North Jersey Market Update.
A comprehensive look at median home prices, days on market, inventory levels, and what the numbers mean for buyers and sellers across Passaic and Bergen County this month.
How are home prices, days on market, and inventory looking in North Jersey right now?
The most recently published numbers, spanning June through August 2026, show prices still climbing year over year in both counties, with Passaic County's gains now running ahead of Bergen's. Inventory has built further in Passaic County, where supply is approaching balanced territory, while Bergen County remains seller-favored at roughly 2.5 months of single-family supply. Here are the numbers that matter this month.
Passaic County
Bergen County
What is changing in North Jersey right now that could affect home values?
New housing developments, major infrastructure projects, and public investments are reshaping neighborhoods across both counties. Here is what is happening right now that could affect home values and buyer interest.
- ON3 Phase IV, Clifton
The former Hoffmann-La Roche campus cleared the way for up to 1,074 apartments, about 90,000 square feet of new retail, and a major new data center is now proposed on the Route 3 site. The campus power plant was modernized earlier this year with PSE&G backing, keeping the jobs and amenities engine behind Clifton values running.
- Paterson Rec Center and Carroll Street Houses
A $14 million youth recreation center with a gym, STEM lab, and animation studio is planned at the former Great Falls Youth site, and a $26 million renovation of the 88-unit Carroll Street Houses began in early 2026 with affordability locked in for 30 more years. The new Quarry Lawn and River Walk opened in May.
- Route 46 Corridor, Totowa and Beyond
Lidl opened its second Passaic County store at Totowa Commons in February, a new retail anchor for the Route 46 corridor, while NJDOT's multi-week pavement preservation work with overnight lane closures began in mid-July. Short-term disruption, long-term smoother commute.
- New Housing in Woodland Park, Garfield, North Haledon
Woodland Park is weighing a roughly 375-unit residential proposal on the former Bank of New York Mellon property with the council favoring affordable housing approvals, Meridia Living is building 165 units across two Garfield developments, and North Haledon's High Mountain Promenade secured its construction financing for 90 luxury apartments plus self-storage.
- 615 River Road, Edgewater
The Maxal Group's roughly $1 billion, 25-story waterfront tower on the former Hess tank site is the marquee luxury project in the county, with a $255 million construction loan closed for its first phase and work moving forward.
- Garden State Plaza Town Green, Paramus
The Town Green project broke ground in February: two five-story buildings with 575 apartments, outdoor markets, and upscale dining, plus a separate affordable housing approval near the mall. More rooftops means more demand for surrounding single-family towns.
- Plaza Greene, Fair Lawn
A transit-adjacent mixed-use project near the Radburn NJ Transit station adds 145 age-restricted units plus a new Sprouts Farmers Market, another quality-of-life anchor for the borough's residential market.
- Roads and Rails
NJDOT's Route 3 and Route 495 interchange improvements remain programmed through the Statewide Transportation Improvement Program, Route 4 bridge replacements in Teaneck continue, and the Passaic-Bergen-Hudson Transit Project, a potential passenger rail line on the NYSW right of way, is still under study as a long-term commuter play.
Where are mortgage rates heading as we move into fall 2026?
What do the rate forecasts mean for buyers and sellers?
Mortgage rates have settled into the upper-6% range as of September 14, 2026. The 30-year fixed rate sits at 6.76% on the weekly Freddie Mac survey, with daily national averages running a touch higher around 6.9%. The 15-year fixed is at roughly 6.1% to 6.4%. Both Fannie Mae and the Mortgage Bankers Association still project the 30-year fixed lingering around 6.4% to 6.5% by the end of 2026.
For buyers, today's rates are well below the 7% plus spikes of early 2026 and far from the 8% territory of late 2023, though still high by the standards of 2020 and 2021. Every quarter-point drop in rates adds meaningful purchasing power, roughly $15,000 of buying power for the typical home in this market. The key difference this year is a narrower band: rates are moving within a few tenths of a point, which lets buyers budget, plan, and pre-approve without chasing a moving target.
For sellers, the steady rate environment works in your favor. Qualified buyers are out there and active, and they are not waiting for a dramatic rate crash that nobody is forecasting. The buyers you attract are pre-approved and serious. The risk is on pricing, not on demand: with inventory up, especially in Passaic County, an overpriced home gets passed over for the correctly priced one down the street.
Is it a buyer's market or seller's market in North Jersey right now?
The market varies significantly by price point and location, but the direction is steady moderation. Passaic County has moved closest to balance in years, while Bergen County remains a seller's market, just a less frantic one than 2023 and 2024.
- Prices still climbing year-over-year
Passaic County single-family prices are up about 2.4% year over year on the latest readings, with all-home-types medians rising month over month through July. Bergen County single-family is up 7.3%. Appreciation is positive everywhere, just cooler than the double-digit pace of 2023 and 2024.
- Days on market vary by county and price point
Passaic County single-family homes move in a median of about 29 days. Bergen County's all-home-types average runs longer at 68 days because condos, townhomes, and higher-priced properties take more time, but well-priced homes in both counties still find buyers fast.
- Seller leverage remains in Bergen, fading in Passaic
At roughly 2.5 months of single-family supply, Bergen County is still a seller's market, and closed sales rose about 13% year over year in the latest readings. Passaic County at 3.1 months gives buyers noticeably more negotiating room than a year ago.
