In Essex County, 312 homes listed between $600,000 and $1.1 million closed this summer at a median 110% of list — while 38 of the 182 still for sale have been on the market sixty days or more, and most of those have already cut their price.
Freddie Mac’s weekly survey put the thirty-year fixed at 6.76% for the week ending September 10, up from 6.71% the week before — the second weekly increase in a row, and the backdrop rather than the story.
The rate sets the backdrop; the Essex numbers below show how much the list price decided.
The number making the rounds is New Jersey Realtors’ July report: homes statewide closed in a median thirty-four days at 102.2% of their final list price. Both figures are calculated from closings, so they describe only the houses that sold. A Garden State MLS search run this morning — Essex County single-family homes listed between $600,000 and $1.1 million — shows what that leaves out, because it counts both halves of the same market. The half that sold is strong by any measure. In July and August, 312 homes closed at a median 110% of their final list price, and nine in ten sold at or above it. Only 6% had needed sixty days or more to go under contract.
The half that has not sold looks different. Of the 182 homes still active today, 47% have been on the market thirty days or more, and 21% — 38 homes — sixty days or more. Price reductions sit almost entirely in that older group: 58% of the sixty-day listings have cut their asking price, and not one listing under thirty days has. None of that shows up in a 110% sale-to-list figure, and none of it means the market is weak. It is a small group of homes the market is not responding to, inside a market that is otherwise paying over asking.
The same split shows up in what eventually closed. The 293 summer sales that never reduced closed at a median 110.9% of their original asking price; the 19 that did reduce closed at a median 96.3% of it, after a median forty days on the market. Those homes may have differed in ways the numbers do not capture, so this is an association rather than proof that the cut caused the outcome — but it is the shape of the risk. The pattern holds on both sides of the band. Below $800,000 there are 1.6 active listings for every one under contract; above it, 1.0 — a tighter market, yet more than half of its active listings have been out thirty days or more and most of those have not changed price. If you are selling, the first pricing decision matters enormously, because the strongest results in this Essex sample were concentrated among homes buyers responded to early. If you are buying, the longer-listed homes are where the room to negotiate is.
Closed sales in Essex show what worked — the listings still sitting show where both the pricing risk and the buyer’s room are.
Nearly every pricing conversation starts with some version of “homes are selling in a month, over asking.” In Essex this summer that was true — for the homes buyers responded to early. The 38 homes now at sixty days or more are the other half of the same market, and no monthly report publishes them, because a house that has not sold has no sale price and no closing date to count.
So the number worth having for your own town and band — whether that is Bergen, Essex or Morris — is the pair: how many homes are under contract against how many are still active, and how long those active ones have been out. The first tells you what the market rewards. The second tells you where it has stopped listening.
Closed sales tell you what worked. Active inventory tells you where the opportunity is now.
Days on market is calculated at closing: it is the count of days between listing and contract for a home that actually sold. A home still on the market has no closing date, so it cannot enter the calculation. The statistic therefore describes the homes buyers responded to and leaves out every home still listed.
It is the sale price divided by the final asking price, expressed as a percentage. Because it is measured against the final list price, it reflects what happened after any price reductions. In Essex County single-family homes listed between $600,000 and $1.1 million, July–August 2026 closings sold at a median 110% of final list; measured against the original asking price, the 19 homes that had reduced closed at a median 96.3%.
Ask for the active-listing picture alongside the closed one: how many homes are under contract in your town and price band against how many are still active, and how long the active listings have been out. In the Essex $600,000–$1.1 million band on September 11, 2026, 21% of active listings had been on the market sixty days or more, against 6% of July–August closings that needed that long. No monthly aggregate publishes that pairing; it requires a live MLS pull.
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Figures in this edition reflect data as of the original send date above and are not updated retroactively; treat this as dated market commentary, not a current snapshot. Rate and market data as cited in the original edition; imported from The DeSilva Team's newsletter archive.