New Jersey Realtors January Housing Market Data

February 16, 2026 - 05:21

(Trenton, NJ) — The New Jersey housing market began 2024 with a mixed performance, as a slight rise in home prices coincided with a continued slowdown in sales transactions. The latest statewide data reveals a market adjusting to higher mortgage rates and evolving buyer-seller dynamics.

The median sales price for homes across the Garden State reached $517,250 in January, representing a 1.6 percent increase compared to the same month last year. This marks the seventh consecutive month of year-over-year price growth, indicating sustained property value appreciation.

However, closed sales fell by 8.4 percent year-over-year, totaling 5,090 units. The slowdown in activity was also evident in pending sales, which dropped 10.8 percent to 4,868 properties under contract. This decline suggests a more cautious approach from buyers in the current financial climate.

A key shift for the market is the growth in inventory. The number of homes available for sale saw a notable increase compared to January 2023, offering prospective buyers more options. Industry analysts note that while higher borrowing costs have tempered demand, the persistent shortage of housing supply continues to apply upward pressure on prices, leading to the current equilibrium of rising values alongside fewer transactions.