After riding a pandemic hot streak, it appears the real estate market is cooling in parts of New Jersey. Monthly housing data out this week from New Jersey Realtors shows home sales slowed in July for nearly half the state’s counties. Median prices were down month over month, too. Essex County, for example, saw the biggest dip; the median price was down from $715,000 to $650,000. Burlington County dropped from $370,000 to $360,000 but it’s still considered a seller’s market.
According to the data, the number of new listings is down across the majority of the state by about 15%. Homes are also sitting on the market a little longer, about 27 days on average statewide. Market experts say it has to do with higher mortgage rates and people getting back to pre-pandemic life by taking vacations and slowing down in the summer.
