More homes are available than a year ago across Bergen and Essex counties — but the competition for desirable properties has not disappeared.
The September 2026 county housing reports show a North Jersey market where the town, property type, condition, listing price and financing strategy all matter. This week's Market Pulse examines Bergen and Essex home prices and inventory, national mortgage trends and an important financing misconception: you don't always need 20% down to purchase a home.
Bergen County Housing Market
The latest complete NJ REALTORS county report available for this newsletter covers September 2026. Bergen County single-family homes continued to attract strong buyer interest even as supply expanded.
| Bergen County Indicator | September 2026 |
|---|---|
| Median sale price | $835,000 |
| Annual price change | +1.2% |
| Closed sales | 483 |
| New listings | 669 |
| Homes for sale | 1,118 |
| Average days on market | 34 days |
| Average asking price received | 103.4% |
| Months of supply | 2.6 |
Bergen's single-family median increased modestly compared with the prior September, while closed sales rose 6.9%. Sellers received an average of 103.4% of asking price, suggesting competition remained meaningful for well-positioned homes.
The condo/townhome segment offers a different picture: 667 homes for sale, up 14.2% year over year, with approximately 3.7 months of supply. Attached-home buyers may find a wider selection and different negotiating conditions than buyers focused solely on detached houses.
Essex County Housing Market
Essex County's September 2026 single-family figures also showed strong demand, with an especially high average of asking price received.
| Essex County Indicator | September 2026 |
|---|---|
| Median sale price | $750,000 |
| Annual price change | +7.1% |
| Closed sales | 257 |
| New listings | 514 |
| Homes for sale | 770 |
| Average days on market | 32 days |
| Average asking price received | 106.3% |
| Months of supply | 2.8 |
The median single-family price increased 7.1% from a year earlier, despite fewer closed transactions. Essex sellers received an average of 106.3% of asking price, emphasizing how competitive desirable homes remained.
Meanwhile, condo/townhome inventory rose 30.8% to 208 available properties, with approximately 3.1 months of supply. As in Bergen, property type and neighborhood matter more than a countywide headline alone.
What About November Housing Inventory?
A November 7, 2026 snapshot of publicly displayed Realtor.com county listing pages showed approximately:
Homebuyers should examine recent comparable sales, property condition, listing age, neighborhood demand and the complete monthly ownership cost — not just an overall county inventory figure.
Mortgage Market Update: Why Your Personal Numbers Matter
Freddie Mac's November 5, 2026 Primary Mortgage Market Survey reported the following national averages:
| National Benchmark | Survey Average (Nov 5, 2026) |
|---|---|
| 30-Year Fixed | 7.18% |
| 15-Year Fixed | 6.57% |
Both benchmarks declined for a third consecutive week. These figures provide context for the national market, but are not live rate quotes. An individual's mortgage pricing depends on credit, down payment, loan amount, program, occupancy, property, points, lock period and market conditions.
You Don't Always Need 20% Down to Buy a Home
One persistent misconception is that every conventional mortgage requires a 20% down payment. It doesn't. Certain conventional mortgage programs allow eligible buyers to put as little as 3% down on a qualifying primary residence, subject to program rules and underwriting.
Putting 20% down can provide benefits, such as a lower loan balance and generally avoiding private mortgage insurance on a conventional loan. But a 20% down payment is not a universal homeownership requirement.
Fannie Mae HomeReady®
HomeReady is a conventional mortgage option for eligible borrowers. Potential features include:
- Minimum down payment as low as 3%
- Permitted gifts and eligible down-payment sources
- Primary-residence occupancy requirements
- Income limits generally tied to 80% of AMI
Freddie Mac Home Possible®
Home Possible provides another conventional option for eligible borrowers with flexible down payment sources:
- Down payment as low as 3% on qualifying purchases
- Acceptable gifts and eligible assistance sources
- Owner-occupied qualifying property financing
- Income eligibility generally limited to 80% of AMI
Hypothetical Illustration on a $600,000 Purchase Price
| Down Payment % | Cash Down Payment | Upfront Cash Kept vs. 20% |
|---|---|---|
| 3% | $18,000 | +$102,000 saved upfront |
| 5% | $30,000 | +$90,000 saved upfront |
| 10% | $60,000 | +$60,000 saved upfront |
| 20% | $120,000 | Baseline |
A buyer making a 3% down payment rather than 20% would use $102,000 less for the down payment initially. That does not mean the smaller down payment is necessarily cheaper: the resulting loan balance is larger, monthly financing costs can be higher, and mortgage insurance will typically apply to a conventional loan with less than 20% down.
Illustrative example only: The property price and loan amount must meet applicable program and loan-limit requirements. The figures exclude closing costs, prepaid expenses, cash reserves, interest, insurance and other transaction costs. No mortgage qualification or terms are implied.
What Is Private Mortgage Insurance (PMI)?
Private mortgage insurance generally protects a lender against certain losses if a borrower defaults. It is often required on conventional loans with less than 20% down and adds to the monthly cost. Unlike FHA in many scenarios, conventional PMI can generally be cancelled when equity rules are met.
Remember Closing Costs & Reserves
A 3% down payment does not mean the buyer needs only 3% in cash. A realistic transaction plan must also account for closing costs, prepaid taxes, homeowners insurance, home inspections, moving expenses, and an emergency savings cushion.
Why Financing Planning Matters in Bergen and Essex
North Jersey property taxes, homeowners insurance, condo/HOA dues and maintenance costs can materially affect monthly affordability. A lower asking price does not always mean a lower ownership cost. Buyers should compare homes and financing options using total monthly payment, rather than looking only at principal and interest.
In a market where some properties still sell above asking price (103.4% in Bergen, 106.3% in Essex), understanding financing before submitting an offer can also help a buyer determine what terms are comfortable and which contingencies or concessions may be appropriate.
Frequently Asked Questions
Let's Compare Your Mortgage Options
Whether you're buying, moving, refinancing or helping a client evaluate financing in Bergen or Essex County, Rich Bolt is happy to walk through the numbers and available options — without pressure.
Richard L. Bolt
Mortgage Loan Officer · NMLS #222703
Cornerstone First Mortgage · NMLS #173855
6 Century Dr Suite 180, Parsippany, NJ 07054
- NJ REALTORS — Monthly Housing Market Statistics (September 2026 county data)
- Realtor.com — Bergen County Housing Market
- Realtor.com — Essex County Housing Market
- Freddie Mac — Primary Mortgage Market Survey (Nov 5, 2026)
- Fannie Mae — HomeReady Mortgage
- Freddie Mac — Home Possible
- Consumer Financial Protection Bureau (CFPB) — Determine Your Down Payment
- CFPB — What is Private Mortgage Insurance?
