Bergen & Essex County Market Insights - Aug 2026

 

A clear look at the latest Bergen and Essex County housing trends, mortgage rates, and what they may mean for local buyers, sellers, homeowners, and real estate professionals this week.

Market Snapshot

More inventory is giving buyers a little more breathing room, but the best homes in Bergen and Essex County are still moving quickly and often attracting strong offers.

The biggest takeaway this week is that the market is becoming more balanced in some segments, but it is still highly competitive in others.

Instead of asking whether this is a “buyer’s market” or a “seller’s market,” it is more useful to look at your specific town, price range, and property type.

Bergen County Single-Family Homes

Bergen County’s June 2026 single-family market remained strong.

• New listings: 806, up 8.3% year over year

• Closed sales: 584, up 13%

• Median sale price: $946,000, up 7.3%

• Median days on market: 28 days

• Average sale-to-list price: 105.5%

• Active inventory: 1,066 homes

• Months of supply: 2.5 months

The good news for buyers is that more homes are coming onto the market.

However, demand is still keeping pace.

Closed sales increased even faster than new listings, and the average home sold for more than its asking price.

For sellers, this means well-priced and well-presented homes can still generate significant interest.

For buyers, it means you may have more choices, but preparation still matters when the right home becomes available.

Bergen County Townhouses and Condos

The attached-home market is showing more noticeable signs of balance.

• New listings: 333, up 13.7%

• Closed sales: 207, up 1%

• Median sale price: $575,000, up 3.1%

• Median days on market: 39 days

• Average sale-to-list price: 100.8%

• Active inventory: 655 homes, up 35.6%

• Months of supply: 3.7 months

That jump in inventory gives buyers more options than they had a year ago.

If you are open to a townhouse or condominium, you may have more time to compare properties and evaluate the monthly payment before making a decision.

For sellers, the increased competition means pricing, staging, photography, and overall presentation are becoming even more important.

Essex County Single-Family Homes

Essex County remains extremely competitive.

• New listings: 524, up 10.1%

• Closed sales: 361, down 2.7%

• Median sale price: $961,000, up 9.8%

• Median days on market: 23 days

• Average sale-to-list price: 112.2%

• Active inventory: 659 homes, down 8.5%

• Months of supply: 2.3 months

The combination of fewer available homes and strong buyer demand continues to put pressure on prices.

Homes are moving quickly, and the average sale-to-list ratio shows just how competitive desirable properties can become.

If you are shopping in Essex County, especially in high-demand communities, it is important to know your financing and monthly-payment comfort level before you begin making offers.

The goal is not simply to get preapproved.

It is to understand what you are comfortable paying so you can make a confident decision when the right home appears.

What Buyers Should Know Right Now

There is more inventory in parts of the market, and that is a positive development for buyers.

But more inventory does not necessarily mean good homes are sitting around.

The properties buyers tend to want most — attractive condition, good location, desirable layout, and competitive taxes — can still move quickly.

Focus on the things that actually affect your home search:

• Your preferred towns

• Your price range

• Property taxes

• Condition of the home

• Recent comparable sales

• Typical days on market

• Your full monthly housing payment

National headlines can be interesting, but your individual numbers are what matter most.

What Sellers Should Know Right Now

Sellers can still benefit from strong demand, but buyers have more choices than they did in some parts of the market.

That makes the first impression of a listing increasingly important.

A home that is clean, properly prepared, professionally marketed, and strategically priced can still create significant competition.

An overpriced property may sit while buyers move on to better-positioned alternatives.

The market remains favorable for many sellers, but strong results are increasingly tied to good preparation and pricing strategy.

Mortgage Rate Check

For the week ending August 6, 2026, Freddie Mac reported:

• 30-year fixed mortgage: 6.69%

• 15-year fixed mortgage: 6.01%

The 30-year average increased slightly from the previous week.

Keep in mind that these are national survey averages.

Your actual mortgage rate and payment can vary based on your credit profile, down payment, loan program, occupancy, property type, loan amount, points, and other factors.

That is why it is important to look beyond the headline rate and focus on the complete financing picture.

What the Latest Economic Data Could Mean

The July employment report showed a softer labor market, including a decline of 23,000 jobs and downward revisions to prior months.

After the report, the 10-year Treasury yield moved lower.

Mortgage rates often react to movements in the bond market, although there is no guarantee that a drop in Treasury yields will immediately result in lower mortgage rates.

For buyers, the main point is that trying to perfectly time interest rates can be difficult.

A more useful question is whether the home and monthly payment work for you today.

If rates improve significantly in the future, refinancing may be an option for some homeowners, subject to qualification and market conditions.

Your Monthly Payment Matters More Than the Headline Rate

Buyers sometimes focus so heavily on interest rates that they lose sight of the bigger picture.

Your actual housing payment may include:

• Principal

• Interest

• Property taxes

• Homeowners insurance

• Mortgage insurance, if applicable

• Homeowners association fees, if applicable

Two homes with the same purchase price can have very different monthly payments because of taxes, insurance, or association fees.

That is especially important in Bergen and Essex County, where property taxes can have a significant impact on affordability.

Before falling in love with a property, understand the complete payment.

A Better Way to Think About This Market

Trying to predict exactly what home prices or mortgage rates will do next can become frustrating.

Instead, ask:

Does the home fit your lifestyle?

Does the monthly payment fit your budget?

Are you comfortable with the cash needed to close?

Do you plan to stay in the home long enough for buying to make sense?

Would the move improve your commute, space, school situation, proximity to family, or overall quality of life?

Those questions are often more useful than trying to guess where rates will be three months from now.

Community Matters Too

Housing decisions are not just financial.

People choose Bergen and Essex County because of communities, schools, transportation, parks, restaurants, family connections, and lifestyle.

As you look at homes, spend some time experiencing the neighborhood too.

Drive the commute.

Visit the downtown area.

Check out local parks and restaurants.

See what the neighborhood feels like on a weekend.

The house matters, but so does the life surrounding it.

What It All Means This Week

The local market continues to show two different stories.

Bergen County buyers are seeing more options, particularly in the townhouse and condo market.

Essex County single-family homes remain especially competitive, with limited supply and strong sale-to-list ratios.

Across both counties, buyers should be prepared but not panicked.

Sellers still have leverage, but pricing and presentation matter.

And for everyone, the most important numbers are not necessarily the national headlines.

They are the numbers connected to your town, your home, your price range, and your monthly payment.

Get the Weekly Bergen + Essex County Market Pulse

Want a simple weekly update on Bergen and Essex County housing and mortgage trends?

Text “B&E Market Pulse” to 908-332-8575.

Have Questions About Your Buying Power?

If you want to see what a particular home price, down payment, or mortgage scenario could mean for your monthly budget, schedule a complimentary 20-minute mortgage strategy conversation with Richard L. Bolt.

Schedule here:
https://api.leadconnectorhq.com/widget/bookings/richbolt-20min

Richard L. Bolt
Mortgage Loan Officer
Citywide Home Mortgage
NMLS #222703
Company NMLS #2611
Mobile Office: 908-332-8575
Email: richard.bolt@citywidehm.com

Equal Housing Opportunity

Market information is provided for educational purposes and may change. Freddie Mac survey averages are national market benchmarks and are not an offer to lend. Mortgage rates, programs, terms, and eligibility vary based on borrower qualifications and market conditions.