Bergen + Essex County Market Pulse: Housing, Mortgage Rates & Down Payment Assistance

Week of September 26, 2026 | Estimated Reading Time: 7 Minutes

North Jersey is heading deeper into the fall housing market, and we're seeing a clear split between different types of properties.

Single-family homes in Bergen and Essex Counties remain competitive and, in many cases, seller-favored. At the same time, growing condo and townhome inventory is giving some buyers more choices and potentially more negotiating room.

August is the latest complete reporting month from NJ REALTORS, and the numbers reinforce an important point: there isn't one single "North Jersey market." Conditions can change significantly based on county, property type, price point and even how long a particular home has been on the market.

Meanwhile, mortgage rates experienced another volatile week as Treasury yields and mortgage-backed securities reacted to stronger economic data.

Here's what buyers, homeowners and sellers should know.

Bergen County: Single-Family Homes Remain Competitive

August 2026 NJ REALTORS data shows Bergen County's single-family market remaining firmly seller-favored.

The median single-family sale price reached $925,000, up 5.1% year over year.

There were 548 closed sales, down 5.2% from a year earlier, while homes spent an average of 30 days on the market.

One of the most telling numbers was the sale-to-list ratio: Bergen County single-family sellers received an average 104.1% of asking price.

Inventory remains relatively limited. Bergen had 1,045 single-family homes for sale in August, up just 1.6% from last year, with 2.4 months of supply.

For buyers, this means preparation still matters. You may have more breathing room than during the most frantic periods of the housing market, but attractive, appropriately priced homes can still generate multiple offers.

For sellers, realistic pricing remains important. A strong market doesn't mean every home automatically sells above asking.

Bergen Condos & Townhomes: More Choices for Buyers

The Bergen attached-home market looks noticeably different.

The median condo and townhome sale price was $530,000, down 0.9% year over year.

There were 207 closed sales, and attached properties spent an average of 45 days on market. Sellers received approximately 99.6% of their asking price.

The biggest change is inventory.

Bergen's attached-home inventory increased to 656 properties, a substantial 27.1% increase year over year, bringing months of supply to 3.7.

That's significantly closer to a balanced market.

For buyers who are open to condos or townhomes, this could create more opportunities to compare properties and potentially negotiate on homes that have been sitting longer or need updating.

Bergen takeaway: Don't assume every Bergen County property requires the same offer strategy. Single-family homes remain highly competitive, while the condo and townhome market is providing buyers with considerably more selection.

Essex County: Strong Competition for Single-Family Homes

Essex County's single-family market remains particularly competitive.

The median single-family sale price was $877,500 in August, an increase of 3.3% year over year.

There were 374 closed sales, up 6.6%, while 346 new listings represented a 10.5% increase from last year.

Despite those additional new listings, total single-family inventory declined slightly to 633 homes, down 0.8% year over year.

Months of supply remained very low at 2.3, while homes averaged 31 days on market.

The standout statistic is Essex County's 108.9% average sale-to-list price for single-family homes.

That countywide figure demonstrates how competitive certain Essex markets remained during August, with desirable properties frequently attracting offers above their asking prices.

For buyers, knowing your financing and comfort zone before entering negotiations can be especially important.

Essex Condos & Townhomes: Inventory Is Expanding

Essex's condo and townhome market tells a more nuanced story.

The median attached-home sale price was $380,000, with 83 closed sales and an average 33 days on market.

Sellers received an average 104.0% of asking price, so demand remained healthy.

But inventory increased significantly.

Essex had 187 attached properties available, up 26.4% year over year, while months of supply increased to 2.8.

That's not necessarily a buyer's market, but it does provide more options than buyers had a year ago.

Essex takeaway: Single-family inventory remains tight and competitive, while growing condo and townhome inventory is creating additional opportunities at a wider range of price points.

Another Look at Bergen & Essex Inventory

Realtor.com's August data provides another perspective.

In Bergen County, Realtor.com reported 1,757 active listings, compared with 1,789 in July. That's still 20.8% more inventory than August 2025.

Median time on market was 38 days, approximately 12% longer than a year earlier.

Essex County had 872 active listings, compared with 893 in July but 22.6% higher than a year ago. Median time on market was 40 days.

Why do these numbers differ from NJ REALTORS?

The two organizations use different data sources and methodologies, so the totals aren't expected to match exactly. They're better viewed as complementary indicators.

The broader takeaway is that overall selection has improved from last year, but increased countywide inventory doesn't automatically mean buyers have more negotiating power on every property.

A home that's been available for 40 days presents a very different situation from a well-priced home that receives multiple offers its first weekend.

Mortgage Market Update: Rates Moved Quickly This Week

Mortgage rates experienced another volatile week.

Freddie Mac's Primary Mortgage Market Survey for September 24, 2026 reported a national average of 7.03% for a 30-year fixed mortgage, up from 6.95% the previous week.

The national 15-year fixed average increased to 6.42%, compared with 6.26% the prior week.

But there's an important distinction between Freddie Mac's weekly survey and real-time mortgage pricing.

The September 24 survey didn't fully capture the sharp deterioration that occurred in the bond market Wednesday and Thursday. Stronger-than-expected economic data caused Treasury and mortgage-backed securities to sell off, pushing yields and mortgage pricing higher.

