell over 21% and is now down to 5.3 months of inventory. That lack of inventory drove sales down almost 4%, but also had a dramatic impact on pricing, which was up almost 6% on average and 7% at the median. We’re now seeing a sustainable appreciation trend, with yearlong prices up almost 4% on average and 5% at the median. These rising prices will eventually […]

Real Estate Market Report: 1st Quarter 2018 – Bergen County, NJ

Growth in the Bergen market was stifled by a lack of inventory, which suppressed sales even while it drove meaningful price appreciation. Sales were down for both property types, falling 5% for single-family homes and over 13% in condos. This was not due to a lack of demand, but a lack of supply, as inventory fell again and is now well under the six-month level that usually signals a seller’s market. That drove significant appreciation, with single-family homes now up […]

Real Estate Market Report: 1st Quarter 2018 – Northern New Jersey

The housing market in the Northern New Jersey suburbs of New York City has become a fully‑realized seller’s market, with declining inventory stifling sales growth while driving meaningful price appreciation throughout the region. The regional market continues to suffer from a lack of inventory. The number of homes available for sale compared to last year fell sharply in every market in the region. At the current absorption rate, we are now down to well under six months of inventory in […]

Real Estate Market Report: 1st Quarter 2018 – Dutchess County, NY

Dutchess single‑family home sales were down sharply in the first quarter, a consequence of a lack of inventory unable to meet strong demand. That’s why prices were up dramatically, rising over 10% for single‑family and almost 18% for condos. This kind of appreciation is probably not sustainable, but the yearlong numbers are also good, with average prices up almost 5% for single‑family and over 2% for condos. We expect that this pricing will eventually attract more sellers into what will […]

Real Estate Market Report: 1st Quarter 2018 – Putnam County, NY

Putnam’s housing market exploded in the first quarter, with sales and prices sharply up. Inventory continues to fall, which will likely suppress sales in the spring market but should continue to put pressure on prices. Although the eye-popping quarterly 10% average and 9% median sales price increases are not sustainable, the yearlong appreciation of 5% on average and over 6% at the median is a welcome trend for Putnam homeowners. Indeed, the average single‑family price for the past year is […]

Real Estate Market Report: 1st Quarter 2018 – Orange County, NY

Orange’s housing market was stifled by a lack of inventory, which fell 23% and is now down to 4.7 months. But continued demand drove average prices up sharply, rising almost 5% for single‑family and almost 8% for condos for the first quarter. We’re now seeing sustained price appreciation, with average prices up 4% for single-family and 8% for condos for the rolling year. Indeed, Orange has now had seven straight quarters of price appreciation for the first time since the […]

Real Estate Market Report: 1st Quarter 2018 – Rockland County, NY

Rockland’s housing market was absolutely stifled in the first quarter by a depleted inventory, which was drove sales down almost 19%. Rockland demand is high, which is why single‑family prices were up across the board: almost 6% on average, over 2% at the median, and a whopping 10% in the price‑per‑square‑foot. Average prices for the year are now up over 4% for single‑family and 1% for condos. If prices keep going up, more homeowners will be tempted into the market, […]

Real Estate Market Report: 1st Quarter 2018 – Westchester County, NY

Westchester’s activity was again stifled by a depleted inventory, which drove sales down in single‑family homes and held them flat for condos and coops. Prices were mixed, with average prices down 3% for single‑family homes and 4% for condos, even while the entry level coop market soared, rising almost 13%. Over the full year, though, average prices are trending up for all property types, rising 3% for single‑family, 2% for condos, and 5% for coops. We expect that low inventory […]

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Older Posts

Real Estate Market Report: 1st Quarter 2018 – Essex County, NJ

Real Estate Market Report: 1st Quarter 2018 – Morris County, NJ

Real Estate Market Report: 1st Quarter 2018 – Passaic County, NJ

Real Estate Market Report: 1st Quarter 2018 – Bergen County, NJ

Real Estate Market Report: 1st Quarter 2018 – Northern New Jersey

Real Estate Market Report: 1st Quarter 2018 – Dutchess County, NY

Real Estate Market Report: 1st Quarter 2018 – Putnam County, NY

Real Estate Market Report: 1st Quarter 2018 – Orange County, NY

Real Estate Market Report: 1st Quarter 2018 – Rockland County, NY

Real Estate Market Report: 1st Quarter 2018 – Westchester County, NY