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Housing Report February 2026, 3/31/2026

2026-03-31T13:26:24-04:00

Housing Report Feb 2026 vs Jan 2026, 3/31/2026

National Report: Homes (Single Family Homes and Condos)
The number of homes sold rose 1.7%, median sold prices rose 0.8% to $398,000 and days on market rose 2.2% to 47 days. 15.8% of February’s active listings had a price reduction, the sale-to-list-price ratio was unchanged at 98% and inventory was unchanged at 3.8 months.
Bottom Line: The market is becoming more balanced between sellers and buyers as prices flatten, and inventory and days on market are rising.

Essex County - Feb 2026. vs Jan 2026., Winter took its toll:
Unit Sales were down -17.6% for single-family and -3.6% for condo; Prices fell -1.3% for single-family and -4.9% for condo. However, inventory remained very low: single-family 2.0 months and condo 2.7 months. 10.6% of single-family listings and 10.3% of condo listings had price reductions in February which averaged -3.9% and -2.9% respectively. The sale-price-to-list-price ratio for single-family and condo was 99%.
Bottom line: very low inventory still favors sellers but buyer price resistance is having an impact. A new challenge is the ½% rise in mortgage rates to 6.55% from the end of Feb to the end of March.

To view data for every Essex County town,

To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

The #1 Reason Buyers Walk Away (And How To Get Ahead of It)

2026-03-18T20:57:59-04:00

The #1 Reason Buyers Walk Away (And How To Get Ahead of It)

You may have seen headlines on social saying the number of buyers backing out of their contracts is on the rise – and has recently reached a high not seen since 2017. That can sound intimidating. But it varies a lot by market.

And here’s the key thing to understand if you want to sell. A lot of the time, there’s one common cause. And it’s something you can actually control.

Here’s what you can do to get ahead of the biggest dealbreaker before it ever becomes a problem.

The Top Dealbreaker: Issues That Pop Up During the Inspection

A Redfin survey shows over 70% of recently cancelled contracts happened because of issues during the home inspection (see graph below):

And that makes sense. Because today’s buyers have something they didn’t have a couple of years ago: options.

Why Fixing Things Before You List Matters More Today

A few years back, when buyers felt rushed or boxed in due to the limited number of homes for sale, they were more willing to overlook issues.

But in today’s market, skipping essential repairs is one of the fastest ways to lose a deal.

Now that there are more homes to choose from, buyers can be more selective. If a house feels risky, outdated, or like it’s hiding expensive surprises, they’re a lot more likely to walk away. So, what do you have to fix? Just ask an agent.

How Your Agent Can Help Give You the Edge

A local agent will be able to walk through your house and offer advice on what to tackle based on your specific home, your market, and what buyers are prioritizing in your area. They'll also have first-hand knowledge about some of the biggest turnoffs for buyers today. And you can use that expertise to prevent future headaches.

For example, according to Zillow, these are some of the issues buyers will care the most about:

Roof leaks or damage: sagging, leaking, etc.
Plumbing problems: standing water, leaks, water damage, etc.
Electrical concerns: outdated or exposed wiring, missing GFCI outlets, etc.
HVAC issues: non-functioning units
Pest or insect damage: termite colonies, etc.
Hazardous materials: lead, mold, asbestos, etc.
Safety/code violations: missing smoke detectors, windows stuck closed, etc.
Structural problems: cracks in the foundation, sagging floors, etc.

Odds are not all of this even applies to your house. Maybe only 1-2 things do. Or maybe none of them do. It just depends. But an agent will have the tools and resources to help you figure it out and stay one step ahead.

The Benefits of a Pre-Listing Inspection

To buyers, these aren’t cosmetic issues. They’re trust issues. And that’s what you need to watch out for today. Once buyers start wondering “what else might be wrong,” it’s hard to recover momentum.

That’s why some agents are even recommending a pre-listing inspection as asneak peek into what buyers will see on their own inspection. With that insight, you can:

Fix concerns before you list, or disclose issues upfront
Avoid having to respond or negotiate under pressure
Stop scrambling to find contractors with availability before your closing date

But remember, you don't have to fix everything. You just have to be strategic about what you do tackle, so you and your buyer aren’t caught off guard.

And that’s why you need an agent who can:

Decide if a pre-listing inspection is worth it where you live
Recommend a trusted inspector (if you decide to get one)
Look at the results with you to identify true dealbreakers in your market
Help you decide what to fix or what to credit
Make sure you avoid over-spending or under-preparing

To view data for every Essex County town,

To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

Spring Sellers Have an Edge. Here’s Why.

2026-03-10T00:00:43-04:00

Spring Sellers Have an Edge. Here’s Why.

Homeowners looking to sell usually want three things: plenty of interested buyers, strong offers, and a short timeline. Spring is the season that most often delivers all three.

So, if a move has been on your mind this year, this is the window where momentum tends to work in your favor. Here’s what makes this season so powerful for sellers.

1. More Buyers Will Be Looking

Typically speaking, in the housing market, there’s no more popular time to move than the Spring. Historically, datacoming out of ShowingTime proves that’s when buyer activity peaks each year. Take a look for yourself (see graph below):

And this year, there’s more than just the seasonal trend working in your favor. Mortgage rates are also sitting near 3-year lows – and that combination matters.

More buyers + improving affordability = more eyes on your house.

That doesn’t mean the market will return to the frenzy of the pandemic – far from it. But it does mean more buyers will be ready to re-enter the market. And that’s good for you. As Redfin says:

“Homebuying demand is improving . . . and mortgage-purchase applications are sitting near their highest level in three years. . ."

You should make sure your house is listed so you can take advantage of the uptick in demand. Because more activity means one thing: more opportunity to get a deal done.

2. You May Get More Offers

With more buyer demand, it makes sense that you may get more offers on your house. And history shows that’s usually true.

If we look at the data for the last three years from the National Association of Realtors (NAR), and take the averages for each month, it’s clear sellers in the Spring get more offers (see graph below):

Now, don’t expect the excessive bidding wars that were so famous in 2020 and 2021. But it does mean, seasonality could help you out this Spring. As Realtor.com explains:

“Spring typically brings out more buyers who are ready to make a move before summer. Listings see more views, showings, and offers during this season.”

