Passaic Gentrification?

Posted on April 17, 2026 by grim

From NorthJersey.com:

Passaic went from among ‘most miserable’ to top 10 place to live. How?

Once a leader in industry, education and cutting-edge technology, the city slid into hard times and hit a sort of bottom in recent decades. But could it be experiencing a comeback?

Yes, says U.S. News & World Report.

That’s quite a turnaround, after Business Insider, another publication known for making lists, named it the fourth-most-miserable city in the country in 2019.

Seven years later, in its 2025-26 report on the 20 best places to live in the country, U.S. News & World Report listed Passaic in its 10th spot.

The resurgence is especially notable because the U.S. Census Bureau estimates that there are 1,300 to 1,500 incorporated places (cities, towns and villages) in the United States with populations over 20,000.

What has changed?

The city’s mayor, Hector Lora, said Business Insider’s 2019 negative article is something that has bothered him ever since.

Business Insider based the city’s 2019 ranking on information gleaned from the U.S. census on 1,000 cities. It cited unfavorable data regarding Passaic’s poverty rates, population change, percentage of people working, median household incomes, percentage of people without health care, median commute times and the number of people living in poverty.

To be fair, when Lora became mayor in 2016, the city had been trying to claw back after decades of losing its tax base, the flight of much of its middle class and just a bad reputation. News organizations, Lora said, tend to report only on crime and not on the city’s efforts for self-improvement.

Posted in Demographics, Economics, New Development, New Jersey Real Estate | 92 Comments

Existing Home Sales at 9 month low

Posted on April 16, 2026 by grim

From HousingWire:

NAR March existing home sales hit slowest pace since 2009

After rising in February, existing home sales slowed again in March, according to data released Monday by the National Association of Realtors (NAR). 

Existing home sales fell 3.6% month-over-month in March to a seasonally adjusted annual rate of 3.98 million. Year-over-year this represents a 1.0% decline and the slowest pace of March home sales since 2009. 

According to NAR’s chief economist Lawrence Yun, lower consumer confidence and softer job growth are to blame for the decline in sales pace. 

As the pace of home sales slowed, inventory had the chance to accumulate, rising 3.0% from a month prior, finishing March with 1.36 million units for sale, representing a 4.1 months’ supply at the current sales pace. Compared to a year prior, inventory was up 2.3% in March.

“Inventory remains a major constraint on the market,” Yun said in a statement. “The inventory-to-sales ratio, or supply-to-demand ratio, is below historical norms. An additional 300,000 to 500,000 homes for sale would help bring the market closer to normal conditions and allow consumers to make purchase decisions without feeling rushed.”

Yun attributed the 1.4% annual increase in the median existing home sales price, which hit $408,800 in March, to the constrained inventory. This increase represents the 33rd consecutive month of annual price increases. 

While the pace of home sales slowed in March, the median time on market for properties declined month-over-month dropping from 47 days in February to 41 days in March. Annually, this is up 11 days from the 36 days recorded in March 2025. The share of first time homebuyers remained flat on a yearly basis, but declined two percentage points to 32% in March, while the share of all cash transactions also fell on a monthly basis, dropping from 31% a month ago to 27% in March, up from 26% in March 2025. 

Regionally, the sales pace for existing homes fell month-over-month in all four regions, with the Northeast (430,000 units) recording the largest decline at 8.5%, followed by the Midwest (-4.2% for a sales pace of 920,000 units ), the South (-3.1% for a sales pace of 1.86 million units) and the West (-1.3% for a sales pace of 770,000 units). On an annual basis, existing home sales were down in the Northeast (12.2%) and the Midwest (3.2%), but up in the South (2.2%) and the West (1.3%).

Posted in Economics, Housing Bubble, National Real Estate | 60 Comments

Where prices are headed this spring

Posted on April 15, 2026 by grim

From nj.com:

N.J. real estate forecast: Where will home values grow by summer? See full list.

Life is good when you live at the Jersey Shore.

But forget about the beaches, the Atlantic and the summer sunsets.

It’s all about rising home values.

Most homes will increase in value across the state by the start of summer, according to the latest housing forecast by Zillow. But those living along the Shore will especially see rising real estate worth.

