If you’ve been watching the housing market in Bergen, Essex, Hudson, or Passaic County and wondering how the average person is affording these prices, you’re not alone. The latest NJMLS report confirms what many already feel: home prices continue to climb 📈 even as financial pressures mount for everyday homeowners.
Let’s break it down.
💰 Home Prices Are Still Climbing
In June 2025, the median sales price for a single-family home in North Jersey jumped 12.7% year-over-year to $822,500.
Condos and townhouses also rose 12.7%, reaching $541,000.
Adult communities surged nearly 20%, with a median price of $473,000.
This isn’t a market crash. This is a market squeeze.
😬 Affordability Is Getting Crushed
The Housing Affordability Index measures whether the average household can afford the average home. The lower the number, the harder it is to buy. Here’s what the report shows:
- 🏠 Single Family: now 50, down 10.7%
- 🏢 Condo/Townhouse: 77, down 10.5%
- 👵 Adult Communities: 92, down 15.6%
In plain terms, most working households in North Jersey are now priced out of the market based on income.
🧮 Why Are Prices Still Rising?
Inventory is still too low. The “months supply of inventory” tells us how long it would take to sell all the homes currently on the market if no new ones were listed. A balanced market is typically around 5 to 6 months. Right now:
- 🏠 Single Family: 2.3 months
- 🏢 Condo/Townhouse: 2.8 months
- 👵 Adult Communities: 2.0 months
Even though more homes are hitting the MLS, demand still exceeds supply. That keeps prices elevated and creates competition, even for homes that are outdated or need work.
⚠️ What This Means If You’re Facing a Hard Situation
You might not be watching the market from the sidelines. Maybe you’re:
- 🕊️ Settling an estate after the death of a parent
- 💳 Struggling financially due to job loss or mounting debt
- 💔 Going through a divorce and need to sell a shared property
- 🛠️ Dealing with a home in disrepair or with years of deferred maintenance
- 📦 Cleaning out a hoarder house or inherited property
Here’s the bottom line: even if your home isn’t perfect, even if you’re overwhelmed, the market is still on your side.
Right now:
- ✅ Buyers are active and competing over limited inventory
- 🧱 Investors are looking for distressed properties
- 💵 You likely have more equity than you think, even if the property has issues
🔧 You Don’t Need a Picture-Perfect Home to Sell in 2025
While the headlines talk about luxury listings and bidding wars, the real opportunity this year may be for homeowners dealing with life changes or property challenges.
If you’re facing a tough situation, this may be the best window in years to:
- Sell as-is
- Avoid repairs or upgrades
- Unlock your equity quickly
- Close fast and move forward
✅ The Bottom Line
Despite interest rate pressure and economic uncertainty, the North Jersey housing market continues to favor sellers. That means if you’re dealing with probate, divorce, financial distress, or a problem property, this is still a strong market to exit on your terms.
Don’t wait until the market shifts. Take advantage of the conditions while they still work in your favor.
Coming Up Next:
📰 The Listings Are Back, But The Buyers Are Not: Why Closings Are Slipping in North Jersey