And that could be really good for your bottom line.

3. Homes Usually Sell Faster

There’s one more predictable pattern that happens pretty much every Spring based on research from Realtor.com. Homes sell faster (see graph below):

On average, homes sell 20 days faster in the Spring compared to the Winter. That’s almost 3 weeks shaved off your timeline. And that's a difference you can feel.

Since homes have been taking longer to sell lately, listing your house during what’s usually the most active time of the year means you’re setting yourself up to move as quickly as possible. And isn’t that what sellers really want?

The faster your home sells, the earlier you can move on to what’s next for you.

If you’re eager to go on to your next chapter, need to downsize, or you’ve run out of space, Spring may be your best time to sell.

Bottom Line

Spring doesn’t guarantee a sale. Strategy still matters. But this season gives you something valuable: momentum.

More buyers. More activity. More opportunity.

The real question is: if you’re going to sell this year, why not do it when the odds are in your favor?

Let’s talk about what selling this season could mean for your house and your timeline.

To view data for every Essex County town,

To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

Why So Many Homeowners Are Downsizing Right Now

2026-03-01T14:56:50-05:00

Why So Many Homeowners Are Downsizing Right Now

For a growing number of homeowners, retirement isn’t some distant idea anymore. It’s starting to feel very real.

According to Realtor.com and the Census, nearly 12,000 people will turn 65 every day for the next two years. And the latest data shows as many as 15% of those older Americans are planning to retire in 2026. And another 23% will do the same in 2027.

If you’re considering retiring soon too, here’s what you should be thinking about.

Why Downsize?

Now's the perfect time to reflect on what you want your life to look like in retirement. Because even though your finances will be going through a big change, you don’t necessarily want to feel like you’re living with less.

But odds are, what you do want is for life to feel easier.
Easier to enjoy.
Easier to manage.
Easier to maintain day-to-day.

The Top Reasons People Over 60 Move
You can see these benefits show up in the data when you look at why people over 60 are moving. The National Association of Realtors (NAR) finds the top 4 reasons aren’t about timing the market or chasing top dollar. They’re about lifestyle:

1. Being closer to children, grandchildren, or long-time friends so it’s easier to spend more time with the people who matter most
2. Wanting a smaller, more functional home with fewer stairs and easier upkeep
3. Retiring and no longer needing to live near the office, so it’s easier to move wherever you want
4. Opting for something smaller to reduce monthly expenses tied to utilities, insurance, and maintenance

No matter the reason, the theme is the same: downsizing isn’t about giving something up. It’s about gaining control and choosing simplicity. And it brings peace of mind to know your home fits the years ahead, not the years behind.

And the best part? It’s more financially feasible now than many homeowners would expect.

The #1 Thing Helping So Many Homeowners Downsize

Here’s the part that makes it possible. Thanks to how much home values have grown over the years, many longtime homeowners are realizing they’re in a stronger position than they thought to make that move.

According to Cotality, the average homeowner today has about $299,000 in home equity. And for older Americans, that number is often even higher – simply because they’ve lived in their homes longer.

When you stay in one place for years (or even decades), two things happen at the same time:

Your home value has time to grow.

Your mortgage balance shrinks or disappears altogether.

That combination creates more options than you’d expect, even in today’s market.

So, whether you just retired, or you're about to, it's not too soon to start thinking about what comes next. Sure, it can be hard to leave the house you made so many years of memories in, but maybe it’s time to close one chapter to open a new one that’s just as exciting.

Bottom Line
Downsizing is about setting yourself up for what comes next – on your terms.
If retirement is on the horizon and you’ve started wondering what your current house (and your equity) could make possible, the first step isn’t selling. It’s understanding your options.
Let’s talk. A simple, no-pressure conversation can help you see what downsizing might look like – and whether it makes sense for you.

To view data for every Essex County town,

To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

Affordability Is Finally Moving in the Right Direction

2026-02-05T21:09:02-05:00

Affordability Is Finally Moving in the Right Direction

According to Zillow, housing is typically considered affordable when it takes 30% or less of your monthly income to cover your expenses including your mortgage payment, taxes, insurance, and basic maintenance.

Why Affordability Is Improving

1. Mortgage rates have eased. Rates are near their lowest level in more than three years, which helps lower monthly payments

2. Home price growth has cooled. Prices aren’t falling nationally, but they’re growing much more slowly than they were a few years ago.

3. Wages are growing faster than home prices. This one matters a lot. As Mark Fleming, Chief Economist at First American, explains:

“When income growth exceeds house price growth, house-buying power improves—even if mortgage rates don’t decline meaningfully.” Understanding what’s changing locally is what really makes a difference. If you want to see how these trends show up in our area, let’s talk.

https://bit.ly/45N6w51

To view data for every Essex County town,

To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

Essex County Housing Report December 2025, 1/21/2025

2026-01-23T14:58:19-05:00

Essex County Housing Report December 2025, 1/21/2025

Nationally - Nov. vs Dec., Sales Picked Up but Prices were Soft

Single family home sales rose 13.3% to 320,891 but prices fell 1.5% to $455,944. 14.9% of active listings had price reductions, the sale to list price ratio fell to 98.24% and inventory fell 2.68 months. Condo sale rose +16.6% to 41,993 but prices only rose +0.6% to $361,996. 12.1% of active listings had price drops, the sale to list price ratio fell to 97.47% and inventory fell to 3.96 months.

Essex County - Nov. vs Dec., Sales were Mixed but Prices were Up:

Sales were down -0.8% for singles but up +7.3% for condos; Prices were up +5.4% for singles and up +2.2% for condos. Inventory remained very low, 1.4 months for singles and 1.9 months for condos. 13.8% of single family and 16.8% of condo listings had price reductions in Dec 2025 which averaged -4.1% and -2.5% respectively. The sale price to list price ratio for single families was 100% and condos was 99%.

