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ew Jersey's real estate market slowed down in December 2024, with fewer homes hitting the market and active listings staying on the market longer. Despite this slowdown, the state saw a 22% increase in homes for sale compared to the previous year, according to Realtor.com. However, inventory levels were at their lowest since June due to seasonal slowing activity.

    Homes stayed on the market for about 70 days, which is nine more days than a year earlier and eight more days than the previous month. This made December the slowest in five years and the slowest month since January 2023.

    The Federal Reserve's third interest rate cut in December lowered its target interest rate range to 4.25% to 4.5%, keeping mortgage rates in the 6% to mid-7% range, according to Bankrate.

    In North Jersey, Morris County was the only one with more new listings in December than a year earlier, while all other counties saw a decrease. Bergen County had the largest decline in new listings, down 24.73%, followed by Hudson County at -50.51%.

    Active listings stayed on the market longer in every county compared to November 2024. Essex County was the only one with no change in days on market from December 2023.

    Median home prices increased in most North Jersey counties compared to December 2023, but decreased in all counties compared to November 2024. Hudson County saw a 10.53% decrease in median listing price, while Bergen County had a 2.21% increase.