North Jersey Housing Market Moves in Waves: What Buyers and Sellers Need to Know

I’m excited to share that I was recently featured by KeyCrew Media in an article examining what is happening right now across the North Jersey housing market.

The article, “North Jersey’s Housing Market Moves in Waves. The Outer Counties Are Shifting First,” focuses on something I talk about with my clients all the time: North Jersey is not one single real estate market.

What is happening in Bergen County can be very different from what is happening in Morris, Passaic or Sussex County, and those differences matter when you are deciding when to buy, when to sell and how to price a home.

The North Jersey Market Really Does Move in Waves

When buyers are priced out of Bergen County, many begin looking in Morris County. When inventory tightens or affordability becomes more challenging there, buyers start looking farther into Passaic County and eventually Sussex County.
I described it simply: “It’s like a wave.”
That movement is one of the reasons sellers need to pay close attention to what is happening in their specific town, rather than relying on a headline about the overall North Jersey market.

Inventory is Improving, But We Are Still Far From Pre-Pandemic Levels

West Milford is a great example.
When I entered the real estate business, there were approximately 220 active homes for sale in the area. During the pandemic, that number dropped as low as 36.
Today, inventory has improved significantly, but it is still nowhere near the levels we once considered normal.
At the same time, we are starting to see different conditions depending on how far you move away from New York City.
Some areas of Sussex County have experienced longer days on market and more price adjustments, and we are beginning to see some of that shift move toward Passaic County and parts of Morris County.
Meanwhile, many properly priced homes in areas closer to New York City continue to attract strong buyer competition.

Pricing a Home Has Become More Local Than Ever

One of the biggest mistakes a seller can make right now is looking at a North Jersey statistic and assuming it applies equally to their home.
It doesn’t.
Real estate is hyperlocal.
When I meet with a seller, I look closely at the most recent comparable sales, current competition, buyer activity and inventory within that specific municipality.
Sometimes the appropriate pricing range may only vary by $15,000 or $20,000. In other situations, it can be $50,000 or more.
The goal is not simply to put the highest possible price on a home.
The goal is to position the property where buyers see value, create competition and ultimately produce the strongest possible result for the seller.

Why Buyers Continue Moving From New York Into New Jersey

Another topic we discussed was the continued movement of buyers from New York City, Queens, Long Island and other surrounding areas into North Jersey.
Many buyers are surprised to discover that moving farther geographically from Manhattan does not necessarily mean a more difficult commute.
Depending on the town, access to trains, buses, the Lincoln Tunnel and the George Washington Bridge can make commuting from North Jersey very competitive with commuting from certain parts of New York.
At the same time, buyers may gain more space, larger properties, strong school districts and a different overall lifestyle.
That combination continues to bring buyers into communities throughout Morris, Passaic, Bergen and Sussex counties.

Seasonality Is Returning to Real Estate In North Jersey

After several unusual years following the pandemic, I also believe we are beginning to see a return to more traditional real estate seasons.
Spring remains extremely active. Summer tends to level off. Fall creates opportunities for motivated buyers and sellers.
And one of my favorite times to list a home may surprise people:
January.
Inventory is typically lower, while motivated buyers who have decided “this is the year we are buying a home” are already searching.
Even if there is snow on the ground, serious buyers are looking.
That combination of motivated buyers and reduced competition can create a terrific opportunity for sellers.

What Does All of This Mean for You?

Whether you are buying or selling, the most important thing to understand is that there is no single “North Jersey market.”
Bergen County is different from Morris County.
Morris is different from Passaic.
Passaic is different from Sussex.
And even within the same county, two neighboring towns can be experiencing very different market conditions.
That is why local knowledge matters so much.
My job is to help my clients understand exactly what is happening in their town, their price range and their segment of the market so they can make decisions based on real data rather than headlines.
I was honored to share my perspective with KeyCrew Media and to provide insight into a market that I work in every single day.

Read the Full KeyCrew Media Feature

I’m grateful to KeyCrew Media for featuring my perspective on the North Jersey housing market and for highlighting the trends I’m seeing firsthand with buyers and sellers throughout the region.

Read the full KeyCrew article here


Thinking about buying or selling in North Jersey? I’d be happy to help you understand what is happening in your specific town and price range.
Julia Gaffney
Elevate Real Estate Group
Keller Williams Prosperity
973-800-0712