- More inventory and less competition in Passaic
Supply in Passaic County has grown to about 3 months, and active counts have climbed through the summer. Buyers there have more choices and more room to negotiate than they have had in years, especially on homes that need work.
- Buying power is the constraint, so plan around it
With the 30-year fixed around 6.76%, monthly payments drive the budget. Rate buy-downs paid by the seller, seller concessions toward closing costs, and adjustable-rate options for short ownership horizons all stretch the same monthly payment further.
- Leverage on homes that need work
Homes that are overpriced or need significant updates are sitting longest in both counties. Buyers who are willing to renovate, or sellers of distressed and probate properties who price to condition, are where the real negotiating happens right now.
What should buyers and sellers be doing this month?
Conditions are shifting in subtle but meaningful ways. Here is what I am telling my clients in September 2026.
For Sellers
- 01 Price to this summer's comps, not last year's
Appreciation is decelerating in both counties, and buyers have more homes to choose from. Homes priced at the top of the range from a year ago sit. I use AI-assisted CMA tools to find the price point that generates the most showings and strongest offers within the first 14 days, because that is where the winning offer comes from.
- 02 Condition separates you from the pack
With supply up in Passaic County, a home that shows well, fresh paint, tidy landscaping, decluttered rooms, stands out against a longer list of options. I include professional photography, drone video, and virtual staging in every listing at no extra cost.
- 03 Use rate buy-downs and concessions to win buyers
With the 30-year fixed at about 6.76%, a seller-paid temporary or permanent rate buy-down, or a credit toward closing costs, can make your home affordable to more buyers and shrink your time on market. It is one of the smartest negotiating tools in this rate environment.
For Buyers
- 01 Shop Passaic County's deeper supply deliberately
At roughly 3 months of supply, Passaic County buyers have time to compare options and negotiate on condition. In Clifton, homes still move in about a month, and Paterson, Passaic, and Garfield offer a wider mix of price points, so a pre-approval and a clear list of must-haves matter more than ever.
- 02 Consider a rate buy-down or ARM
With rates near 6.76% and forecasts easing toward 6.4% by year-end, a seller-paid buy-down or a 5- or 7-year ARM can lower your initial payment significantly. If you plan to refinance or move within that window, it can save thousands over a fixed-rate loan.
- 03 Watch for motivated sellers in estate and distressed situations
Probate, relocation, and other life-change sellers are more willing to negotiate on price, closing costs, and contingencies in this calmer market. I work with these situations every day and can help you find the deals other buyers miss, while making sure the property is priced to its actual condition.
Where is the North Jersey market headed from here?
Heading into fall 2026, the biggest story in North Jersey real estate is the continued split between the two counties. Bergen County stays the tighter market: about 2.5 months of single-family supply, new listings up 8.3% year over year, closed sales up roughly 13%, and steady demand from commuters and families. But the double-digit price jumps of the last two years have cooled into single-digit appreciation, and sellers who price aggressively may wait longer than they expect.
Passaic County tells a different story. With supply near 3 months, we are seeing the healthiest inventory in years, and buyers finally have options. Cities like Clifton, where the median runs around $630,000 and homes move in about a month, still reward sellers who price and present well. Paterson, Passaic, and Garfield offer the wider mix of price points that keeps first-time buyers and investors active even as the market calms.
Mortgage rates around 6.76% are the fact we plan around, not a crisis. If the Fannie Mae and MBA forecasts of 6.4% to 6.5% by year-end hold, expect a bump in activity in the fourth quarter as buyers who have been waiting lock in lower payments. For now, steady rates mean steady demand.
My advice: focus on the things you can control. Price with precision against this summer's comps. Prepare your home to show at its best. Get pre-approved and know your numbers before you start looking. And work with someone who knows these neighborhoods, these counties, and the specific challenges that come with probate, distressed, and multi-family transactions.
Talk soon, Johnny
Where does this market data come from?
Market data in this report is compiled from the Garden State MLS and its public reports, NJ REALTORS, Redfin, Zillow, Movoto, RealtyTrac, FRED (Federal Reserve Bank of St. Louis), Green Team Realty, Century 21, and the Bergen and Essex County Market Pulse from Rich Bolt Mortgage as of September 14, 2026. Median home prices, days on market, inventory, and sale-to-list ratios reflect the most recently published periods for Passaic and Bergen County, New Jersey, spanning June through August 2026. Interest rate data is sourced from the Freddie Mac Primary Mortgage Market Survey, MortgageDaily, Fannie Mae, and Mortgage Bankers Association forecasts.
Past performance does not guarantee future results. Market conditions can change rapidly based on economic factors, interest rate shifts, and seasonal demand. This report is for informational purposes and should not be taken as financial or legal advice. Consult a qualified professional for advice specific to your situation.
Johnny Rodriguez is a licensed Real Estate Salesperson in New Jersey (License #1222734) affiliated with Realty One Group Legend, 600 Getty Avenue, Clifton, NJ 07011.
Want to know how
the market affects
your situation?
How can you schedule a free consultation with Johnny Rodriguez?
Whether you are thinking of selling, looking to buy, or just curious about what your home is worth in today's market, I will give you honest answers and a clear plan. No pressure. No obligation.