Housing Market Update: New Jersey - February 2025

For residential real estate activity in the state of New Jersey

U.S. existing-home sales fell for the first time since September, slipping 4.9%

month-over-month to a seasonally adjusted annual rate of 4.08 million units,

according to the National Association of REALTORS® (NAR), as elevated home

prices and higher interest rates continue to impact buyer activity. Despite the

drop, sales were up 2% compared to the same period last year, marking the

fourth consecutive monthly year-over-year increase.

• Single Family Closed Sales were down 3.6 percent to 3,111.

• Townhouse-Condo Closed Sales were down 4.4 percent to 1,183.

• Adult Communities Closed Sales were up 5.1 percent to 416.

• Single Family Median Sales Price increased 6.2 percent to $530,000.

• Townhouse-Condo Median Sales Price increased 6.5 percent to $410,000.

• Adult Communities Median Sales Price increased 6.0 percent to $355,000.

The limited number of properties for sale has continued to push home prices

higher nationwide. At last measure, the national median existing-home price was

$396,900, a 4.8% increase from one year earlier, with prices up in all four regions,

according to NAR. Meanwhile, total housing inventory heading into February stood

at 1.18 million units, up 3.5% month-over-month and 16.8% year-over-year, for a

3.5-month supply at the current sales pace.

Data as of March 20, 2024. All data from the multiple listing services in the state of New Jersey. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®. Report © 2024 ShowingTime