The Spring Market Arrived Last May & Never Left

By maryellen January 25, 2021

720 Mosswood Ave, under contract in Seven Oaks.

The Real Estate Market in Northern New Jersey by Fran Lichtman

With NJ inventory down a whopping 38% as compared to last year, we are hoping to see a modest increase in homes coming to the market over the next few months. We are seeing very large price increases in most towns in the area due to high demand and low supply. In November, contract sales were up 22% year over year and in December it rose to 24%.  The price range seeing the biggest gain in activity is the $1 million to $2.5 million which has increased to the unbelievable level of 90% YOY. Not that long ago, this price range had been suffering for years. The smallest increase was in the $400k and under range which only rose 7%.

Tons of apartment dwellers continue to head in this direction. As a result, there are currently about 26k rental vacancies in Manhattan and about 13k in Brooklyn.  ental prices in those areas are at a 10 year low!

Since there is no seasonality at the moment in the market, you can say that the “spring market” arrived last May and has never left!

It is not too early to list your home. With buyers out there each and every day just waiting for new inventory, it is a moment in time when the seller is in the driver’s seat in a way that we rarely see. 

Call us in if you are thinking of selling.  We are also able to do private deals through our network of Realtor colleagues.  You may be able to secure a deal on your home before you begin the staging process.


LOCAL MARKET STATISTICS  **single family homes only


                                                               Active                                             Active                             Under contract

                                                As of 1/9/21                             As of 1/22/21                         since Jan 1


Maplewood                                    17                                                 13                                             12

South Orange                                 17                                                 18                                             11

West Orange                                  36                                                  37                                             13

Montclair                                        24                                                  24                                             11

Bloomfield                                      26                                                  28                                             12

 Millburn/Short Hills                    24                                                   24                                             11

Orange                                            18                                                   16                                               7

Union                                              46                                                    44                                             31 (on fire)

Summit                                           37                                                    32                                               8