Waldwick, NJ – (August 31, 2021) New Jersey MLS reported inventory of homes for sale nationwide rose slightly last month as more sellers list their homes, hoping to take advantage of record-high sales prices across the country. Last month’s report also showed closed sales continued to rise, highlighted by an 88.9% hike in townhouse-condo sales and 60% in adult community transactions in Bergen County. 

Activity during the month of July, as noted in the market overview key metrics: 

• Single Family Closed Sales increased 13.3 percent to 790. 
• Townhouse-Condo Closed Sales increased 88.9 percent to 306.  
• Adult Communities Closed Sales increased 60.0 percent to 8.  
• Single Family Median Sales Price was up 15.6 percent to $645,000. 
• Townhouse-Condo Median Sales Price was up 8.5 percent to $388,500.  
• Adult Communities Median Sales Price was up 18.9 percent to $682,944.  

The overall average sales price of property rose last month by 13.9% with the average cost being $707,912, compared to last July when the average sales price was $621,720.  Despite continued home seller interest, inventory remained lower than a year ago, according to New Jersey MLS. 

Vice-President, Nic Esposito added, “The Real Estate Market continues to prosper in these unprecedented times. But I'm sure we can all agree that with this prosperity comes a little more stress and anxiety. Still, as we study the Market data from July, year over year, we continue to see an increase in closed transactions, a higher median sale price and lower inventory, he added.  Scott Lief from Atlantic Home Loans recently shared those rates remain attractive on conforming loans, with uptick in refinancing. If rates continue to remain low, prices will most likely continue to rise, however, the Pandemic Emergency Unemployment Compensation (PEUC) is scheduled to expire on September 4th. 

It will be interesting to see if any of the 7.5 million individuals who have collected PEUC will be participants in the real estate market, or if its expiration will adversely affect existing home mortgages. I encourage all members to stay on top of the latest trends by visiting our partners' social media sites at, NJRealtors.com and NAR.Realtor.” 

Data as of July 20, 2021. All data from New Jersey MLS and Hudson County MLS. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®.  

Click here for the full showingTime report for the month of July 2021.