In recent real estate headlines, the phrase “buyer’s market” has been appearing more often. According to recent reports, the number of sellers is now clearly exceeding the number of buyers nationwide, and as a result, negotiating power is gradually shifting toward buyers.
In today’s Korea Daily article, for example, the Los Angeles market was described as having 52.6% more sellers than buyers, showing that buyer-friendly conditions are becoming more visible not only in LA but across the country. The article also noted that, in many parts of the national market, a growing share of homes is selling below list price.
However, one important point to keep in mind is that the national trend does not necessarily reflect what is happening in New Jersey.
Looking at statewide New Jersey data, as of February 2026, the median sale price for single-family homes rose 5.3% year over year to $558,000, while the average sale price increased to $717,314. At the same time, single-family inventory declined 5.6% from a year ago, and housing supply remained at just 1.9 months. In other words, while buyer leverage is increasing nationally, New Jersey as a whole still does not appear to have fully shifted into a true buyer’s market.
This contrast becomes even clearer in Bergen County. As of February 2026, single-family home inventory fell to 605 homes, down 12.6% year over year, and the supply stood at only 1.4 months. The median sale price reached $750,000, and homes sold at an average of 101.2% of list price. These numbers suggest that strong properties are still attracting competition, and that negotiating room depends heavily on the location and condition of the home.
In other words, Bergen County—and much of northern New Jersey—is better described not as a classic buyer’s market like LA, but as a selective market: desirable homes remain strong, while overpriced or less attractive listings tend to sit longer.
Another important point is that, according to Redfin’s February 2026 analysis, places such as Newark, NJ and New Brunswick, NJ were still classified as stronger seller’s markets, with relatively fewer sellers compared to buyers. This means that even within New Jersey, market conditions can vary significantly by location.
That is why, in today’s market, it is far more important to evaluate the specific town, price range, and condition of the property you are interested in, rather than relying only on national headlines.
In my personal view, there are two important takeaways.
First, in the past, when sellers had overwhelming control of the market, buyers had very little room to negotiate price reductions or request repairs. But today, with inventory improving slightly and transaction speed slowing in some areas, buyers are beginning to have more room to negotiate:
- price adjustments
- seller credits
- repair requests
- closing terms and conditions
Second, buyers now have a better opportunity to purchase without overpaying—especially if they focus on homes that are likely to hold value over time. That means choosing properties that offer:
- a strong location
- good schools or convenient transportation
- consistent long-term demand
- a condition that is not overly problematic
A home with these qualities is generally less vulnerable, even if the market softens.
On the other hand, for sellers, this is no longer a market where simply listing a home guarantees a quick sale. Accurate pricing and strong presentation have become much more important than before.
In New Jersey—especially in areas such as Bergen County, Fort Lee, Palisades Park, and Leonia, where there is strong demand from Korean-speaking buyers—the market often moves differently from the broader national trend. So if you are thinking about buying or selling, it is much more important to look at real local data and recent transaction trends than to rely only on national news headlines.
1. Mortgage Rates
30-Year Fixed Rate: 6.250%
15-Year Fixed Rate: 5.875%
As of April 1, 2026
2. Mortgage Rate Update
Mortgage rates, which rose sharply last week due to uncertainty surrounding ceasefire negotiations and fears of a broader war in the Middle East, are showing a slight decline again this week. This appears to be driven by renewed hopes for de-escalation after President Trump suggested that Iran may be able to withdraw without requiring the reopening of the Strait of Hormuz. Mortgage rates may continue to fluctuate depending on the progress of ceasefire negotiations during the week and the March jobs report scheduled for release later this week.
3. Mortgage Tip
An increase in oil prices caused by war in the Middle East can raise production and transportation costs, which may lead to broader inflation. Higher inflation can, in turn, increase the likelihood of Federal Reserve rate hikes, creating upward pressure on mortgage rates.
About Richard Choi
Richard Choi is a Korean-speaking Realtor in New Jersey serving Palisades Park, Fort Lee, Englewood Cliffs, Leonia, Cliffside Park, and surrounding Bergen County communities. He helps buyers, sellers, investors, landlords, and tenants with residential, commercial, and business real estate.
Clients searching for a New Jersey Realtor, Bergen County Realtor, Palisades Park Realtor, Fort Lee Realtor, or Korean Realtor in New Jersey can count on Richard Choi for clear communication, local market knowledge, and practical guidance in both Korean and English.
Whether you are buying your first home, selling a property, relocating, investing, or trying to better understand the New Jersey real estate process, Richard Choi provides step-by-step support with professionalism and personal attention.
Richard Choi
New Jersey Realtor
Bergen County Korean Realtor
Palisades Park | Fort Lee | Englewood Cliffs | Leonia | Cliffside Park