JUNE MARKET UPDATE

Northern New Jersey’s real estate remains lively. June’s data—and ongoing trends—suggest a summer season that favors sellers, with potential shifts that buyers should monitor closely.

Maplewood continues to command a premium, with a median of ~$850K and persistent buyer interest in its schools, transit options, and community feel.

South Orange experiences rising inventory—72 active listings in June, up 5.9% from May—while sales slipped to 15, a 16.7% month-over-month drop. This gives buyers more choices and more negotiating power.

West Orange capped June with a median sale price of $645K, up 7.1% year-over-year, translating to $351 per square foot . Development debates—like the Watchung Mountains affordable housing plan—also shape buyer confidence.

Across the wider region, market experts note steadily rising prices balanced by modest increases in supply .

Towns in Essex County continue to benefit from their proximity to NYC, quality schools, and vibrant communities.

What to Expect This Summer

1. Prices Will Continue to Rise—Modestly

New Jersey is projected to outpace the national average, with home prices expected to climb 2–3.7% through the year—Northern NJ is likely on the higher end of that range Sellers in Essex County towns should still see strong appreciation through summer.

2. Inventory Remains Tight (Outside South Orange)

Statewide, Northern and Central NJ continue to suffer from low supply. These conditions cushion price growth and intensify competition. South Orange may stand out, though, as it sees fewer buyers and more homes listed.

3. Mortgage Rates: Watchful Waiting

While inflation has cooled—from ~9% to around 2.5%—the Federal Reserve is taking a cautious "wait and see" stance on cutting interest rates, influenced by global factors like tariffs and Middle Eastern tensions.. Expect mortgage rates to hold steady through the summer, which may dampen buying urgency and cool feverish bidding wars.

4. Buyer Preferences: Quality + Flexibility

Buyers increasingly want flexible home spaces for work and school, close access to transit, and neighborhoods with strong amenities. Homes that showcase home-office potential, easy transport, and quality finishes are likely to lead the pack

🔍 Summer Strategy by Stakeholder

🛍 Sellers

• Expect continued price growth—but don’t overprice in South Orange, where absorption is slowing.

• Highlight flexible layouts, proximity to NYC commute, and outdoor/livable space to appeal to summer-buying household priorities.

🔍 Buyers

• South Orange offers more breathing space, inventory, and negotiation potential.

• In Maplewood and West Orange, demand remains strong—be ready to move quickly on well-priced homes.

• Lock in financing soon; summer likely won't bring relief in mortgage rates.

📊 Investors

• Stable rent prices and home values make Essex County appealing.

• Still, zoning shifts in West Orange and tighter listings should be vetted before purchasing.

Curious what your home is worth? Thinking of making a move this summer?
Let’s connect for a custom market analysis or buyer strategy session.

📩 Contact us at PollockPropertiesGroup.com
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