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Essex County HALSTEADID 20160680 Second Quarter 2020 Essex County New Jersey Market Report
Esse
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ount
y HALSTEADID 20160680
Second Quarter 2020Essex County New Jersey Market Report
HALSTEAD 1
Halstead is joining Brown Harris Stevens - which means BHS
now has 2,500 agents and 55 offices in luxury markets across NYC,
the Tristate area, the Hamptons, Palm Beach, and Miami.
Historically ranked among the nation’s top residential firms,
in 2019 both firms combined closed 6,000 transactions
totaling more than $9 billion.
Simply put, we have more resources than ever to
support our trusted clients.
We are here to serve you, and Brown Harris Stevens has never
been stronger. We look forward to working together.
We’re growing!
HALSTEADID 20160680
HALSTEAD 2
Highlights With most of the 2nd Quarter spent in lockdown, it is unsurprising that the number of
closed sales fell dramatically in all of our Select Essex County market areas. However, the
health crisis created by the COVID-19 pandemic is not leading to a housing crisis in these
markets. In fact, there was a major influx of buyers in the 2nd Quarter, causing prices to
rise significantly in nearly all of these Select Essex markets.
Renters and former urban dwellers seeking more space and safer home environments
flocked to these Essex County markets as they offer a diverse housing stock, strong
school systems, and ample neighborhood amenities. Prices in most market segments
remained relatively firm, with only minor declines in comparison to what was a strong
2nd Quarter of 2019. There was strong market momentum to begin the year, and while
the COVID-19 crisis placed a pause on the ability for transactions to flow at a normal
pace, there is no doubt the appetite for homes and in the Select Essex markets remains
strong and steady.
With more emphasis than ever on the safety, security, and quality of “home”, the
challenge for these markets in the near term is grappling with an under-supply of
available homes. The possibility for further growth in sale values is evident in falling
days on market measures and that many deals are being procured with multiple bids
at over asking price.
Essex County New Jersey Market Report
Q2 2020
HALSTEAD 3
The average sale price this 2nd Quarter was $994,00, a 20% gain over prior year’s
average of $831,000. The median price also rose with a 13% gain, ending at $879,000 as
compared to $780,000 from the same period last year.
There were only 76 closed sales this period, a 42% decline from the same period last year
which had 132 sales. Single-Family Homes spent an average of 33 days on market with
sellers gaining an average of 108% of their offering price.
Average & Median Sales Price
Montclair Single-Family Homes
Q2 2020
$994
,000
$823
,000
$784
,000
$811
,000
$831
,000
$879
,000
$754
,000
$687
,000
$760
,000
$780
,000
$550,000
$650,000
$750,000
$850,000
$950,000
$1,050,00 0
2Q20 1Q20 4Q19 3Q19 2Q19
76
41
85
136
132
20
40
60
80
100
120
140
2Q20 1Q20 4Q19 3Q19 2Q19
108.
0%
101.0
%
105.
0% 106.
0%
108.
0%
95%
100%
105%
110%
2Q20 1Q20 4Q19 3Q19 2Q19
33
58
39
30 29
0
20
40
60
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
HALSTEAD 4
The average sale price of Single-Family Homes increased 28% ending at $949,000. The
median sale price also increased significantly with a 23% gain when compared with the
same period last year.
This current period had only 18 closed sales versus 31 closed sales in the 2nd quarter of
2019. Single-Family Homes spent an average of 24 days on market. Sellers gained an
average of 111% of their asking price.
Average & Median Sales Price
Glen Ridge Single-Family Homes
Q2 2020
$949
,000
$706
,000
$663
,000
$863
,000
$740
,000
$841
,000
$683
,000
$650
,000
$800
,000
$681
,000
$400,000
$500,0 00
$600,0 00
$700,0 00
$800,0 00
$900,0 00
$1,000,000
2Q20 1Q20 4Q19 3Q19 2Q19
18
15
23
32 31
0
10
20
30
40
2Q20 1Q20 4Q19 3Q19 2Q19
111.5
%
104.
0%
109.
0%
108.
0% 109.
