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