To view data for every Essex County town,

To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

Affordability Improving in 2026 including Essex County, Boston North Shore

2026-01-15T21:52:41-05:00

Expert Forecasts - Affordability Improving in 2026

Wondering what to expect from the housing market in 2026? You’re not the only one. For the past few years, affordability has been the biggest barrier standing between most people and their next move. And a lot of buyers and sellers have been holding their breath waiting for things to get better. The good news? It’s finally happening.

In 2025, affordability was the best it’s been in 3 years. And experts agree the momentum will keep going in 2026. And that’s based on their analysis of the key factors shaping the housing market in the year ahead: mortgage rates, inventory, and home prices.

Lower Mortgage Rates Are Already Here

Mortgage rates have already come down from their peak. By some counts, they dropped by almost a full percentage point over the course of the last year. And that’s a big deal, even if it doesn’t sound like it. But how low will they go? And should you wait for them to come down more? Here’s your answer.

Forecasts suggest they’ll stay pretty much where they are now and hover in the low 6% range throughout 2026

Where they go from here really depends on what happens with the economy, the job market, and any changes in monetary policy the Fed makes in the year ahead. The important thing is, they’re already lower than they were just one year ago and that’s ideal if you’re planning a 2026 move.

For buyers: A lower rate reduces monthly payments and increases buying power. And, that combo helps more people qualify for homes that previously felt just out of reach.
For sellers: It may be time to accept that rates in the 6s are the new normal. And if you need to move, it’s doable, especially with your equity.

Even More Options Are on the Way

In 2025, the number of homes for sale improved by about 15%. As inventory rose, buyers regained things they hadn’t had in years: options, time to consider those options, and negotiating leverage. That helped restore more balance to the housing market.

Not to mention, the inventory gains are a big piece of what’s helped price growth slow down – which in turn improves affordability.

While the inventory gains this year aren’t expected to be as steep, experts at Realtor.com say the supply of homes for sale should grow by another 8.9% this year.

For buyers: That means even more choice and more negotiating power.
For sellers: Pricing your house right will be essential to draw in buyers.

Home Price Growth Is Slowing to a More Sustainable Pace

With more homes for sale, there isn’t as much upward pressure on prices right now. And we’ve seen that shake out over the past year. Even so, the overwhelming majority of experts say, nationally, prices will continue rising in the year ahead – just at a slower pace. On average, they say prices will rise by 1.6% in 2026

And that's reassuring if you've been fed content on social media saying prices are going to come crashing down. But here’s what you need to remember most about this. It’s going to vary a lot by area.

So, lean on a local agent for the latest on what’s happening where you are. Some markets will see prices rise more than this. Others may see prices come down slightly. It really all depends on conditions in your local market

But overall, prices will continue to rise at the national level. And that’s good for the market as a whole. As Realtor.comexplains:

“For homebuyers and sellers, the shift signals a more balanced market—one where price growth steadies, rate relief offers breathing room, and negotiating power tilts subtly toward buyers.”

For buyers: Expect more moderate price growth, not the sudden and intense spikes just a few short years ago. That gives you fewer surprises and more predictability, which makes budgeting a whole lot easier.
For sellers: This slower price growth restores balance without putting your equity at risk. And that’s a win.

More Homes Will Sell

All of this adds up to a better affordability equation in 2026. And that’s exactly why experts are saying we should see more homes sell (and more people buy) this year.

As Mischa Fisher, Chief Economist at Zillow, says:

“Buyers are benefiting from more inventory and improved affordability, while sellers are seeing price stability and more consistent demand. Each group should have a bit more breathing room in 2026.”

The bottom line is, more people are finally going to be able to make their move this year. So, the question is: will you be one of them? The market is giving you an opportunity you haven’t had in a while. Maybe it’s time to take advantage of it.

Bottom Line

Affordability won't change suddenly overnight. But, with several key trends working together, it should slowly and steadily improve in the months ahead.

That’s exactly why, in 2026, you should see a market with more balance, more predictability, and more breathing room than you’ve had in years.

Want more information about the opportunities unlocking in our local market?

Let’s chat

Planning Your 2026 Real Estate Moves: A Guide to the Best Buying and Selling Seasons Boston North Shore

2026-01-04T20:52:26-05:00

Planning Your 2026 Real Estate Moves: A Guide to the Best Buying and Selling Seasons

Timing isn’t everything in real estate, but it can mean the difference between saving $20,000 or paying a premium, selling in 30 days or waiting three months, and negotiating from a position of strength or uncertainty.

As we look toward 2026, understanding seasonal patterns has become more critical than ever. With inventory levels normalizing and market conditions continuing to evolve, knowing when to make your move can dramatically impact your outcome. Whether you're a first-time buyer watching every dollar or a seller trying to maximize your profit, the season you choose matters.

The challenge? Not everyone can wait for the "perfect" time. Job relocations happen in January. A growing family needs more space in July. Retirement doesn’t wait for spring. This guide breaks down the pros and cons of each season so you can make the smartest decision within your timeline.

Spring: Peak Selling Season (March-May)

Spring isn’t called peak season by accident. The housing market comes alive with energy that is impossible to ignore. Data shows homes listed in spring sell in as few as 33 days, compared to 49 days in winter.¹ May also offers the highest seller premium, 13.1% above market value, translating to faster sales and higher returns.²

Buyer psychology also plays a role. Warmer weather encourages open house attendance, longer daylight allows more viewings, and families aim to move before school starts, creating urgency. Spring blooms and greenery boost curb appeal in ways winter staging cannot match.³

The Competition Factor

The trade-off is that spring’s advantages come with more competition. Sellers must make their homes stand out, pricing correctly, staging well, and marketing aggressively. Buyers benefit from the largest inventory, with new properties listed weekly, but face higher competition. In May and June, 35% of buyers pay above list price compared to 24% in January, making bidding wars common and increasing pressure to decide quickly.⁴

Summer: Extended Peak Season (June-August)

As spring transitions to summer, the market maintains its momentum. June often sees the highest sales volume of the year, with more than 16,500 homes selling per day.¹

The Family Timeline

Summer’s appeal aligns with family schedules, as school breaks let children move without disrupting education. Warm weather and long days make moving easier and provide ample time for viewings. Outdoor spaces like pools, patios, and landscaping are at their best. Higher prices and sales activity reflect the premium buyers pay for peak-season convenience.

