New Jersey Market Update May 2023

Christina Gibbons

New Jersey Market Update

Christina Gibbons Group | May 1st, 2023

In January, we predicted that, although the housing market was experiencing some weakness across the country, the Bergen County market would remain strong throughout the Winter and Spring of 2023 due to two primary factors: a limited supply of homes and strong buyer demand. We also anticipated that the 30-Year Jumbo interest rate would stabilize between 5-6%, and buyers would remain active. Now that we are four months into 2023, we can see that our forecast has been accurate and is unfolding as expected.

According to the National Association of REALTORS® (NAR), the latest figures indicate a 14.5% month-over-month increase in existing home sales nationwide. This marks the first monthly gain in a year and the largest surge since July 2020. The upswing in sales can be attributed to contracts signed earlier in the year when mortgage rates dropped to just below 6%, which prompted a surge in homebuyer activity.

The overall trend for pending home sales has been positive, with under contract deals increasing for three consecutive months until March. In April, there was a slight drop in pending sales, but they still remained higher than the levels observed in January and February. Monthly sales might have been higher if not for limited inventory nationwide. At the current sales pace, there were just 2.6 months’ supply of existing homes at the beginning of March, far below the 4 – 6 months’ supply of a balanced market.

There is a glimmer of hope as we continue through Spring of 2023. According to the senior economist and director of real estate research for the National Association of Realtors, buyers can expect more from the Bergen County market in months to come. In a recent Forbes article, real estate specialist Nadia Evangrelou noted that the second quarter is the most active three-month cycle for listings. "Two of the busiest selling months are May and June, with June typically the peak month of the year," she said. If you are considering selling, it's a great time to consult with a real estate agent while the seller's market is still in effect. 

Christina Gibbons Group has remained resilient in challenging market conditions, negotiating hard for our clients when faced with bidding wars and investing in more innovative marketing programs to ensure a distinguished showcase of the homes we represent. Christina Gibbons Group heads wrapped up April 2023 with 42% Ridgewood, NJ market share representing buyers and sellers and as the #1 Team for Residential Sales YTD in Bergen County at Christie's International Real Estate. With several listings coming soon to the Bergen County market as we move into May 2023, we have Bergen County house hunters covered. If you are looking to buy, sell, or rent, contact Christina Gibbons Group at 917-837-8853 to discuss your real estate needs and subscribe to our newsletter below to join our list of monthly subscribers.

All information provided herein has been obtained from sources believed reliable, but may be subject to errors, omissions, change of price, prior sale, or withdrawal without notice. Christie’s International Real Estate Group makes no representation, warranty or guarantees as to the accuracy of any information contained herein. You should consult your advisors for an independent investigation of any properties. If your home is currently listed with another broker, this is not intended as solicitation. 


We offer the highest level of expertise and service with integrity. Christina Gibbons Group, based in Ridgewood, NJ and serving the greater Bergen County area just outside of New York City, provides exclusive residential real estate services to home sellers, first-time home buyers, families looking to upgrade or downsize, investors and builders.

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