0%
95%
100%
105%
110%
115%
2Q20 1Q20 4Q19 3Q19 2Q19
24
68
31
26
23
0
20
40
60
80
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
HALSTEAD 5
The average sale price was $489,000, a 7% gain over prior year average of $455,000. The
median sale price was $445,000, which remained exactly the same as the prior year’s 2nd
Quarter.
There were only 119 closed sales this period, a 33% drop from the same period last year,
which had 178 sales. Single-Family Homes spent an average of 42 days on market with
sellers gaining an average of 100% of offering price.
Average & Median Sales Price
West Orange Single-Family Homes
Q2 2020
$489
,000
$438
,000
$444
,000
$426
,000
$455
,000
$445
,000
$420
,000
$400
,000
$400
,000
$445
,000
$200,00 0
$250,000
$300,00 0
$350,000
$400,000
$450,000
$500,0 00
$550,000
2Q20 1Q20 4Q19 3Q19 2Q19
119
113
147
191
178
80
100
120
140
160
180
200
2Q20 1Q20 4Q19 3Q19 2Q19
100.
1%
100.
0%
99.0
% 100.
0%
100.
0%
90%
95%
100%
105%
2Q20 1Q20 4Q19 3Q19 2Q19
42
60
72
49
56
0
20
40
60
80
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
HALSTEAD 6
The average sale price was $1,337,000, a minor 1% gain over prior year average of
$1,325,000. The median sale had a larger increase of 7% ending at $1,210,000.
There were 71 closed sales or 19% fewer than the same period last year. Single-Family
Homes spent an average of 52 days on market with sellers gaining 98% of offering price.
Average & Median Sales Price
Short Hills Millburn Township Single-Family Homes
Q2 2020
$1,33
7,000
$1,32
8,000
$1,27
6,000
$1,42
1,000
$1,32
5,000
$1,21
0,00
0
$1,16
0,00
0
$1,0
00,0
00 $1
,260,
000
$1,12
8,000
$400,000
$600,0 00
$800,0 00
$1,000,000
$1,200,000
$1,400,0 00
$1,600,00 0
2Q20 1Q20 4Q19 3Q19 2Q19
71
50 52
105
88
20
40
60
80
100
120
2Q20 1Q20 4Q19 3Q19 2Q19
97.9
% 99.0
%
97.0
%
97.0
%
97.0
%
85%
90%
95%
100%
2Q20 1Q20 4Q19 3Q19 2Q19
52
83
64 61
49
20
40
60
80
100
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
HALSTEAD 7
The average sale price improved 3% ending at $746,000. The median sale price increased
to $685,000 or 11% more than the same period last year.
Closed sales had a 35% decline with only 71 transactions. Single-Family Homes spent an
average of 47 days on the market. Sellers gained an average of 99% of asking price.
Average & Median Sales Price
Livingston Single-Family Homes
Q2 2020
$746
,000
$745
,000
$815
,000
$720
,000
$725
,000
$685
,000
$675
,000
$650
,000
$640
,000
$615
,000
$550,000
$600,0 00
$650,000
$700,0 00
$750,000
$800,0 00
$850,000
2Q20 1Q20 4Q19 3Q19 2Q19
71
55
85
121
109
40
60
80
100
120
140
2Q20 1Q20 4Q19 3Q19 2Q19
99%
99.0
%
97.0
% 98.0
%
97.0
%
85%
90%
95%
100%
2Q20 1Q20 4Q19 3Q19 2Q19
47
57
46 46
49
0
20
40
60
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
HALSTEAD 8
The average sale price was $660,000, a 5% gain over prior year average of $626,000. The
median sale price was virtually unchanged ending at $626,000.
Closed sales dropped to only 64 sales as compared to 114 closed sales the same period
last year. Single-Family Homes spent an average of 27 days with sellers gaining an
average of 102% of offering price.
Average & Median Sales Price
Maplewood Single-Family Homes
Q2 2020
$660
,000
$616
,000
$608
,000
$647
,000
$626
,000
$626
,000
$598
,000
$600
,000
$630
,000
$622
,000
$400,000
$450,000
$500,0 00
$550,000
$600,0 00
$650,000
$700,0 00
2Q20 1Q20 4Q19 3Q19 2Q19
64
57
74
113 114
40
60
80
100
120
2Q20 1Q20 4Q19 3Q19 2Q19
102%
102.0
%
100.