Late Summer Shifts

By August, changes appear. Unsold spring or early summer listings may become “stale,” and buyers begin settling as school starts. Competition eases slightly, though prices stay high, making it a transition month where patient buyers can benefit.

A practical concern is moving costs, which peak in summer due to high demand. Nearly half of all household moves occur between June and August, increasing competition for movers and rental trucks alike.⁵

Fall: Underrated Opportunity Season (September-November)

Fall might be real estate's best-kept secret. While conventional wisdom suggests spring is the only time to transact, savvy buyers and sellers increasingly recognize fall's unique advantages.

Less Competition, More Serious Players

Data shows a large share of home sales occur in the fall, a detail often overlooked. With fewer competing sellers, listings stand out more, and active buyers tend to be serious and ready to act quickly.³

October typically offers the best conditions for buyers. Data shows it has one of the lowest seller premiums of the year—about 8.8% above market value—as demand cools and competition eases.² Home prices also tend to dip slightly from summer highs, saving buyers thousands compared to peak-season purchases.⁴ For first-time buyers especially, fall can be an ideal time to find value without the bidding wars of spring and summer.

The Urgency Factor

Fall brings natural urgency. Buyers aim to close before holidays and bad weather, while sellers may be motivated by taxes or avoiding a winter listing. Comfortable weather in many areas makes showings easier.

Fall buyers are often more decisive, with fewer casual browsers and more serious purchasers ready to negotiate.

Winter: Value Season (December-February)

Winter gets a bad reputation in real estate, but for buyers with flexibility, it offers the year's best value proposition.

The Numbers Don’t Lie

The low-competition environment in winter provides the best opportunity for buyers to secure a discount. In January, only 24% of buyers pay above list price compared to 35% in May and June, which greatly reduces the chance of bidding wars.⁴ This lower competition also means winter homes stay on the market longer, averaging 49 days versus 31 days during peak season, giving buyers more time, less pressure, and stronger negotiating power.¹ Motivated sellers become more flexible as the holidays pass. Moving companies also offer their lowest rates in winter.

Winter’s Challenges

Winter has trade-offs. Sellers face the lowest buyer traffic, holiday distractions, limited curb appeal from dormant landscaping, and shorter daylight for showings.

Yet winter offers advantages. Less competition can help if you price aggressively and present well, and buyers who do visit are highly motivated, often relocating for jobs. Warm-climate markets like Florida and Arizona see smaller winter slowdowns, making location important.¹

Snow and ice create safety hazards, and cold weather makes moving harder. However, winter also reveals property truths, such as heating efficiency, drafty windows, and roof performance, which is all information savvy buyers use during inspections.

Regional Differences: Not All Markets Are Equal

Seasonal changes in the real estate market depend heavily on location, meaning a strategy that works in one city may fail in another. Markets in the Midwest and Northeast experience the most dramatic seasonal swings due to harsh winters, which push most activity into the short window between May and August. For example, daily home sales in the Midwest often more than double from January to June, with states like Illinois and Ohio seeing significant annual price swings.

In contrast, Southern and Western markets enjoy stable, year-round activity because of mild weather. Places like California and most of the South see much less severe slowdowns in winter. The exception markets are those where mild winter weather attracts buyers, like Phoenix, Arizona, where the best selling time is late November. Understanding these local patterns is crucial, as local market dynamics always matter more than general national statistics. Feel free to reach out if you would like to know more about the specific seasonal patterns in your local area.

Pricing Strategies by Season

Pricing strategy must adapt to seasonal realities. What works in May fails in December, and vice versa.

Spring and Summer Pricing

During peak season, competitive pricing often attracts multiple offers. Pricing strategically 10–15% below comparable sales can spark competition and push final offers above list. Psychological pricing also matters; listing slightly under round numbers ($349,000 instead of $350,000) increases online visibility and appeals to buyer behavior. Emphasizing seasonal features such as outdoor spaces, natural light, and blooming gardens helps justify premium pricing.³

Fall Reality Check

As competition declines in fall, pricing should be more realistic. Listing slightly below spring comparables can help generate activity. Flexibility on price attracts serious year-end buyers eager to close before the holidays and bad weather. Recognizing buyer urgency allows you to price strategically rather than reactively.²

Winter Aggression

Winter requires more aggressive pricing to attract a smaller buyer pool. Pricing 5–10% below spring values can create immediate interest. Motivated sellers should focus on value over premium pricing. Buyers shopping in January aren’t bargain hunters, they’re seeking homes that justify moving during an inconvenient season.¹

Year-round best practices stay consistent: use a Comparative Market Analysis, consider current market conditions, account for unique property features that algorithms may overlook, and monitor comparable sales while staying open to adjustments.

Buyer Offer Strategies by Season

Spring and Summer Competition

Peak season requires quick, confident action. Get pre-approved to show you’re a serious buyer and be ready to move fast. Consider offering above asking price when you find the right property, and use an escalation clause to outbid competitors up to your limit. Flexible closing dates also strengthen your offer. Some buyers write personal letters to create emotional connections.

Fall and Winter Leverage

Negotiating power shifts with the seasons. In fall and winter, when seller competition drops and buyer pools shrink, you gain leverage. You can more easily request seller concessions such as closing costs, home warranties, repairs, or even appliances and fixtures. Use inspection results to negotiate price reductions, as motivated sellers grow more flexible later in the season. You can also request longer inspection periods and winter move-in credits.¹

Year-Round Negotiation Fundamentals

No matter the season, understanding the seller’s motivation is key. Support your offer with market data rather than emotion, and build rapport when possible. Stay calm and avoid emotional decisions.

Have your agent handle offers and counteroffers to reduce tension. Know your limits and walk away from deals that don’t fit your goals. In buyer’s markets, be assertive; in seller’s markets, make offers strong and decisive. The fundamentals stay the same, though their intensity shifts with the season.

BOTTOMLINE

Seasonality creates opportunities and challenges, but personal circumstances should drive timing. Spring/early summer brings the highest prices and fastest sales. Winter offers buyers the best deals. Waiting for the “perfect” season doesn’t help if life demands action.