Mortgage News Daily's real-time 30-year benchmark reached approximately 7.45% Thursday before easing slightly to around 7.43% Friday.

The lesson isn't that one number is "right" and another is "wrong." They're measuring different things at different times.

Freddie Mac provides a useful national benchmark, while an individual borrower's actual mortgage options depend on factors including credit, down payment, property type, occupancy, loan program, points, loan amount and current market conditions.

Freddie Mac PMMS figures are national survey averages provided strictly for market commentary. They are not a Cornerstone First Mortgage rate quote, APR, Loan Estimate, approval or commitment to lend.

Why Mortgage Rates Have Been Volatile

The week's movement largely came from stronger economic data and rising Treasury yields.

On Wednesday, the S&P Global Composite PMI increased to 58.4, its highest level in more than five years.

Stronger economic activity can put upward pressure on longer-term interest rates when investors become concerned that inflation may remain elevated.

By Thursday, the 30-year Treasury yield reached its highest level since 2004.

Friday brought another mixed signal. The University of Michigan's September Consumer Sentiment Index declined to 48.1, from 51.7 in August, while one-year inflation expectations increased to 4.6%, from 4.0%.

For homebuyers, trying to predict exactly where rates will go next can be difficult.

A more practical approach is to understand what today's numbers mean for your payment, cash to close and overall budget.

New Jersey Down Payment Assistance: Up to $22,000 for Qualified Buyers

Here's something many New Jersey homebuyers may not realize: you may not need as much money upfront as you think.

Cornerstone First Mortgage can help qualified buyers explore available home financing options, including programs offered through the New Jersey Housing and Mortgage Finance Agency (NJHMFA).

Up to $15,000 in Bergen & Essex Counties

NJHMFA's Down Payment Assistance Program currently provides qualified buyers purchasing in Bergen or Essex County with up to $15,000 toward eligible down payment and/or closing costs.

The assistance is structured as an interest-free, five-year forgivable second loan with no monthly payment.

To receive the assistance, borrowers must meet applicable program requirements, and the DPA must be paired with an eligible NJHMFA first mortgage.

Income, occupancy and other eligibility requirements apply.

First-Generation Homebuyers May Qualify for an Additional $7,000

NJHMFA also offers its First Generation Down Payment Assistance Program for qualified first-time buyers who meet the program's first-generation requirements.

That program can provide an additional $7,000 toward down payment and/or closing costs.

For an eligible first-generation buyer purchasing in Bergen or Essex County, that means potential assistance of:

$15,000 NJHMFA DPA + $7,000 First Generation DPA = up to $22,000

The First Generation assistance is also structured as an interest-free, five-year forgivable second loan with no monthly payment.

Who Is Considered a First-Time Buyer?

For NJHMFA's standard first-time homebuyer eligibility, a buyer is generally considered a first-time homebuyer if they haven't owned a home during the previous three years.

There are program-specific exceptions and requirements, so eligibility should be reviewed individually rather than assumed.

Why DPA Can Matter in Bergen & Essex

With August median single-family prices of $925,000 in Bergen County and $877,500 in Essex County, upfront cash can be one of the biggest obstacles prospective buyers face.

But county medians don't represent every property.

Condos, townhomes and homes at other price points may present very different opportunities. For qualified buyers, combining an appropriate mortgage program with available down payment assistance can help reduce the amount of cash required at closing.

The key is to find out what you qualify for before ruling yourself out of the market.

Buyer Strategy: Look Beyond the Interest Rate

Weeks like this demonstrate why buyers should look at the entire transaction rather than one rate headline.

Depending on the transaction, negotiations might involve the purchase price, seller-paid closing costs, seller concessions toward an eligible rate buydown, closing timing, repairs or credits.

The better comparison is your complete monthly housing expense and cash requirement.

That means considering principal and interest, property taxes, homeowners insurance, mortgage insurance when applicable, association fees for condos and townhomes, closing costs and your available cash.

It's also worth comparing several financing scenarios.

Sometimes changing the purchase price, down payment or property type—or properly structuring a seller concession—can make a bigger difference than waiting and hoping for a particular mortgage-rate headline.

Thinking About Buying in Bergen or Essex County?

If you're considering buying a home, one of the best first steps is finding out exactly where you stand.

I can help you review:

Your comfortable monthly payment
Your estimated purchasing range
Down payment and cash-to-close options
NJHMFA down payment assistance eligibility
First-generation buyer assistance
Available mortgage programs
Different financing and seller-concession scenarios

You don't have to find the house first.

Understanding your financing before you start seriously shopping can help you and your real estate agent make better decisions when the right property appears.

Let's Review Your Options

Richard L. Bolt
Mortgage Loan Officer
Cornerstone First Mortgage
NMLS #222703 | Company NMLS #173855

Mobile Office: 908-332-8575
Cell: 908-625-7331
Email: rbolt@cfmtg.com

Start Your Mortgage Pre-Approval:
https://portal.myhometrac.com/homehub/signup/rbolt@cfmtg.com

Schedule a Free 20-Minute Mortgage Conversation:
https://api.leadconnectorhq.com/widget/bookings/richbolt-20min

Subscribe: Text “B&E Market Pulse” to 908-332-8575 to receive the Bergen + Essex Market Pulse.