0%
102.0
%
101.0
%
90%
95%
100%
105%
2Q20 1Q20 4Q19 3Q19 2Q19
27
41
32 32
36
0
20
40
60
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
HALSTEAD 9
The average sale price was $565,000, a 3% decrease compared to the prior year’s
average of $584,000. However, the median sale price increased by 4% ending at
$535,000.
There were 36 closed sales or 3% fewer transactions than the same period last year.
Single-Family Homes spent an average of 27 days on market with sellers gaining 102%
of offering price.
Average & Median Sales Price
Verona Single-Family Homes
Q2 2020
$565
,000
$573
,000
$519
,000
$582
,000
$584
,000
$535
,000
$505
,000
$510
,000
$530
,000
$515
,000
$300,00 0
$350,000
$400,000
$450,000
$500,0 00
$550,000
$600,0 00
2Q20 1Q20 4Q19 3Q19 2Q19
36
20
39
58
39
0
20
40
60
2Q20 1Q20 4Q19 3Q19 2Q19
102%
101.0
%
100.
0% 101.0
%
100.
0%
90%
95%
100%
105%
2Q20 1Q20 4Q19 3Q19 2Q19
27
39
48
44
38
0
20
40
60
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
HALSTEAD 10
The average sale price was $712,000, a 5% increase over the prior year’s average of
$676,000. The median increased this period by 3% ending at $649,500 as compared to
median of $633,000 from the same period last year.
There were 53 closed sales this period which reflects 42% fewer transactions. Single-
Family Homes spent an average of 35 days on market. Sellers gained 102% of offering
price.
Average & Median Sales Price
South Orange Single-Family Homes
Q2 2020
$712
,000
$601
,000
$683
,000
$718
,000
$676
,000
$649
,500
$564
,000
$690
,000
$665
,000
$633
,000
$450,000
$500,0 00
$550,000
$600,0 00
$650,000
$700,0 00
$750,000
2Q20 1Q20 4Q19 3Q19 2Q19
53
47
39
72
91
20
40
60
80
100
2Q20 1Q20 4Q19 3Q19 2Q19
102%
100.
0%
100.
0% 101.0
% 102.0
%
90%
95%
100%
105%
2Q20 1Q20 4Q19 3Q19 2Q19
35
44
54
27 26
20
30
40
50
60
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
HALSTEAD 11
The average sale price was $410,000, a 6% gain over prior year average of $386,000. The
median sale price also increased with a gain of 4% to $400,000.
Closed sales decreased 27% with 69 closed transactions. Single-Family Homes spent
slightly less time on the market this quarter with an average of 44 days on market.
Sellers gained 102% of offering price.
Average & Median Sales Price
Bloomfield Single-Family Homes
Q2 2020
$410
,000
$354
,000
$379
,000
$382
,000
$386
,000
$400
,000
$330
,000
$384
,000
$366
,000
$385
,000
$100,000
$200,00 0
$300,00 0
$400,000
$500,0 00
2Q20 1Q20 4Q19 3Q19 2Q19
69
72
87
110
94
40
60
80
100
120
2Q20 1Q20 4Q19 3Q19 2Q19
102%
98.0
%
103.0
%
103.0
%
104.
0%
90%
95%
100%
105%
2Q20 1Q20 4Q19 3Q19 2Q19
44
59
32
44
46
20
30
40
50
60
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
HALSTEAD 12
The average sale price decreased by 7% to $493,000. The median price was essentially
unchanged at the measure of $520,000.
There were only 9 closed sales this period as compared to 28 closed transactions in
2nd quarter of 2019. Houses spent an average of 47 days on market. Sellers received an
average of 96% of asking price.
offering price.