Understanding your specific situation, timeline, and goals allows us to create a customized strategy that maximizes outcomes within your constraints. The best time to move is when it's right for you.

Sources

1. National Association of REALTORS®. Navigating the Housing Market: A Seasonal Perspective. 2024.
https://www.nar.realtor/blogs/economists-outlook/navigating-the-housing-market-a-seasonal-perspective

2. Bankrate. Best Time to Sell a House. 2024
https://www.bankrate.com/real-estate/best-time-to-sell-house

3. Investopedia. How Seasons Impact Real Estate More Than You Think. 2024.
https://www.investopedia.com/articles/investing/010717/seasons-impact-real-estate-more-you-think.asp

4. Zillow
https://www.zillow.com/learn/best-time-to-buy-a-house/

My Moving Journey
https://mymovingjourney.com/blogs/moving-in-peak-season-vs-off-season

Essex County Housing Report November 2025, 12/23/2025

2025-12-23T16:53:00-05:00

Essex County Housing Report November 2025, 12/23/2025

Nationally - Stable but Subdued Growth in Prices and Sales

Unit sales for homes and condos rose +0.7% from 4.10M sales in October 2025 to 4.13M in November 2025. However, median prices fell 2.4% for this period from $415,200 in October to $409,200 in November. Days on market rose from 34 to 36 days and inventory fell slightly from 4.4 months to 4.2 months. 21.2% of active listings had price reductions in November vs 26.9% in October 2025.

Essex County - Unit Sales Fell for Singles and Condos and Prices Fell for Single Families and were Flat for Condos. Inventory remains very low. 27% of active listings had a price reduction in November 2025.

Single Family unit sales fell 8.8% month over month to 385 but rose 2.1% year over year. Median Prices fell 8% to $690,000 from October 2025 and fell 1.4% year over year. Condo Units sales fell 18.4% from October 2025 to 164 units but rose 2.5% year over year. Condo median prices rose 1% from October 2025 to $467,500 and rose 0.8% year over year. Inventory is only 1.9 months for Single Families and 2.6 months for Condos.

To view data for every Essex County town,

To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

Why Selling Your House This Winter Gives You an Edge

2025-12-17T20:52:25-05:00

Why Selling Your House This Winter Gives You an Edge

Spring gets all the attention, but it’s not always the best time to sell a house. Yes, more buyers show up, but so do a lot of other sellers.

Winter is different. With fewer homes on the market, your house has a much better chance of standing out. And that one advantage can make a big difference.

Winter Is When Your Listing Stands Out

History shows the number of homes for sale tends to drop during the winter months. It’s a trend that’s predictable almost every year.

Data from Realtor.com shows this pattern clearly. Inventory dips in the winter (the green circles in the graph below), then climbs again as soon as spring approaches:

And based on the latest data available, it looks like that pattern may be true again in 2025. The graph shows the supply of homes for sale is starting to come down as we head into the end of the year. And if history is any indicator of where it goes next, it’ll continue to fall just like it usually does.

Here’s why knowing this gives you an edge.

While inventory is higher now than it’s been in the last few years, there are still not as many homes for sale as there’d be in a normal market (2017-2019). And we may even be poised for inventory to dip a bit as the weather cools.

That gives you an opportunity. If you work with an agent to list now, you’ll sell while other homeowners are taking their homes off the market and before the number of homes for sale climbs this spring.

Less competition from other sellers now = more attention on your house this season.

Why wait until everyone else lists in the spring when you can get ahead of the crowd?

Winter Buyers Are Serious Buyers

Another big perk is the buyers looking right now usually need to move.

They’re not just browsing for fun. They’re relocating for work, dealing with a lease ending, making a big life change, or simply ready to move forward sooner rather than later. As U.S. News explains:

“. . . buyers who are trudging through wintry weather often have a good reason for being out in the cold – they need to move. Whether it’s a relocation for a new job, a divorce or the arrival of a new baby, buyers who brave the elements are usually serious and able to make quick decisions.”

That means fewer weekend wanderers and more highly motivated, qualified buyers walking through your door.

And since we know inventory usually drops this time of year, odds are they’ll have a little less to choose from compared to the fall. If you price and prep your house right, maybe your house will be the one that catches their eye.

Bottom Line

Winter might not get the same buzz as spring, but that’s exactly why it works in your favor. Less competition from other sellers, more motivated buyers, and a chance for your house to truly stand out.

If you’re thinking about selling, this season can give you a real advantage. Let’s connect and talk through what listing now could look like for you.

Housing Report October 2025, 11/25/2025

2025-11-25T16:48:06-05:00

Housing Report October 2025, 11/25/2025

Nationally - Market continues to Stabilize
Nationally, October unit home sales (single-family and condos) rose +1.2% year over year to 4.1 Million units, up slightly from 4.06 million units in September 2025. October home prices rose +2.1% year over year to $415,200, unchanged from September 2025. Days on market rose to 34 days from 33 days in September and 29 days in October 2024. Months of inventory fell to 4.4 months from 4.6 months in September but rose from 4.0 months in October 2024. October sales improved slightly as inventory rose and 22.5% of homes had price reductions in October. Homes were selling for 98.5% of list price down slightly from October 2024.

Essex County - Market Normalizing but Inventory Remains Low.
Unit sales recovered nicely in October from September, but are still down year over year -2.8% for single families and -1.0% for condos. Year over year, single family median prices rose +2.7% and Condo prices fell -4.5%. Single family homes are now selling for 100.5% of asking price, condos are selling for 99.2% of asking price and 35.7% of all homes for sale (singles and condos) had a price reduction as days on market increased slightly and mortgage interest rates remain elevated, now 6.25%.

To view data for every Essex County town,

To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

Housing Report September 2025, 10/28/2025

2025-10-28T17:23:36-04:00

Housing Report September 2025, 10/28/2025

Bottom Line: Nationally - Market is slowing down / stabilizing

Nationally, home prices declined -1.8% to $415,200 from August to September but rose +2.1% from September 2024. Month over month unit sales rose +1.5% to 4.06 million and year over year rose +4.1%. Days on market rose to 33 days from 31 days August 2025 and 28 days in September 2024. Months of inventory remained at 4.6 months in September but rose from 4.2 months in September 2024. September sales improved slightly as mortgage rates eased, active listings rose to 1.1 million up 17% year over year and 19.9% of active listings had price reductions.

