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?
Market conditions in Passaic and Bergen County through mid-2026 show a clear picture: prices are still climbing year-over-year, but the pace is moderating in some areas. Inventory is improving from the historic lows of 2023 and 2024, which gives buyers more breathing room — but demand from commuters, families, and investors remains strong. 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.
- $106.4M Paterson Jail Site Government Complex
Dobco Inc. was selected as the builder for this major redevelopment of the former Paterson jail site into a county government complex, bringing jobs and investment to downtown Paterson.
- Big Apple West, Passaic City
Big Apple West has proposed up to 490 new apartments in the City of Passaic, a major infusion of rental supply in the city's downtown corridor.
- Kanso Apartment Project, Wayne
A 275-unit apartment complex approved in Wayne, with 42 units reserved as affordable housing, adding significant rental inventory to the Route 23 corridor.
- Liberty at Pompton Lakes
A $23.4 million project creating 64 units of senior and veterans housing, plus $3.7 million in county open space grants funding park improvements and historic preservation county-wide.
- Paramus Mall Housing Projects
Three major housing developments at Paramus malls are nearing completion. Westfield Garden State Plaza's Town Green project will bring 575 apartments with outdoor markets and upscale dining.
- Franklin Lakes Cigna Redevelopment
Franklin Lakes approved 495 housing units on the former Cigna campus, a major mixed-use redevelopment adding significant residential capacity in Bergen County.
- Route 4 Bridge Overhauls, Teaneck
Two major bridge replacements over the Hackensack River and Palisades Avenue, part of a broader infrastructure modernization affecting commuter routes through Bergen County.
- Bergen New Bridge Medical Center Expansion
A $27.6 million expansion at the Bergen New Bridge Medical Center, alongside a $100M+ clean water initiative led by Ridgewood Water spanning several Bergen communities.
Where are mortgage rates heading as we move through summer 2026?
What do the rate forecasts mean for buyers and sellers?
Mortgage rates have settled into the mid-6% range as of August 1, 2026. The 30-year fixed rate currently sits at 6.65%, while the 15-year fixed is between 5.95% and 6.04%. Both Fannie Mae and the Mortgage Bankers Association project rates lingering in the 6.4% to 6.5% range through the end of 2026.
For buyers, today's rates are well below the 7-8% peak of 2023, though still above the sub-4% levels many remember from 2020-2021. Every half-point drop in rates saves about $100 per month for every $200,000 borrowed. The key difference this year is stability — rates are moving in a narrow band, which gives buyers confidence to plan and budget without worrying about sudden spikes.
For sellers, the steady rate environment works in your favor. Serious buyers are not scared off by rate volatility, and many who waited through 2024 and early 2025 are actively searching now. The buyers you attract are qualified, pre-approved, and ready to move. As long as rates do not spike higher, demand should hold steady through the late summer and fall.
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 overall direction is one of moderation. Passaic County is edging toward balance, while Bergen County remains more competitive but less frenzied than in 2023-2024.
- Prices still climbing year-over-year
Passaic County single-family prices are up 13.5% year-over-year. Bergen County is up 4.7%. Both show positive appreciation, though the pace is cooling in Bergen.
- Days on market vary by county
Bergen County homes average 63 days on market, while Passaic County averages 54 days. Well-priced, well-presented homes in both counties sell faster than these averages.
- Seller leverage remains in Bergen, fading in Passaic
At 1.6 months of supply, Bergen County is still a seller's market. Passaic County at 4.9 months is approaching a balanced market where buyers have more negotiating room.
- More inventory and less competition
Active listings in both counties are up from 2024 levels. Passaic County's nearly 5-month supply gives buyers in that market significantly more options and less pressure to rush.
- Stable rates support planning
With the 30-year fixed hovering around 6.65%, buyers can budget with confidence. If rates ease toward 6.4% by year-end as forecast, expect a bump in competition.
- Leverage on homes that need work
Homes that are overpriced or need significant updates are sitting longer. Buyers willing to invest in renovations have genuine negotiating leverage in both counties 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 August 2026.
For Sellers
- 01 Price to the current market, not last year's comps
Price appreciation is decelerating, especially in Bergen County. Homes priced at the top of the range from six months ago may sit. I use AI-powered CMA tools to find the price point that generates the most showings and strongest offers within the first 14 days — that is where the winning offer comes from.
- 02 Curb appeal and condition matter more now
Buyers have more choices than they did last year. A home that shows well — fresh paint, tidy landscaping, decluttered interiors — stands out against the competition. I include professional photography, drone video, and virtual staging in every listing at no extra cost.
- 03 Factor in rate buy-downs as a negotiating tool
With rates at 6.65%, offering a seller-paid temporary or permanent rate buy-down can make your home more affordable to buyers and expand your pool of qualified purchasers. It is one of the smartest negotiating tools in this market.
For Buyers
- 01 Take advantage of more inventory and less competition
Passaic County's nearly 5-month supply means you have time to compare options and negotiate. In Clifton, where days on market averages 26-32 days, well-priced homes still move fast — but you are less likely to face a bidding war than in 2023. Pre-approval is still non-negotiable.
- 02 Consider an adjustable-rate mortgage (ARM)
With rates expected to ease toward 6.4% by year-end, a 5- or 7-year ARM can offer a lower initial rate and lower monthly payment. 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 Passaic County
In a market approaching balance, sellers who need to move — due to relocation, divorce, probate, or life changes — are more willing to negotiate on price, closing costs, and contingencies. I work with these situations every day and can help you find the deals other buyers miss.
Where is the North Jersey market headed from here?
As we move through late summer and into the fall of 2026, the biggest story in North Jersey real estate is the divergence between Passaic and Bergen County. Bergen County remains a seller's market with tight inventory and steady demand from commuters and families. But the double-digit price jumps of the last two years are giving way to more moderate single-digit appreciation. Sellers who price aggressively may find themselves waiting longer than expected.
Passaic County tells a different story. With nearly five months of inventory, we are seeing the healthiest supply levels in years. Buyers have options. Sellers need to be realistic about pricing. The days of automatic bidding wars on every listing are over in most parts of the county. But for sellers who price right and present their home well, there is still strong demand, especially in Clifton and Woodland Park, where homes in good condition are moving in under 40 days.
Interest rates at 6.65% are a fact we are learning to work with, not a crisis. If the Fannie Mae forecast of 6.4% by year-end holds, we could see a surge of activity in the fourth quarter as buyers who have been waiting lock in lower rates. For now, steady rates mean steady demand.
My advice: Focus on the things you can control. Price with precision. 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, Redfin, Zillow, Green Team Realty, Scott Kompa Real Estate, and local county real estate board reports. Median home prices and days on market reflect the most recently reported periods for Passaic and Bergen County, New Jersey as of August 1, 2026. Interest rate data is sourced from Mortgage Daily, Yahoo Finance, Fannie Mae, and Mortgage Bankers Association forecast reports.
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.
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