A Zillow analysis of 547 ZIP codes in New Jersey with enough available data shows the vast majority of towns will see home values rise by May. 

Just 36 towns will see home values decrease. 

Margate City (ZIP code: 08402) in Atlantic County will see the biggest rise at nearly 3%. ZIP codes in Barnegat Light in Ocean County, Ventnor City in Atlantic County and West Deptford Township in Gloucester County — not at the Shore but sitting on the Delaware River — followed with increases of just above 2%.

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Posted in Housing Bubble, New Jersey Real Estate | 68 Comments

Multigenerational NJ

Posted on April 14, 2026 by grim

From NJ.com:

N.J. leads the nation in a housing trend changing how families buy homes

There are more young adults living with their parents in New Jersey than any other state in the country, driving demand for properties with in-law suites and other second living quarters.

The median sale price of a home in the Garden State was $558,000 — 140% higher than the national median sale price of $398,000 in February, according to New Jersey Realtors and the National Association of Realtors.

Those high home prices, coupled with inflation that’s outpacing wage growth, student loan debt and job market instability are keeping 18 to 34 year olds from flying the coop, according to Financebuzz, a financial information website. 

Their research team analyzed housing data from all 50 states and reviewed historical trends from the U.S. Census Bureau.

Financebuzz found that nationally, 33% of young adults between 18 and 34 years old live with their parents. 

New Jersey is the state where this is happening the most, with 44% of young adults still living at home, followed by Connecticut with 41% and California with 39%.

This has led to high demand for homes that can accommodate multiple generations.

There were 444 homes listed on Realtor.com in New Jersey on Thursday that have the key word, “multi-generational.” That’s out of nearly 32,000 homes that are currently listed for sale statewide on Realtor.com

“If you find a property that has an in-law suite, another detached home or is set up as a mother-daughter, that is a hot commodity,” said Ed Stulak of Real in Somerville. “The second it comes on the market, it flies off.” 

One family he worked with recently moved from a three-bedroom in Hillsborough to a four-acre property in West Milford that has a home on it and an apartment above the garage. 

“The husband and wife took the bigger home and they gave their daughter the other one so she could have independence but still be close to them,” he said.

Posted in Demographics, Economics, New Jersey Real Estate | 79 Comments

Lol

Posted on April 12, 2026 by grim

From Yahoo News:

The housing market is shifting toward buyers. Just not in New Jersey.

In most of the country, it’s getting a little easier to buy a home this spring thanks to growing inventory and stalling price growth.

But for buyers in New Jersey and a handful of other parts of the Northeast, the strong seller’s markets of the low mortgage rate days never fully eased. There, bidding wars are still commonplace as inventory remains extremely limited. And home price appreciation is still tracking above inflation and wage growth, making it harder for first-time buyers to save enough to enter the market.

The stiff competition in the Garden State, at a time when more regions are beginning to favor buyers, is a reflection of enduring demand, limited new homebuilding, and the state’s higher-than-average incomes.

“It’s still not a balanced market here at all,” said Melissa DeSantis, a broker associate and managing broker with REAL Broker in Freehold, N.J.

Northern New Jersey has long been a competitive and expensive place to buy a home, sought after by New Yorkers seeking more space and easy commutes into the city. For the more budget-conscious, the advice was typically to head farther south.

Lately, even going south is no guarantee of a better bargain. Competition in places like Monmouth County, in the middle of the state, and farther down into the Philadelphia suburbs is also intense.

Posted in Housing Bubble, New Jersey Real Estate, Unrest | 109 Comments

Just shut up and pay it

Posted on April 10, 2026 by grim

From ROI-NJ:

N.J. among highest states for effective tax rate and tax bills in the nation, according to report

A report by ATTOM, a provider of property tax data, showed that New Jersey has one of the highest effective tax rates in the nation and the highest tax bill in the country.

Of the 26 counties in the United States with an average tax bill for a single-family home in 2025 of more than $10,000 a year, New Jersey had 10, the most of any state.