Bottom Line: Essex County - Market is Slowing

From August to September 2025, home / condo prices and units sold fell and the number of active listings and days on market rose. Year over year, single family home prices rose but condo prices fell. Units sold and active listings rose for homes / condos and days on market fell for homes but rose for condos. 12.2% of September’s active listings had a price reductions. 30 Yr Mortgage rate averaged 6.3% in September. Today’s rate is 6.13% (Mortgage News Daily).

To view data for every Essex County town,

To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

2026 Housing Market Outlook

2025-10-15T12:09:04-04:00

2026 Housing Market Outlook - Keeping Current Matters

After a couple of years where the housing market felt stuck in neutral, 2026 may be the year things shift back into gear. Expert forecasts show more people are expected to move – and that could open the door for you to do the same.

More Homes Will Sell

With all of the affordability challenges at play over the past few years, many would-be movers pressed pause. But that pause button isn’t going to last forever. There are always people who need to move. And experts think more of them will start to act in 2026 (see graph below):

What’s behind the change? Two key factors: mortgage rates and home prices. Let’s dive into the latest expert forecasts for both, so you can see why more people are expected to move next year.

Mortgage Rates Could Continue To Ease

The #1 thing just about every buyer has been looking for is lower mortgage rates. And after peaking near 7% earlier this year, rates have started to ease.

The latest forecasts show that could continue throughout 2026, but it won’t be a straight line down (see graph below):

There’s a saying: when rates go up, they take the escalator. But when they come down, they take the stairs. And that’s an important thing to remember. It’ll be a slow and bumpy process.

Expect modest improvement in mortgage rates over the next year but be ready for some volatility. There will be volatility along the way as new economic data comes out. Just don't let it distract you from the bigger picture: the overall trend will be a slight decline. Forecasts say we could hit the low 6s, or maybe even the high 5s.

And remember, there doesn't have to be a big drop for you to feel a change. Even a smaller dip helps your bottom line.

If you compare where rates are now to when they were at 7% earlier this year, you’re already saving hundreds on your future mortgage payment. And that’s a really good thing. It’s enough to make a real difference in affordability for some buyers.

Home Price Growth Will Be Moderate

What about prices? On a national scale, forecasts say they’re still going to rise, just not by a lot. With rates down from their peak earlier this year, more buyers will re-enter the market. And that increased demand will keep some upward pressure on prices nationally – and prevent prices from tumbling down.

So, even though some markets are already seeing slight price declines, you can rest easy that a big crash just isn’t in the cards. Thanks to how much prices rose over the last 5 years, even the markets seeing declines right now are still up compared to just a few years ago.

Of course, price trends will depend on where you are and what’s happening in your local market. Inventory is a big driver in why some places are going to see varying levels of appreciation going forward. But experts agree we’ll see prices grow at the national level (see graph below):

This is yet another good sign for buyers and overall affordability. While prices will still go up nationally, it’ll be at a much more sustainable pace. And that predictability makes it easier to plan your budget. It also gives you peace of mind that prices won’t suddenly skyrocket overnight.

Bottom Line

After a quieter couple of years, 2026 is expected to bring more movement – and more opportunity. With sales projected to rise, mortgage rates trending lower, and price growth slowing down, the stage is set for a healthier, more active market.

So, the big question: will you be one of the movers making 2026 your year?

Let’s connect if you want to get ready.

Essex County Housing Report July 2025, 8/26/2025

2025-09-22T22:31:24-04:00

Housing Report July 2025, 8/26/2025

Bottom Line: Nationally - Market is slowing down

Nationally, the U.S. housing market is showing signs of a slowdown as affordability remains a widespread challenge. Price growth is sluggish, rising only 1.9% year over year and declining 0.3% month over month; inventory is growing and months of inventory is now 4.6 month; houses are staying on the market longer, an average of 58 days; and price cuts remain prevalent with over 20% of active listings having a price reductions in June and July.

Bottom Line: Essex County - Housing Demand is moderating as prices rise.

From June to July, Single Family median sold prices and units sold fell and days on market rose. Condo sold prices were flat, unit sales fell and days on market rose. Year over year Single Family and Condos prices rose but unit sales fell for condos and days on market increased for both. Inventory remains low, 1.6 months for Single Family and 2.5 months for Condos, giving sellers an advantage. Happily, the Federal Reserve indicated a rate cut in September which indirectly helps mortgage rates.

30 year Mortgage rate for July averaged 6.72%. Today’s mortgage rate is 6.52% (Mortgage News Daily).

To view data for every Essex County town,

To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

Essex County Housing Report August 2025, 9-22-2025

2025-09-22T22:30:55-04:00

Housing Report August 2025, 9/22/2025

Bottom Line: Nationally - Market is slowing down / stabilizing

Nationally home values are increasing at a slower pace. Median prices in August rose 1.9% year over year and fell -0.8% from July 2025 to August 2025. Houses are staying on the market longer, 47 days in August 2025 vs 39 days a year earlier. Housing Inventory is now 5 months, almost a balanced market, but this varies by region. Affordability remains a major buyer concern resulting in buyers shifting to smaller, more affordable homes with lower maintenance. Happily, mortgage rates are trending lower.

Bottom Line: Essex County - Houses and Condos Not in Synch.

From July to August single family home prices and units sold fell, but days on market rose. However, Condo prices, units sold and days on market all rose.
Year over year, single family home prices rose, units sold fell, and days on market unchanged. But, Condo prices fell, and units sold and days on market both rose.

Inventory still remains very low, giving sellers an edge if property is reasonably priced.

30 year Mortgage rate for July averaged 6.56%. Today’s mortgage rate is 6.35% (Mortgage News Daily).

