Leave a Message

Thank you for your message. We will be in touch with you shortly.

NJ Real Estate Market Report for Mid-Year 2023

Allison Ziefert Homes June 14, 2023

June is a great time to review the market stats since we are halfway through the year. Here is what we are seeing in the market here in Northern New Jersey.

Despite interest rates hovering just under 7% and inflation being on a steady 11-month decline, housing prices have not dropped. In New Jersey, the average price of a home was up by about 4% in April year over year. In the towns we cover, prices are up across the board. In S. Orange, the average price of a home rose modestly by 2.8% and in Maplewood by .5% YTD over 2022. In other towns, the increase was much greater, ranging anywhere from 6.5% (Summit and West Orange) to 17% (Bloomfield and Millburn).

What is stunning is the huge decrease in sales volume. In the US, existing home sales are down by about 37% over last year. In New Jersey, the number of closed sales was 24% lower this April than in April of last year. In S. Orange YTD, the number of sold units has plummeted by 22% and in Maplewood by 29%.

Why the drastic reduction in sales? Sellers with no mortgage or a low-rate mortgage see their financial position as an asset that they do not want to lose. They find the idea of purchasing a home at a higher rate than they can afford very challenging.

Fewer homes are coming on the market, creating an inventory shortage. In July 2021, there were around 51,000 homes on the market in NJ. In April 2023, there were 13,000.

We see buyers, particularly in the million-plus range, being very selective and taking their time as their purchasing power has declined with higher interest rates. Homes in the $400-800,000 range continue to see a lot of demand.

Here are our market reports for Northern NJ towns including Maplewood, South Orange, West Orange, Montclair, and Short Hills.

Do you have a real estate question on your mind? Do not hesitate to email me at [email protected]. There’s nothing more exciting for me than NJ real estate, and I’d be happy to share my expertise with you.

The Allison Ziefert Real Estate Group is a top-producing real estate team based at Compass in Short Hills, NJ. We are local market experts, specializing in real estate and homes in Maplewood, South Orange, Millburn/Short Hills, Montclair/Glen Ridge, West Orange, Morristown, and the surrounding NJ towns. We’ve also got you covered coast to coast with the best connections to top agents around the country in any market you are exploring. We are driven by earning great testimonials and referral business from happy clients. You can read our reviews here.

Recent Blog Posts

Blog

College Hill Neighborhood Guide | Maplewood, NJ

A closer look at one of Maplewood’s most established residential enclaves

Millburn Zoning Basics: FAR and Lot Coverage Explained

Planning an addition or dormer in Millburn or Short Hills? Before you sketch anything, two small acronyms can shape your entire project: FAR and lot coverage. If you’r… Read more

Blog

Green Flags of a Great Buyer’s Agent in New Jersey

How to Know You’re Truly Represented When Buying in Northern New Jersey

Montclair Historic Homes: A Guide to Preservation Rules

Renovating or buying a historic Montclair home? Learn approvals, timelines, costs, and planning tips to avoid delays and protect value. Get expert local guidance today.

Real Estate

Northern New Jersey Housing Market in 2026: What Stability Really Looks Like

A practical, local guide to what buyers and sellers should expect across Maplewood, Montclair, Short Hills, and Northern New Jersey in 2026

Blog

Which New Jersey Town Is Right for You?

A Fun Holiday-Movie Guide to Maplewood, Montclair, Summit & More

Using Compass Concierge to Prep Your Millburn Home for Spring

Selling in Millburn this spring? Learn how Compass Concierge funds presale updates, which projects to prioritize, and an 8 to 10 week timeline

Blog

Why Do I Need a Survey When Buying a Home?

What a Property Survey Really Protects When You Buy a Home in North Jersey

Home Buying

My NYC Apartment Is Too Small - Where Should I Buy My First Home in New Jersey?

When your apartment starts feeling more like a college memory than a place that fits your adult life, it’s usually a sign: you’re ready for more space, more comfort, a… Read more

Work With Us

We are passionate about researching market stats, negotiating contracts, and helping our clients find and sell homes. The majority of our business comes from past clients and referrals from people who know our work.

Follow Us