The Essex County Real Estate Rollercoaster: July 2023 Edition

by William Kane Halick, MBA

**The Essex County Real Estate Rollercoaster: July 2023 Edition**

Oh, what a time to be alive (and shopping for homes) in Essex County, New Jersey! If you've even so much as glanced at a 'For Sale' sign this summer, you'll know the ride is wilder than ever. Let’s dive into the July stats, shall we?

Despite the fact that a cold breeze has momentarily blown over our nation’s home-buying frenzy with a 3.3% month-over-month dip in sales, according to the ever-watchful eyes of the National Association of REALTORS® (NAR), Essex County tells its own story.

Blame it on those skyrocketing mortgage rates nearing 7%. Once tempted buyers are now sideline spectators, reassessing whether now’s the moment to jump into the market. And let's not forget the home-hugging effect of those who locked in cozy rates when times were, let’s say, a tad more financially forgiving. Who'd want to give up those golden handcuffs?

Now, for the numbers that'll make your jaw drop:
- Single Family Homes? Closed Sales down a whopping 28.1% to 1,953.
- Townhouses & Condos? A 22.4% slump, leaving us with just 454.
- And our seasoned citizens? Their adult community sales fell 17.3% to a mere 62.

But here’s the twist - while sales might be taking a summer siesta, prices sure aren’t.
- Single Family Median Sales? Jumped 8.9% to a cool $610,000.
- Townhouse-Condo Median Sales? Up by 12.9%, ringing in at $395,000.
- Adult Communities? Hold onto your hats - a 25.2% surge to $519,500.

Nationally, we're dancing near record highs with a median sales price of $410,200, just teasingly below the record-setting $413,800 from June 2022. And with a skimpy 3.1 months' supply in July, the age-old 'supply and demand' tale is alive and well, pushing prices to dizzying heights in those sought-after affordable markets.

Essex County, it seems, remains the belle of the real estate ball, even with its capricious moves. Whether you're buying, selling, or just here for the drama, strap in. The show's just getting started!