New Jersey’s housing market saw a continued rise in median sales prices across all property types this February, even as closed sales and new listings experienced double-digit declines compared with the previous year, according to housing market data released by New Jersey Realtors.
Median sales price for home in February was $505,000, an increase of 5.4% year over year. New listings plunged 16.9% to 6,688 and closed sales tumbled 11.3%. The number of homes for sale was slightly lower by 1.1% to 14,454. Days on the market increased 6.5% to 49. Home sellers were getting 100% of list price received, down 0.6%.
By sector, the median sales price for a single-family home increased 5.3% year over year to $558,000. Closed sales for single-family homes fell 9.5% to 2,827. The median sales price for townhouses/condominiums rose just 0.1% to $407,792 and closed sales slide 17.4% to 976.
The median sales price for adult communities experienced the biggest increase by percentage, climbing 5.6% to $375,000. Closed sales declined 8% to 377. Housing experts say New Jersey is transitioning toward a more balanced market, though sellers still hold an advantage because of limited supply.
Buyers are benefiting from slightly longer decision windows compared to previous years as well as stable mortgage rates. Bankrate quoted a rate for a 30-year mortgage of 6.36% as of March 23. Forecasts for New Jersey suggest continued modest price growth of 2% to 4% in 2026.