The highest effective tax rates were concentrated in the Northeast and Midwest, led by Illinois (1.84%), New Jersey (1.58%), Vermont (1.4%), Connecticut (1.36%), and Ohio (1.32%). Rounding out the top 10 states with the highest effective tax rates in 2025 were New Hampshire (1.29%), Iowa (1.25%), Pennsylvania (1.24%), Nebraska (1.24%) and New York (1.23%).

Of the 25 metropolitan statistical areas with populations over 200,000 with the highest effective rates in ATTOM‘s analysis were almost all in the Northeast or Midwest. Trenton (1.89%) was third behind Binghamton, N.Y. (2.27%); and Champaign, Ill. (1.95%).

The combination of high tax rates and home values in the Northeast generated the nation’s highest average tax bills, led by New Jersey ($10,499), Connecticut ($8,901), New Hampshire ($8,174), Massachusetts ($7,904), and New York ($7,732). New Jersey’s average tax bill was nearly 10 times higher than the $1,081 average bill in West Virginia, which had the lowest average property tax for single-family homes.

Out of 1,500 counties with at least 10,000 single-family homes and sufficient data, 26 had average property tax bills over $10,000. Of those 26 counties, 10 were in New Jersey, five were in California, and 3 in New York. The counties with the highest average tax bills were Westchester County, N.Y. ($18,386); Marin County, Calif. ($16,745); Bergen County, N.J. ($14,443); Essex County, N.J. ($14,337) and San Mateo County, Calif. ($14,312).

Posted in New Jersey Real Estate, Politics, Property Taxes | 131 Comments

Mind your own business Paramus

Posted on April 9, 2026 by grim

From NorthJersey.com:

As American Dream pushes back on blue laws, is their end at hand?

Given the recent lawsuit activity over the American Dream megamall’s flouting of Bergen County’s Sunday retail closure laws, what does the future hold for these 17th century blue laws?

Legal experts told NorthJersey.com that despite the renewed attention to the centuries-old rules, there’s a good chance they remain on the books — but there may also now be the political will to reverse them.

American Dream, located in East Rutherford, has said it doesn’t have to follow those laws, even though it’s in Bergen County, because it operates on state-owned land.

It’s the same legal rationale that lets sports fans buy Jets or Giants NFL jerseys during Sunday games at MetLife Stadium — also in Bergen County, but also on state-owned property in the Meadowlands.

The legal saga comes after Paramus — home to three major shopping malls — filed a lawsuit against American Dream in August 2025, accusing it of violating the county blue laws by allowing retail stores to operate on Sundays.

American Dream has advertised that it’s fully open on that day and for over a year has allowed over 120 retailers to operate on Sundays.

While the courts would likely uphold the blue laws against any challenge, legal experts have said the political will may now exist to revise the Sunday closure laws.

The lawsuit draws “new attention to the question of whether the residents of Bergen County still want this law,” Sarah Swan, a Rutgers law professor, said in an email. “If they do not, the county can join the rest of the counties in New Jersey and choose to not have the blue laws in force.”

Posted in Employment, New Jersey Real Estate, Politics, Unrest | 116 Comments

Of Course We Did

Posted on April 8, 2026 by grim

From ROI-NJ:

New Jersey led nation in price growth year over year in February: Report

Even as growth for home prices slowed in February in the United States, New Jersey bucked the trend.

The Garden State ranked first for annual appreciation in February with an increase of 5.93%, according to data compiled by Cotality, an Irvine, Calif.-based provider of property information and analytics.

Cotality said the Midwest and Northeast, led by states like New Jersey and Illinois (+4.83%), are showing stability, supported by relative affordability and employment in higher wage sectors, including biotech and medical research in Massachusetts and Pennsylvania, financial services and fintech in New York and New Jersey, and green infrastructure in other coastal states. 

In the Midwest, home price stability is supported by a resurgence of manufacturing as companies mitigate tariffs, CHIPS Act investments in states like Ohio and Michigan, and renewable energy growth in states like Iowa and Kansas. 

New Jersey was followed by North Dakota (up by 4.92%) and Illinois. 

Overall, U.S. single-family home prices increased by 0.5% year over year in February 2026 compared with February 2025. 

