May 2021 Market StatsAs the weather warms and pandemic restrictions ease across much of the country, the U.S. housing market shows little sign of cooling. Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows. Nationwide, inventory remains much lower than it was at this time last year, and sales prices are surging as a result.

  • Single Family Closed Sales were up 36.2 percent to 2,260.
  • Townhouse-Condo Closed Sales were up 70.6 percent to 587.
  • Adult Communities Closed Sales were up 43.2 percent to 53.
  • Single Family Median Sales Price increased 24.1 percent to $499,000.
  • Townhouse-Condo Median Sales Price increased 15.8 percent to $315,000.
  • Adult Communities Median Sales Price increased 19.0 percent to $375,000.

With such limited supply of existing homes to purchase, all eyes are on home builders to provide a much-needed boost of inventory to the market to help meet buyer demand. However, increasing material and labor costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers. And while the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time.

NCJAR Total Market Overview

Morris County

Somerset County  

Union County

Essex County

Passaic County