Northern New Jersey Real Estate Market Update | July 2025 Data

Northern New Jersey’s real estate market remained active in July, with key towns along the Midtown Direct train line to New York City continuing to attract strong buyer demand. While inventory remains tight in many areas, subtle shifts in pricing and days on market suggest that we may be entering a more balanced phase, particularly for well-prepared buyers.

Midtown Direct Train Line Towns Remain in Demand

Towns along the Midtown Direct Train line to New York City, like Millburn, Short Hills, Summit, and Chatham, continue to rank among the most competitive markets in Northern New Jersey. These communities are highly sought-after for their top-rated schools, vibrant downtowns, and easy access to Manhattan via direct rail.

These commuter-friendly towns offer long-term value, and well-priced listings continue to attract multiple offers, even as the pace of the market normalizes in some segments.

Town by Town Breakdown July 2025 Market Highlights

Millburn, NJ
Millburn saw a notable price surge in July, with the average sale price climbing to $1,452,818, up from $1,205,333 in June. Homes also moved faster; average days on market dropped from 36 in June to just 16 in July, indicating strong buyer demand and competitive conditions.

• Average sale price: $1,452,818

• Sale to list price ratio: 106%

• Units sold: 11

• Average days on market: 16 (down from 36 in June)

This sharp decrease in days on market, combined with homes selling well above asking, points to renewed urgency from buyers, especially for updated, well-located properties near schools, downtown, and the train.

Summit, NJ
Summit remained one of the most competitive markets in July, with homes selling for an average of 112% of asking price. While the average sale price dipped slightly month over month, buyer activity remained strong, with 29 homes sold and 41 under contract by month’s end.

• Average sale price: $1,668,586 (down from $1,942,586 in June)

• Sale to list price ratio: 112%

• Units sold: 29

• Active listings: 26

• Under contract: 41

Despite a slight price adjustment, intense competition and a limited number of listings continue to favor sellers in Summit, especially for homes that are move-in ready.

Chatham Township, NJ
Chatham Township experienced steady price growth in July, with the average sale price rising to $1,674,120 from $1,504,576 in June. Homes on average sold at 107% percent of their list price, reflecting a seller’s market, though the average days on market increased slightly to 24 days, suggesting a modest easing in pace.

• Average sale price: $1,674,120 (up from $1,504,576 in June)

• Sale to list price ratio: 107%

• Average days on market: 24 (up from 19 in June)

• Active listings: 16

• Under contract: 21

The combination of rising prices and strong buyer interest keeps Chatham a highly desirable option for families seeking top schools and commuter convenience.

Livingston, NJ

Livingston’s market remained steady in July, with the average sale price at $1,388,244, slightly down from $1,411,370 in June. Homes sold on average for 107.5% of their list price, while the average days on market increased modestly to 21 days. Inventory remains healthy, with 48 active listings and 60 properties under contract.

• Average sale price: $1,388,244 (down from $1,411,370 in June)

• Sale to list price ratio: 107.5%

• Average days on market: 21 (up from 18 in June)

• Active listings: 48

• Under contract: 60

This stable market reflects continued buyer interest in Livingston’s family-friendly neighborhoods and convenient commute options.

What This Means for Buyers and Sellers

For Sellers
If you're thinking about listing your home this fall, the market remains in your favor, particularly in high-demand towns. Well-prepared listings continue to command premium prices and often receive offers over asking.

For Buyers
The market is competitive but not impossible. With a slight increase in days on market and more inventory coming to market, there’s opportunity, especially if you’re ready to act quickly. Partnering with a local expert who understands the nuances of each town can give you a real edge.

FAQs Northern NJ Housing Market July 2025

Q: Are home prices still rising in towns like Chatham NJ?
A: Yes. In Chatham, the average sale price rose from $1.5 million in June to $1.67 million in July, showing continued strength in the market.

Q: Are homes still selling over asking?
A: Yes. Summit had a strong average sale to list price ratio of 112% in July, meaning many homes sold above asking.

Q: How long are homes staying on the market?
A: Average days on market ranged from 16 in Millburn to 24 in Chatham

Q: Is it a good time to buy in towns along the Midtown Direct train line?
A: Yes, if you're prepared. Inventory is still tight, but with slightly more breathing room than earlier in the year, serious buyers may find windows of opportunity.

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