Meanwhile, slowing price growth continues in Washington, D.C. (-3.01%), Florida (-2.30%), and Montana (-1.52%), the three locations with the largest negative year-over-year changes. In all 13 states recorded year-over-year home price losses.

Among metro areas, Newark posted the highest year-over-year home price increase of the country’s 100 largest metro areas in February, at 6.7%. 

Posted in Demographics, Economics, Employment, Housing Bubble, New Jersey Real Estate | 87 Comments

War really impacting the market?

Posted on April 7, 2026 by grim

From CNBC:

Iran war upends spring housing market. Here’s what real estate agents are seeing

The all-important spring housing market is well underway, but expectations are falling short due to the war in Iran and its impact on both the U.S. economy and consumer sentiment. 

Mortgage rates, which were previously forecast to be far lower this spring than last, are now much higher, and concerns over employment and inflation are throwing cold water on pent-up homebuyer demand.

Buyers in the first quarter of this year were more concerned about the economy and mortgage rates than they were about home prices, according to real estate agents who participated in the quarterly CNBC Housing Market Survey. 

“They’re fearful of the war, they’re fearful of gas prices, [for] their job security,” said Faith Harmer, an agent in the Las Vegas metropolitan area.

The CNBC Housing Market Survey is a national inquiry of real estate agents selected randomly across the United States. Responses for the first-quarter survey were collected between March 24 and March 30. This quarter, 70 agents shared their insights.

When asked about their buyers’ primary concern, about one-third of agents said the economy, while another third said mortgage rates. The latter marked a big jump from just 26% in the fourth quarter. 

Only 9% of agents in the first-quarter survey said prices were their buyers’ biggest concern, down from 18% in the previous period.

This should come as no surprise, as the average rate on the 30-year fixed mortgage hit a low of 5.99% the day before the Iran war started and then began to climb. It’s now hovering around 6.5%. 

Still, while most agents said prices were either flat or falling, nearly twice as many agents, 29%, reported home prices rising during the first quarter than did in the previous quarter. Price dynamics can vary widely depending on the market and region of the country.

But affordability is not improving as much as most experts had forecast. When asked how affordability was hitting buyers, 19% of agents said it was causing them to get out of the market. That was up from just 11% at the end of last year. 

More than half of agents reported at least one contract cancellation.

“Buyers that were on the fence and deciding to buy are now on the fence and going the other direction, saying, ‘I’m not going to buy,’” said Eric Bramlett, an agent in Austin, Texas.  

As buyer demand drops, homes are sitting on the market longer. In the first quarter, 31% of agents reported that their listings were on the market for more than six weeks, compared with 26% in the fourth quarter.

Posted in Housing Bubble, Mortgages, National Real Estate, Politics | 86 Comments

A solution for affordable housing?

Posted on April 6, 2026 by grim

From the Star Ledger:

N.J. senator: We need 200,000 affordable homes. The solution may be in your neighborhood

New Jersey’s housing shortage has reached a breaking point.

Across the state, rents continue to climb, homeownership is increasingly out of reach, and young people raised here are being forced to look elsewhere to build their futures. The gap between the homes we have and the homes we need keeps growing.

Today, New Jersey faces a shortage of more than 200,000 affordable homes. Many families now spend more than half their income on housing. Meanwhile, the process for approving new housing projects can stretch for years, even in communities that recognize the need.

As we mark Fair Housing Month and commemorate the passage of the Fair Housing Act, we should ask a simple question: What more can we do to ensure every family has access to safe, affordable housing?

One answer may be hiding in plain sight across our state.

Faith-based organizations and nonprofit institutions have long served as anchors in New Jersey communities. Their missions call them to serve others, and many already operate food pantries, shelters and community programs that support families facing hardship.

Many of these same organizations also own land that could help address our housing shortage.

Across New Jersey, houses of worship and nonprofit institutions often have underused property that could be repurposed to provide housing for seniors, working families and residents struggling with rising housing costs. Unfortunately, outdated zoning rules and lengthy approval processes frequently make these projects difficult, expensive or impossible to complete.

