Median Sales PriceAverage Sales PricePercent of List Price ReceivedDays on Market Until SaleHousing Affordability IndexInventory of Homes for SaleMonths Supply of Inventory
New Listings
Single Family Market OverviewTownhouse-Condo Market OverviewAdult Community Market Overview
Total Market Overview
One-Year Change in Closed SalesAll Properties
Monthly Indicators
March 2019
In addition to the quandary of ongoing housing price increases and affordability concerns in many U.S. markets, the first quarter of 2019 saw a fair share of adverse weather as well. Sales totals were mixed across the nation and sometimes dependent on what was a persistent wintry mix, especially in the Great Plains, Midwest and Northeast. Meanwhile, new listings and total homes for sale have been trending lower in year-over-year comparisons in many areas, and last year's marks were already quite low.
The Federal Reserve recently announced that no further interest rate hikes are planned for 2019. Given the fact that the federal funds rate has increased nine times over the past three years, this was welcome news for U.S. consumers, which carry an approximate average of $6,000 in revolving credit card debt per household. Fed actions also tend to affect mortgage rates, so the pause in rate hikes was also welcome news to the residential real estate industry.
+ 4.0% - 10.1%
For residential real estate activity in Allendale, Alpine, Bergenfield, Bogota, Carlstadt, Cliffside Park, Closter, Cresskill, Demarest, Dumont, East Rutherford, Edgewater, Elmwood Park, Englewood, Englewood Cliffs, Emerson, Fair Lawn, Fairview, Fort Lee, Franklin Lakes, Garfield, Glen Rock, Hackensack, Harrington Park, Hasbrouck Heights, Haworth, Hillsdale, HoHoKus, Leonia, Little Ferry, Lodi, Lyndhurst, Mahwah, Maywood, Midland Park, Montvale, Moonachie, New Milford, North Arlington, Northvale, Norwood, Oakland, Old Tappan, Oradell, Palisades Park, Paramus, Park Ridge, Ramsey, Ridgefield, Ridgefield Park, Ridgewood, River Edge, Rivervale, Rockleigh, Rochelle Park, Rutherford, Saddle Brook, Saddle River, South Hackensack, Teaneck, Tenafly, Teterboro, Upper Saddle River, Waldwick, Wallington, Washington Township, Westwood, Woodcliff Lake, Wood-Ridge, Wyckoff in Bergen County, as well as in East Newark, Harrison and Kearny in Hudson County. Percent changes are calculated using rounded figures.
One-Year Change in Homes for SaleAll Properties
One-Year Change in Median Sales Price
All Properties
- 4.2%
Pending SalesClosed Sales
• Single Family Closed Sales were up 1.1 percent to 448.• Townhouse-Condo Closed Sales were up 12.7 percent to 177.• Adult Communities Closed Sales remained flat at 2.
• Single Family Median Sales Price increased 0.7 percent to $469,030.• Townhouse-Condo Median Sales Price increased 5.9 percent to $320,000.• Adult Communities Median Sales Price increased 69.5 percent to $500,000.
Key metrics for Single Family Properties Only, excluding Manufactured Housing, for the report month and for year-to-date (YTD) starting from the first of the year.
Historical Median Sales Price by Month Single Family Townhouse-Condo Adult Communities
April 2018 $476,000 $340,000 $280,000
May 2018 $505,000 $333,000 $350,000
June 2018 $510,000 $340,000 $265,000
July 2018 $505,500 $353,000 $280,000
August 2018 $485,000 $366,250 $305,000
September 2018 $486,500 $350,000 $395,000
October 2018 $470,000 $350,000 $427,000
November 2018 $488,900 $335,000 $589,900
December 2018 $471,000 $370,000 $329,900
January 2019 $455,000 $330,375 $290,000
February 2019 $440,000 $322,500 $220,000
March 2019 $469,030 $320,000 $500,000
12-Month Med.* $480,000 $340,000 $339,900 Note: If no activity occurred during a month, no data point is shown and the line extends to the next available data point.
Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.
Historical Average Sales Price by Month Single Family Townhouse-Condo Adult Communities
April 2018 $590,822 $394,287 $315,686
May 2018 $596,870 $395,061 $348,300
June 2018 $614,638 $406,528 $394,129
July 2018 $611,492 $414,791 $241,600
August 2018 $595,459 $418,380 $318,300
September 2018 $594,464 $440,215 $397,931
October 2018 $592,139 $421,494 $398,213
November 2018 $556,841 $440,021 $488,300
December 2018 $594,698 $468,193 $358,780
January 2019 $602,128 $414,637 $345,517
February 2019 $518,206 $374,632 $374,967
March 2019 $561,064 $375,685 $500,000
12-Month Avg.* $590,116 $414,769 $362,881 Note: If no activity occurred during a month, no data point is shown and the line extends to the next available data point.
Average sales price for all closed sales, not accounting for seller concessions, in a given month.
Historical Percent of List Price Received by Month Single Family Townhouse-Condo Adult Communities
April 2018 98.1% 97.1% 95.8%
May 2018 98.5% 97.1% 95.8%
June 2018 98.3% 96.9% 99.2%
July 2018 98.5% 97.8% 93.8%
August 2018 98.3% 97.2% 96.9%
September 2018 98.1% 97.2% 99.2%
October 2018 98.2% 96.8% 99.3%
November 2018 97.6% 96.3% 96.8%
December 2018 97.0% 97.1% 94.2%
January 2019 97.1% 96.5% 99.2%
February 2019 97.6% 96.7% 99.1%
March 2019 97.7% 96.6% 97.6%
12-Month Avg.* 98.0% 97.0% 97.5% Note: If no activity occurred during a month, no data point is shown and the line extends to the next available data point.
Percentage found when dividing a property’s sales price by its most recent list price, then taking the average for all properties sold in a given month, not accounting for seller concessions.
This index measures housing affordability for the region. For example, an index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
* Affordability Index for all properties from April 2018 through March 2019. This is not the average of the individual figures above.
Historical Inventory of Homes for Sale by Month Single Family Townhouse-Condo Adult Communities
April 2018 3,057 1,134 28
May 2018 3,390 1,198 30
June 2018 3,532 1,247 31
July 2018 3,551 1,268 35
August 2018 3,478 1,220 35
September 2018 3,525 1,226 42
October 2018 3,355 1,188 39
November 2018 3,040 1,106 33
December 2018 2,518 960 27
January 2019 2,497 974 30
February 2019 2,458 938 28
March 2019 2,468 978 34
12-Month Avg. 3,072 1,120 33 Note: If no activity occurred during a month, no data point is shown and the line extends to the next available data point.
The number of properties available for sale in active status at the end of a given month.
Inventory of Homes for Sale 3,881 3,488 - 10.1% -- -- --
Housing Affordability Index 85 88 + 3.5% 88 89
+ 0.2%
Days on Market Until Sale 75 74 - 1.3% 75 74 - 1.3%
Pct. of List Price Received 97.1% 97.4% + 0.3% 97.1% 97.3%
$510,677 - 1.8%
Median Sales Price $443,750 $425,000 - 4.2% $430,000 $419,000
Average Sales Price $519,842 $508,537 - 2.2% $520,287
1,685 + 6.2%
- 2.6%
Closed Sales 603 627 + 4.0% 1,587
3,826 + 3.8%
Pending Sales 862 882 + 2.3% 2,076 2,128 + 2.5%
3,687
Key metrics for single-family properties, townhouses, condominiums and properties in adult communities combined, for the report month and for year-to-date (YTD) starting from the first of the year.