Average & Median Sales Price
Roseland Single-Family Homes
Q2 2020
$493
,000
$499
,000
$525
,000
$541
,000
$532
,000
$520
,000
$485
,000
$493
,000
$495
,000
$519
,000
$250,000
$300,00 0
$350,000
$400,000
$450,000
$500,0 00
$550,000
2Q20 1Q20 4Q19 3Q19 2Q19
9
12 12
25
28
0
10
20
30
2Q20 1Q20 4Q19 3Q19 2Q19
96% 97
.0%
97.0
%
97.0
%
97.0
%
85%
90%
95%
100%
2Q20 1Q20 4Q19 3Q19 2Q19
47
83
42
25
53
0
20
40
60
80
100
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
HALSTEAD 13
The average sale price ended at $563,000, a 13% gain when compared to the same
period last year. The median sale price followed suit with an increase of 18%, ending at
$560,000 versus $476,000 for the 2Q 2019.
There were just 11 closed sales this period versus 19 during last year’s 2nd Quarter.
Single-Family Homes spent an average of 32 days on the market with sellers gaining an
average of 99% of asking price.
Average & Median Sales Price
Caldwell and West Caldwell Single-Family Homes
Q2 2020
$563
,000
$517
,000
$455
,000
$507
,000
$500
,000
$560
,000
$455
,000
$441
,000
$500
,000
$476
,000
$100,000
$200,00 0
$300,00 0
$400,000
$500,0 00
$600,0 00
2Q20 1Q20 4Q19 3Q19 2Q19
11
17
48
27
19
0
20
40
60
2Q20 1Q20 4Q19 3Q19 2Q19
99%
98.0
% 99.0
%
99.0
%
98.0
%
85%
90%
95%
100%
2Q20 1Q20 4Q19 3Q19 2Q19
32
78
49
58
44
0
20
40
60
80
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
HALSTEAD 14
The average sale price increased 10% as it reached $530,000. Similarly, the median sale
price increased to $483,000 which was a 5% increase over last year.
The number of closed sales fell 41% with just 22 transactions. Single-Family Homes
spent more time on the market with an average of 51 days. Sellers gained an average of
100% of asking price.
Average & Median Sales Price
Cedar Grove Single-Family Homes
Q2 2020
$530
,000
$500
,000
$608
,000
$514
,000
$484
,000
$483
,000
$455
,000
$473
,000
$492
,000
$460
,000
$350,000
$400,000
$450,000
$500,0 00
$550,000
$600,0 00
$650,000
2Q20 1Q20 4Q19 3Q19 2Q19
22
26
40
49
37
0
20
40
60
2Q20 1Q20 4Q19 3Q19 2Q19
100% 10
1.0%
99.0
%
99.0
%
100.
0%
90%
95%
100%
105%
2Q20 1Q20 4Q19 3Q19 2Q19
51
48
41
38 39
20
30
40
50
60
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
HALSTEAD 15
The average sale price exhibited a notable increase reaching $432,000 or a 7% gain
over the prior year’s average of $402,000. The median sale price also rose 9% reaching
$430,000.
There was a significant dip in the number of closed sales during this period with 49 sales
versus 83 closed sales in the 2Q of 2019. Single-Family Homes spent an average of 47
days on market. Sellers gained 99% of offering price.
Average & Median Sales Price
Nutley Single-Family Homes
Q2 2020
$432
,000
$444
,000
$418
,000
$410
,000
$402
,000
$430
,000
$425
,000
$394
,000
$400
,000
$395
,000
$200,00 0
$300,00 0
$400,000
$500,0 00
2Q20 1Q20 4Q19 3Q19 2Q19
49
59
80
90
83
20
40
60
80
100
2Q20 1Q20 4Q19 3Q19 2Q19
99%
99.0
%
100.
0%
99.0
%
99.0
%
90%
95%
100%
105%
2Q20 1Q20 4Q19 3Q19 2Q19
47
62
52
38
53
0
20
40
60
80
2Q20 1Q20 4Q19 3Q19 2Q19
Number of Sales
Days on the Market Asking Price vs. Selling Price
©2020 by Halstead New Jersey, LLC. Data is sourced from Liberty/Hudson County MLS.
All Rights Reserved. This information may not be copied, commercially used or distributed without Halstead New Jersey’s prior consent. While information is believed true, no guaranty is made of accuracy.
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New Jersey Essex County Market Report
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