That is why I have introduced legislation designed to remove those barriers and allow faith-based and nonprofit organizations to become stronger partners in addressing our housing crisis.

The proposal would allow these institutions to convert portions of their property into inclusionary housing developments, provided the projects meet clear affordability requirements and comply with existing planning standards. At least 20% of the homes would be reserved for very low-, low- or moderate-income households.

Importantly, the proposal does not eliminate local oversight. Projects would still undergo full municipal site-plan review, including evaluations of infrastructure, traffic, environmental impacts and emergency access. Local planning boards would retain authority to ensure developments are appropriate for their communities.

This legislation removes unnecessary obstacles that prevent faith institutions and nonprofits from using their land to help meet urgent housing needs.

Posted in New Development, New Jersey Real Estate, Politics | 29 Comments

Two Markets

Posted on April 5, 2026 by grim

From the Robb Report:

Manhattan’s $10 Million Condos Are Flying Off the Market—Even as Sales Slow Elsewhere

If Manhattan’s first quarter felt sluggish, the weather didn’t help. A stretch of record-breaking winter storms collided with geopolitical uncertainty and stock market swings, softening overall activity. At the very top of the market, however, it was a different story entirely. Call it a tale of two markets. While much of Manhattan hesitated, the ultra-wealthy kept moving—and in some cases, moving quickly when the right opportunity appeared.

The biggest gains came from homes priced above $10 million. According to Compass’s Q1 2026 report, contracts at that level jumped a whopping 47.4 percent compared to last year. The tippy-top of the market saw serious traction too, with condo sales above $20 million rising 30 percent, albeit at slightly lower average prices.

Getting a bit more granular, new developments tell an even more revealing story. Sales above $10 million largely drove the market, according to Brown Harris Stevens Development Marketing, with 56 contracts signed in the first quarter alone—the highest total in a decade. That figure is up a staggering 87 percent from a year ago and is nearly triple the 10-year average, underscoring just how much momentum has shifted to the top.

“The highest end of the market is moving well,” said Stephen Kliegerman of BHSDM, pointing to strong demand in neighborhoods where new inventory has been scarce.

That doesn’t mean buyers are throwing money around. Far from it. Today’s luxury buyer is sharp, patient, and very aware of pricing. “Today’s high-end buyer is incredibly sophisticated,” said Compass broker Nicole Hay. “They recognize opportunity, and they’re negotiating accordingly.”

Step outside that rarefied tier, however, and the picture softens. Manhattan logged 2,279 closed sales in the first quarter, down 3.2 percent year over year, while signed contracts slipped 6.7 percent, according to Compass. Inventory is still tight, with fewer listings coming online as many sellers wait for calmer conditions and clearer economic signals.

Posted in Demographics, Economics, Housing Bubble, National Real Estate, NYC | 42 Comments

Tipping Point?

Posted on April 3, 2026 by grim

From The Street:

Redfin reveals change in home sales, housing market

Homebuyers have had to deal with a national seller’s market for the last several years, according to a study by real estate brokerage Redfin. The term “seller’s market” indicates there are more buyers than houses for sale, so sellers have more power in real estate transactions.

In my years reporting on real estate, I’ve witnessed the various ways that the ongoing seller’s market has impacted potential buyers. The market is more competitive, so homes sell more quickly, and bidding wars result in higher sales prices. Basically, a seller’s market hurts home affordability.

But recent Redfin data has revealed that things are turning around for homebuyers. Much of the U.S. is experiencing a buyer’s market.

This means buyers now have more power in real estate transactions. The shift often leads to lower home prices, which is especially good news, as rising mortgage rates have hurt affordability over the last month.

According to the Redfin report, 52.2% of homes for sale sat on the market for at least 60 days in February, making them “stale listings.” This is the highest percentage of stale listings since 2019.

Redfin data showed that there were 630,000 more sellers than buyers nationwide in February. Supply outpaced demand, resulting in longer times on the market.

The annual number of homes for sale had increased 1.5% in February, and year sales were down 3.1%. The median sale price had also risen 1% year over year.

In February, the typical house that eventually went under contract had been on the market for 66 days. Looking at historical data for this time of year, that’s the most number of days in the last decade.

