How scorching is the true property market in Essex County? Dwelling costs fell over a yr

The median gross sales worth for a single-family residence in Essex County throughout October was $520,000. That is a lower of 0.7% in contrast with October 2020, in keeping with a USA TODAY Community localized evaluation generated with knowledge from Realtor.com.

The variety of homes offered fell by 21.6% from a yr earlier. A complete of 533 homes had been offered countywide throughout the month of October. Throughout the identical interval a yr earlier, 680 single-family houses had been offered.

Actual property gross sales can take weeks or months to be recorded and picked up. That is the newest knowledge made obtainable by way of Realtor.com to the USA TODAY Community.

Condominiums and townhomes offered in October had a median gross sales worth of $355,750. That determine represents a 5.1% lower year-over-year. In Essex County, 106 had been offered, up 10.4% from a yr earlier.

How scorching is Essex County’s actual property market in New Jersey?

Data in your native housing markets is on the market by way of the USA TODAY Community, with extra knowledge from Realtor.com.

The highest 10% of the properties offered had costs of at the very least $999,999, down 6.1% from a yr earlier than.

In October, 64 properties offered for $1 million or extra: 64 single-family houses.

What did that property promote for?: Browse NJ actual property knowledge, together with residence gross sales

For subscribers: Will NJ residence costs preserve hovering in 2022? Here is what actual property specialists count on

The median residence sale worth — the halfway level of all the homes or items offered over a time period — is used on this report as a substitute of the typical residence sale worth as a result of specialists say the median provides a extra correct view of what is taking place in a market. Find the typical worth, all costs of houses offered are added after which divided by the variety of houses offered. This measure could be skewed by one low or excessive worth.

The USA TODAY Community is publishing localized variations of this story on its information websites throughout the nation, generated with knowledge from Realtor.com. The story was written by Sean Lahman.

This text initially appeared on NorthJersey.com: Essex County’s common residence offered for a cheaper price yr over yr

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