N
ew Jersey saw a 7.11% increase in new listings in February, reaching 6,902, but this was still 4.96% lower than the same month last year. The state's median listing price rose to $544,950, a 1.5% gain from last year and 1.86% higher than January. Active listings typically stayed on the market for about 44 days, up 14.29% from February 2024 but down 23.48% from January.

    Nationwide, housing inventory grew by 27.5% in February, marking the 16th consecutive month of growth. The median home price decreased by 0.8% to $412,000, and homes spent approximately 66 days on the market. Mortgage rates slightly dipped, with a 30-year fixed mortgage ranging from 6.76% to 6.89%, and a 15-year fixed mortgage between 5.94% and 6.09%.

    In North Jersey, 17 counties saw an increase in new listings compared to January, while 15 counties had fewer new listings than February 2024. Bergen, Passaic, Morris, and Sussex counties experienced decreases in new listings, ranging from -2.63% to -21.74%. Essex and Hudson counties showed increases.

    Active listings stayed on the market for longer periods in Morris, Essex, Sussex, and Hudson counties compared to last year but shorter periods than January. Bergen County saw no change, while Passaic County had fewer days on the market. Median listing prices increased in most North Jersey counties, with Sussex and Hudson being exceptions, experiencing a 0.63% decrease and a 5.76% increase, respectively.

    Here's a breakdown of each county:

    * Bergen: 592 new listings (-2.63%), 33 days (0%) on market

    * Passaic: 202 new listings (-17.89%), 31 days (-10.29%) on market

    * Morris: 300 new listings (-20.63%), 31 days (9.91%) on market

    * Essex: 412 new listings (13.81%), 33 days (8.2%) on market

    * Sussex: 144 new listing (-21.74%), 50 days (12.36%) on market

    * Hudson: 376 new listings (0.53%), 41 days (0.61%) on market

    Median listing prices increased in most counties, with Bergen at 2.62%, Passaic at 4.23%, and Essex at 9.98%.