“Sellers know it’s a buyer’s market, but they still want to get as much money as they can for their home,” Jason Gale, a Redfin Premier agent in New Orleans, said in the report. “So they list on the high end, expecting buyers to negotiate down, and that’s leading to listings staying on the market for a long time.”

Posted in Demographics, Economics, Housing Bubble, Mortgages | 173 Comments

Bruce leaving?

Posted on April 2, 2026 by grim

From Mansion Global:

Bruce Springsteen Sells Another New Jersey Home

Bruce Springsteen is selling off a 7.4-acre estate in Monmouth County, New Jersey, which he’s owned for decades but rarely lived in, according to property records.

It’s the second of two adjacent properties “The Boss” is unloading in the affluent coastal town of Rumson. Last May, he sold a smaller house next door to Brooklyn Nets basketball player Randy Foye for $1.737 million, according to property records.

A notice recently filed with the county shows Mr. Springsteen is now in contract to sell the nearly 6,000-square-foot home to a portfolio manager for an investment firm in New York City. The contract doesn’t list the sale price, but the county last assessed the property at around $3 million.

The music legend bought the vine-covered mansion back in November 1983 through his long-time manager, Jon Landau, and a business manager, county property records show. It’s only one of several homes the “Born to Run” singer owns in New Jersey, Florida and Los Angeles.

Mr. Springsteen must have been quietly shopping the home around, as it was was never publicly listed.‘

Aerial images of the property show a long drive and manicured front lawn leading up to a grand main house, which is protected by a mass of trees shielding it from the main road. Vines cover the front of the home, built in 1917, and the back door leads out to a small garden surrounded by acres of green lawn.

The property also includes an outdoor pool and guest house separated from the main home by a line of trees.

Mr. Springsteen still owns a horse farm in Colts Neck, New Jersey, where he lives with his wife, Patti Scialfa. He also owns a spread in Benedict Canyon in Beverly Hills, California, according to Los Angeles property records.

Posted in New Jersey Real Estate | 90 Comments

Don’t even think about living here

Posted on April 1, 2026 by grim

From NJ1015:

Jaw-dropping report shows how unaffordable suburban NJ now is

For those of us who grew up in the Jersey suburbs, don’t you look back at your childhood and wonder how your parents made it? How did they pay a mortgage, feed you and your siblings, give you everything you needed and some of what you wanted, possibly with simple jobs and maybe mom only working part-time?

It’s not that our parents and grandparents were financial geniuses. It’s that the suburbs of 70s and 80s New Jersey aren’t the same suburbs today.

If you’re 30 and still living under your parents’ roof because even rent is astronomically expensive, or if you’re a young couple that can’t get out of an apartment and into even a modest starter home, don’t feel like you’re a loser. Here’s what’s happened.

PropertyShark analyzed data from close to 400 suburban markets around New York City. Now we all think of insane property values in the Big Apple. But there, between 2016 and 2025, sale prices for NYC real estate went up 43%. Bad, right? But the median sales price of a home in the suburbs rose 86% in those nine years.

Average, hardworking people used to live in Jersey’s suburbs when we were kids. Things changed.

“Consequently, what was once a suburban ecosystem with a wide range of price points in which NYC buyers could still find relatively affordable communities has since consolidated into a far more expensive market dominated by mid- and high-priced suburban communities,” according to the report.

In 2016, 34 suburban towns in the New York metro had median sales prices over $1 million. Now? It’s 98 suburban communities have homes that are that expensive.

Almost half of our suburbs have homes priced between $500,000 and $750,000. For young people trying to get their lives started, the news is grim. Now, only 8% of our suburbs have homes valued at under $500,000. So 92% are over half a million bucks average.

Worse, there are literally no NYC suburbs left in New Jersey with a home below $250,000. Not one. Nothing.

Posted in Demographics, Economics, Employment, Housing Bubble, New Jersey Real Estate | 77 Comments

Going down down down

Posted on March 29, 2026 by grim

From Fast Company:

99 housing markets where home prices are falling: See the map

Posted in Housing Bubble, National Real Estate | 183 Comments