Real Estate Market today: October 2025 New Mortgage Opportunities

New Jersey Housing Market Update: Fall Trends & Key Insights

The New Jersey real estate market in 2024 is seeing some notable shifts that both buyers and sellers should keep on their radar. According to the latest ROK Realty Report, several new trends are shaping the landscape.

Steady Listings, Shifting Closings This year, the number of new home listings has remained virtually unchanged compared to last year, showing just a slight dip. Buyer activity is also steady, with pending sales holding firm. However, the number of closings has fallen by about 5%, meaning fewer deals are crossing the finish line.

Prices On The Rise, Homes Take Longer to Sell Despite the dip in closings, prices continue to climb. The median sale price has jumped from $530,000 to $565,000, and the average price is now around $700,000. Homes are taking longer to sell—about five weeks compared to one month last year—giving buyers a bit more negotiating power. Sellers are still getting above asking price, though not as much as before.

Inventory Up, Affordability Down There’s more inventory on the market, up over 11%, providing buyers with more options and helping to balance the market. Supply has ticked up to 2.7 months, yet affordability is slipping. The affordability index has dropped from 87 to 81, making it tougher for the average household to qualify for the median-priced home.

Game Changer: Declining Mortgage Rates A big shift this season is the steady decline in mortgage rates. Nearly 60% of recent mortgage applications are now for refinancing, indicating homeowners are eager to take advantage of these lower rates. For buyers, this means increased purchasing power—homes that were previously out of reach may now fit within budget. For existing homeowners, refinancing can open up opportunities to save or redirect funds.

PAS1 Deadline Approaching Don’t forget: The PAS1 submission deadline is on October 31st. Make sure your documents are ready to secure potential benefits. If you need help, our team is here to guide you through the process.

The Bottom Line New Jersey’s market is entering a more balanced phase. Buyers have more choices, sellers are still seeing strong prices, and mortgage rates are creating new opportunities. Whether you’re buying, selling, or just exploring your options, reach out—we’re here to help every step of the way.

For questions, market updates, or assistance with your PAS1 submission, contact us today.