To view data for every Essex County town,

To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

Essex County Housing Report June 2025, 7/21/2025

2025-07-21T16:26:52-04:00

Essex County Housing Report June 2025, 7/21/2025

Bottom Line:

June 2025 Units Sold and Median Sold Price rose both year over year and month over month for Single Families, Condos and 2-4 Unit Multi-families. As expected, the number of Active Listings increased from May to June

The market still favors sellers as inventory remains low, around 2 months. As 71.3% of outstanding home mortgages are below 5%, inventory will remain tight.

Mortgage rates to remain unchanged as June Inflation, Consumer Price Index (CPI), for 12 Month rose to 2.7% from 2.4% in May. However, Wholesale Inflation, Producer Price Index (PPI), for 12 months fell from 2.7% in May to 2.3% in June. Wholesale Prices often predict the direction of Consumer Prices.

30 year Mortgage rate for June averaged 6.75%. Today’s mortgage rate is 6.81% (Mortgage News Daily).

To view data for every Essex County town,

To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

Essex County Housing Report May 2025, 6/25/2025

2025-06-25T17:58:32-04:00

Essex County Housing Report May 2025, 6/25/2025

Bottom Line:Consumer Price Index (CPI) continues to improve which will translate into lower interest rates.

May’s 12 Month CPI rose 2.4% and CORE Inflation (CPI less food and energy) rose 2.8%.
Monthly CPI and Monthly CORE Inflation each rose only 0.1%.
30 year Mortgage rate for May averaged 6.89%. Today’s mortgage rate is 6.79% (Mortgage News Daily).

As we moved into our selling season, Units Sold and Median Sold Price rose both year over year and month over month for Single Families, Condos and 2-4 Unit Multi-families. As expected, inventory also rose for these same property types. The market still favors sellers as inventory remains around 2 months. A balanced market has 6 months of inventory.

To view data for every Essex County town,

To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

Essex County Housing Report 5/23/2025

2025-05-23T14:13:57-04:00

Essex County Housing Report April 2025, 5/23/2025

Bottom Line:

April Consumer Price Index (CPI) came in lower than expected. 12 Month CPI rose 2.3% and CORE Inflation (CPI less food and energy) rose 2.8%. Monthly CPI rose 0.2% and monthly CORE Inflation also rose 0.2%. .

30 year Mortgage rate for April averaged 6.82%. Today’s mortgage rate is 7.02% (Mortgage News Daily).

April Single-Family, Condo and 2-4 Unit Multi-Family Unit Sales and Active Listings rose from March, 2025. However Median Prices only rose for Single-Family but fell for Condo and 2-4 Unit Multi-Family.

The market still favors sellers as inventory remains low, at and below 2 months, as 30 year mortgage rates remain in the 6.8% to 7.1% range while 73.3% of outstanding 30 mortgages are below 5%. A balanced market has 6 months of inventory.

To view data for every Essex County town,

To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

Essex County Housing Report 4/28/2025

2025-04-28T18:33:33-04:00

Essex County Housing Report March 2025, 4/28/2025

Bottom Line:

Inflation continues to trend lower. March CPI (Consumer Price Index) fell -0.1% which was a substantial drop from +0.2% increase in February. Core Inflation, CPI less food and energy, rose +0.1% in March down 50% from +0.2% in February. 12 month CPI was +2.4% and Core Inflation was +2.8%.

30 year Mortgage rate for March averaged 6.7%. Today’s mortgage rate is 6.82% (Mortgage News Daily).

March unit sales did picked up for Singles, Condos, and 2-4 unit Multies from a frigid cold February but sales were mixed when compared with March 2024. Median Prices did rise from both February and March last year for Singles and Condos, but Multi-Families had mixed results as unit sales remained below 45 sales a month.

The market still favors sellers as inventory remains low because 30 years mortgage rates are 6.7% to 7.1% while 73.3% of outstanding 30 mortgages are below 5%.

To view data for every Essex County town,

To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

Essex County Housing Report 3-18-2025

2025-03-18T20:59:18-04:00

Essex County Housing Report February 2025, 3/18/2025

Bottom Line:
Inflation, came in lower than expected. Feb CPI rose +0.2% which was a substantial drop from +0.5% in January. Core Inflation, CPI less food and energy, rose +0.2% in February down 50% from +0.4% in January. 12 month CPI was +2.8% and Core Inflation was +3.1%, still above the Federal Reserve’s target of 2%. 30 year Mortgage rate improved slightly and fell from the 7.1% level in January to a 6.8% level in February. Today’s mortgage rate is 6.78% (Mortgage News Daily).

Winter Seasonality and a bitter cold February suppressed single family and condo unit sales and sold prices and the number of active listings also fell from Jan 2025. 2-4 Family sales also fell double digit but prices edged up. Months of Inventory remains near record low levels indicating a shortage of housing units for sale: Inventory is: Single Family 2.1 months; Condos 1.9 months and 2-4 Families 2.2 Months. A balanced market is 6 months of inventory. Year over Year, February prices were mixed: Single Families prices fell -1.8% but Condos rose + 6.0% and 2-4 Unit Multi-Families rose +8.9%.

To view data for every Essex County town,

To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

Essex County Housing Report 2-20-2025

2025-02-20T21:46:05-05:00

Essex County Housing Report January 2025, 2/20/2025

Bottom Line:

Inflation, as measured by the Consumer Price Index (CPI), rose for the 4th month in a row. January 12 month CPI rose by 3.0% and 12 month Core Inflation rose by 3.3%, well above the Federal Reserves 2% goal. This has helped keep mortgage rates elevated at the 7% level. 30 year conforming mortgage rates closed today at 6.96% per Mortgage News Daily.

Winter Seasonality in our local Real Estate market pushed down the number of active listings, sold units and sale prices from December 2024. This resulted in a rising months inventory for: Single Family, 1.5 months; Condos, 1.8 months; 2-4 Unit Multi-Family, 1.5 months. However, a balanced real estate market is 6 months of inventory, indicating an extreme shortage of housing units for sale in Essex County which is largely caused by the disparity between a homeowners existing low mortgage rate and today’s 7% rate (76.6% of existing mortgages are below 5%).

