Inventory in Essex County has edged down slightly over the past year, with active listings about 12 percent lower than last June even after a small month-to-month uptick to 309 homes. Contract activity is picking up, as homes sold climbed more than 30 percent from May and over 40 percent year over year to 43 sales. Pending sales also rose compared with last month, suggesting buyers are engaging more as new options come to market.
Pricing is adjusting alongside this change in activity. The typical home value sits around the mid-$300,000s and is down modestly from a year ago, even though it jumped sharply from May. List prices are moving in the opposite direction, with the median list price up more than 14 percent year over year and now above $400,000, and the average sale-to-list ratio just under 96 percent shows that most sellers are accepting slight discounts from asking.
Homes are moving faster than earlier in the year, with median days on market down dramatically since May to roughly a month and a half, though conditions still resemble a neutral market at about 6.3 months of supply compared with New York State’s tighter 3.8 months. Only about 17 percent of recent sales closed above list price, indicating that bidding wars are limited and that buyers have some room to negotiate. Whether you are a buyer trying to navigate these mixed signals or a seller aiming to price effectively in Essex County, Agent Pronto can connect you with a local agent who understands this shifting landscape.
