November 2024 market analysis for homes
New Jersey’s real estate market began to slow down in November with fewer homes hitting the market and active listings staying on the market for longer. Despite this slowdown, though, home prices have continued to rise across the state.
However, across the nation, November marked the 13th consecutive month of inventory growth, Realtor.com reported. With 26.2% more homes actively for sale than this time last year, the number of homes actively for sale is the highest it has been since December 2019.
Homes stayed on the market for about 62 days across the nation, which is 11 more days than this time last year and four more days than last month, according to Realtor.com. That made this past month the slowest November in five years.
As for interest rates, the Federal Reserve announced a second rate cut in November. With this recent rate cut and its previous cut in September, the Fed’s 23-year high benchmark rate of 5.25% to 5.50% has been reduced to 4.5% to 4.75%, with mortgage rates expected to decrease modestly as a result.
At the end of November, the median rate of a 30-year fixed-rate mortgage was 6.91%, Bankrate reported. And the median interest rate on a 15-year fixed-rate mortgage was 6.18%.
This is how North Jersey’s real estate market performed in November, based on data from Realtor.com.
How much has North Jersey’s housing inventory changed?
Twelve of New Jersey’s 21 counties had an increase in new listings compared with November 2023, while just two counties had an increase in new listings compared with October.
In North Jersey, the counties of Bergen, Passaic and Morris all had more listings in November than this time last year while the counties of Sussex and Hudson had a decrease in new listings. Essex County had no change in new listings this month compared to last year.
- Bergen: 652 (7.95%)
- Passaic: 220 (0.92%)
- Morris: 372 (16.98%)
- Essex: 352 (0%)
- Sussex: 164 (-13.68%)
- Hudson: 332 (-14.43%)
Compared with October, all six North Jersey counties had a decrease in new listings.
- Bergen: -13.76%
- Passaic: -25.17%
- Morris: -2.47%
- Essex: -9.74%
- Sussex: -8.89%
- Hudson: -13.09%
How long are North Jersey homes staying on the market?
Compared with November 2023, 18 New Jersey counties had active listings stay on the market for a longer period. And when compared with October 2024, active listings stayed on the market longer in every New Jersey county.
Morris was the only North Jersey county that had homes stay on the market for fewer days in November than this time last year. Homes stayed on the market for about 40 days in November here, which was a 3.61% decrease from the year before. Otherwise, all other North Jersey counties had homes staying on the market for more days.
- Bergen: 38 days (1.33%)
- Passaic: 37 days (3.5%)
- Essex: 44 days (11.39%)
- Sussex: 53 days (24.26%)
- Hudson: 48 days (12.94%)
And when compared with the previous month, active listings in all six North Jersey counties stayed on the market longer in November.
- Bergen: 16.92%
- Passaic: 19.35%
- Morris: 25%
- Essex: 23.94%
- Sussex: 4.48%
- Hudson: 11.63%
What about North Jersey median home prices?
Of New Jersey’s 21 counties, 18 had an increase in median listing prices from November 2023. And when compared with October 2024, eight counties had an increase in median listing prices.
In North Jersey, Hudson was the only county to see a decrease in median listing prices compared with this time last year. Hudson County had a .96% decrease, with a median listing price of $647,000. Otherwise, all other North Jersey counties saw prices increase.
- Bergen: $771,000 (2.17%)
- Passaic: $539,000 (10.17%)
- Morris: $699,900 (1.58%)
- Essex: $569,000 (14.03%)
- Sussex: $425,000 (6.25%)
Compared with October 2024, median listing prices decreased in every North Jersey county.
- Bergen: -1.09%
- Passaic: -1.88%
- Morris: -5.22%
- Essex: -0.35%
- Sussex: -0.58%
- Hudson: -0.45%
Here’s how all 21 New Jersey counties performed in November, according to Realtor.com:
Maddie McGay is the real estate reporter for NorthJersey.com and The Record, covering all things worth celebrating about living in North Jersey. Find her on Instagram @maddiemcgay, on X @maddiemcgayy, and sign up for her North Jersey Living newsletter. Do you have a tip, trend or terrific house she should know about? Email her at [email protected].
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