Year over Year, January prices rose from last year for Single Family, +5.9%; Condo, +4.2%; and 2-4 Unit Multi-Family, +18.4% as demand for housing exceeds supply.

To view data for every Essex County town,

To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

Essex County Housing Report 1/23/2025

2025-01-24T13:05:11-05:00

Essex County Housing Report December, 1/23/2025

Bottom Line:
Mortgage rates remain above 7%, now 7.12% (Mortgage News Daily).

Currently, 86.2% of all outstanding residential mortgages are below 6%, 76.6% are below 5% and 58.2% are below 4%, making it difficult for sellers with low mortgage rates to move.

Mortgage rates are expected to average between 6.3% - 6.6% in 2025 as inflation remains too high. December CPI (Consumer Price Index) was 2.9% and Core Inflation CPI less food and energy) was 3.2%, above the Federal Reserve’s goal of 2%.

As we moved into Winter, Active Listings dropped, as expected, resulting in only 1.2-1.3 month of inventory. A balanced market has 6 months of inventory.

December, Year over Year, both prices and unit sales rose from last year for Single Family, Condo and Multi-Family properties as demand for housing exceeds its supply.

To view data for every Essex County town,

To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

Expert Forecast for 2025 Housing Market

2025-01-08T22:35:56-05:00

Expert Forecasts for the 2025 Housing Market

Wondering what’s in store for the housing market this year? And more specifically, what it all means for you if you plan to buy or sell a home? The best way to get that information is to lean on the pros.

Experts are constantly updating and revising their forecasts, so here’s the latest on two of the biggest factors expected to shape the year ahead: mortgage rates and home prices.

Will Mortgage Rates Come Down?

Everyone’s keeping an eye on mortgage rates and waiting for them to come down. So, the question is really: how far and how fast? The good news is they’re projected to ease a bit in 2025. But that doesn’t mean you should expect to see a return of 3-4% mortgage rates. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

“Are we going to go back to 4%? Per my forecast, unfortunately, we will not. It’s more likely that we’ll go back to 6%.”

And the other experts agree. They’re forecasting rates could settle in the mid-to-low 6% range by the end of the year (see chart below):

But you should remember, this will continue to change as new information becomes available. Expert forecasts are based on what they know right now. And since everything from inflation to economic drivers have an impact on where rates go from here, some ups and downs are still very likely. So, don’t get caught up in the exact numbers here and try to time the market. Instead, focus on the overall trend and on what you can actually control.

A trusted lender and an agent partner will make sure you’ve always got the latest data and the context on what it really means for you and your bottom line. With their help, you’ll see even a small decline can help bring down your future mortgage payment.

Will Home Prices Fall?

The short answer? Not likely. While mortgage rates are expected to ease, home prices are projected to keep climbing in most areas – just at a slower, more normal pace. If you average the expert forecasts together, you’ll see prices are expected to go up roughly 3% next year, with most of them hitting somewhere in the 3 to 4% range. And that’s a much more typical and sustainable rise in prices (see graph below):

So don’t expect a sudden drop that’ll score you a big deal if you’re thinking of buying this year. While that may sound disappointing if you’re hoping prices will come down, refocus on this. It means you won’t have to deal with the steep increases we saw in recent years, and you’ll also likely see any home you do buy go up in value after you get the keys in hand. And that’s actually a good thing.

And if you’re wondering how it’s even possible prices are still rising, here’s your answer. It all comes down to supply and demand. Even though there are more homes for sale now than there were a year ago, it’s still not enough to keep up with all the buyers out there. As Redfin explains:

“Prices will rise at a pace similar to that of the second half of 2024 because we don’t expect there to be enough new inventory to meet demand.”

Keep in mind, though, the housing market is hyper-local. So, this will vary by area. Some markets will see even higher prices. And some may see prices level off or even dip a little if inventory is up in that area. In most places though, prices will continue to rise (as they usually do).

If you want to find out what’s happening where you live, you need to lean on an agent who can explain the latest trends and what they mean for your plans.

Bottom Line

The housing market is always shifting, and 2025 will be no different. With rates likely to ease a bit and prices rising at a more normal and sustainable pace, it’s all about staying informed and making a plan that works for you.

Let’s connect so you can get the scoop on what’s happening in our area and advice on how to make your next move a smart one.

To view data for every Essex County town,

To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

Essex County Housing Report 12-20-2024

2024-12-20T22:02:06-05:00

Essex County Housing Report December, 12/20/2024

Inflation trended higher for the past 3 months keeping mortgage rates high. Today’s 30 Year Mortgage Rate is 7.04% per Mortgage News Daily.

November’s 2024 Consumer Price Index Report
12 month CPI inflation rose 2.7% and Core Inflation (all items less food and energy) rose 3.3%. The Federal Reserve’s target is 2%. November 2024 Monthly CPI rose +0.3% and Monthly Core Inflation rose +0.3%.

Price Changes and Unit Sales:

For Single Families and Condos, Year over Year Sold Prices rose modestly, but Unit Sales fell slightly. However, both Month over Month Sold Prices and Units Sales fell as mortgage rates remained high and inventory remained low.

Mortgage Rate Outlook - Follow the 10 Year Treasury Note:

Mortgage Rates tend to follow the direction of the 10 Year Treasury Note which is impacted by inflation expectations and the cost to finance our National Debt which is a record high $36 Trillion. Mortgage rates are not expected to drop much in 2025.

To view data for every Essex County town,

To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
To Download the full housing report go to: http://sullivanteam.com/pages/EssexCountyHousingReports

Mortgage Rate Projections

2024-12-06T12:09:48-05:00

Mortgage Rate Projections for 2025

Key factors that effect rates:

1. Inflation: If inflation cools, rates could dip a bit more. On the flip side, if inflation rises or remains stubbornly high, rates may stay elevated longer.

2. Unemployment Rate: The unemployment rate also plays a significant role in upcoming decisions by the Federal Reserve (the Fed). And while the Fed doesn’t set mortgage rates, their actions do reflect what’s happening in the greater economy, which can have an impact.

3. Government Policies: With the next administration set to take office in January, fiscal and monetary policies could also affect how financial markets respond and where rates go from here.