November 2022 Market StatsHousing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter. 

  • Single Family Closed Sales were down 25.3 percent to 1,704. 
  • Townhouse-Condo Closed Sales were down 28.0 percent to 431. 
  • Adult Communities Closed Sales were up 18.8 percent to 57. 

  • Single Family Median Sales Price increased 6.3 percent to $505,000. 
  • Townhouse-Condo Median Sales Price increased 10.2 percent to $340,000. 
  • Adult Communities Median Sales Price increased 21.8 percent to $500,000. 

With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to


NCJAR Total Market Overview

Morris County

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