Essex County Home Prices Near $1 Million as June Inventory Tightens

ESSEX COUNTY, N.J. – Homebuyers in Essex County continued to face rising prices and limited inventory in June as the median sales price for a single-family home climbed to $961,000, up 9.8% from the same month last year. Despite the increase in prices, closed sales dipped 2.7% while new listings rose 10.1%, according to the latest monthly housing market report released by New Jersey Realtors.

The market remained firmly in sellers’ favor as inventory declined 8.5% to 659 homes, representing just 2.3 months of supply. Homes also sold quickly, spending a median of 23 days on the marke...