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The reasons why N.J. home sales plummeted 22% last year

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The reasons why N.J. home sales plummeted 22% last year


Low inventory and the highest interest rates in two decades caused home sales to decline 22% in New Jersey in 2023, according to data from New Jersey Realtors.

That follows a 20% decline in home sales in 2022, according to data from the Otteau Group.

Closed sales for all market segments totaled 84,305 in New Jersey in 2023, a 22% percent decline from 2022.

The townhouse and condo market segment saw the biggest decline in closed sales, dropping 24% in 2023 compared with 2022. The 19,175 closed sales in 2023 represented a 6,063 decline from 25,238 in closed sales in 2022, according to New Jersey Realtors.

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There were 23.2% fewer single family home closed sales in 2023, and the market of housing for people 55 and older had 6.2% fewer closed sales.

“It has nothing to do with people not buying,” said Gloria Monks, president of New Jersey Realtors and a broker associate with Compass in Princeton. “There’s no inventory. When we get good inventory, it does sell.”

New listings in New Jersey were down 20% in 2023 compared to 2022. There were 107,517 new listings in 2023, down from 134,643 in 2022. Of those new listings, the majority, 71,701, were single family homes, according to New Jersey Realtors’ data.

Unsold inventory in New Jersey fell to 10,500 homes on the market as of January, compared to 12,900 a year ago, according to data from the Otteau Group.

Homeowners don’t want to sell existing property they may have a mortgage on when rates for a new 30-year mortgages are now more than 7%, as many who purchased a property before mortgage rates increased have a note with an interest rate below 4%.

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“After rates start to move closer to 5.5%, or get below 5.5%, we’re going to see existing homeowners more willing to put their houses up for sale,” said Jeffrey Otteau, a real estate economist who heads the Otteau Group.

New Jersey should see an increase in the number of houses on the market by Memorial Day or the second quarter of 2024, he said, if interest rates fall, as expected.

But the 2024 market is off to a slow start. In Randolph, in Morris County, prior to 2020, inventory was about 130 homes for sale at this time of year. In the spring market, inventory would rise to about 160, according to Missy Iemmello, a broker sales associate and Weichert Realtors’ branch vice president, whose agents work in Morris, Sussex, Warren, Bergen and Essex counties.

There are currently 13 active listings in Randolph.

“This is the lowest I have seen in my career, since 2006,” Iemmello said. “I believe we are at the bottom and will start growing inventory, but I think it will be a slow uphill climb.”

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The decline in sales is having an impact on the real estate profession.

“There are a lot of agents making decisions about whether to keep their license active or go into a referral service,” said Beth Kimmick of ERA Central Realty in Cream Ridge. With a referral service, they can’t actively sell but they can refer clients to other agents who will then pay them a small commission.

“It’s expensive to have a license and if you’re not doing business, it can be the world’s most expensive hobby,” she said.

Are you an agent, buyer or seller who is active in this changing market? Do you have tips about New Jersey’s real estate market? Unusual listings? Let us know.

Thank you for relying on us to provide the local news you can trust. Please consider supporting NJ.com with a subscription.

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Allison Pries may be reached at apries@njadvancemedia.com.



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The Maple House Is Planning To Open In Two Locations In New Jersey This Year

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The Maple House Is Planning To Open In Two Locations In New Jersey This Year


Is there anything better than going out for breakfast? I mean, sure, you can make bacon, eggs, and toast at home, but there’s just something relaxing about going out to a Jersey Diner and getting your coffee in a plain white mug, looking over a massive menu, and feeling the back of your legs stick to the pleather booth.

Jersey loves a good breakfast spot.

A New Breakfast Chain Is Coming To NJ, With 2 Locations Planned

And there’s a new breakfast chain getting ready to open two locations in New Jersey that promise an elevated breakfast experience, which could be perfect for your next brunch.

And this new elevated breakfast concept is being run by a mother-son duo, who don’t love seeing that?

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The Maple House Is Coming Soon To New Jersey

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According to NJ.com, Monmouth County natives Anthony DeGrande and his mother, Lisa Dalton, are the brains behind Monmouth County’s newest breakfast place, The Maple House.

The Maple House will specialize in an elevated breakfast experience, whipping up menu items such as cookie butter pancakes, a braised short rib melt, and addictive salads. The Maple House will be a great new addition to the New Jersey breakfast scene.

The Maple House Is Planning 2 NJ Locations

The Maple House already has big expansion plans, too. The first location is getting ready to open sometime in May off Oceanport Avenue in Fort Monmouth, but there are already plans in place for a second location.

The Maple House also plans on debuting in Neptune, off of South Main Street, in the near future as well.

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18 Best Places In New Jersey To Get A Pork Roll Egg And Cheese Sandwich

It’s called Pork Roll, first off, and these are the 18 best restaurants and delis. and diners to get a PEC in the Garden State

Gallery Credit: Buehler





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Nearby shooting interrupts 13-year-old’s birthday party in Paterson; 1 killed, 3 injured

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Nearby shooting interrupts 13-year-old’s birthday party in Paterson; 1 killed, 3 injured


PATERSON, New Jersey (WABC) — One person was killed and three others were injured in a shooting in Paterson.

The violence erupted around 6:30 p.m. Saturday near the intersection of East 29th Street and 10th Avenue.

Children nearby gasped in horror at the sound of rapid gunfire. They were just about to sing Happy Birthday to their 13-year-old friend at her backyard party, but instead of blowing out the candles, they ducked for cover when they heard gunshots in the distance.

“Just hearing it – it was scary to witness, to hear. Especially on my birthday. Like a time I’m trying to play with my friends, get together,” said the 13-year-old.

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She also says she had a friend who was there who saw what happened.

“He was going to the bodega – he went running back, but he had saw two people come out of a car and then shoot, but it was like an automatic gun,” she added.

Bystanders watched in shock and panic as first responders treated the victims. One of them was lying in the street next to a car and another was on the ground next to a bicycle.

Local councilman Luis Velez says the City of Paterson has taken measures to reduce crime in this part of town – what he calls a ‘hotspot’ — in part by installing security cameras. He is encouraging the community to cooperate.

“Paterson Police is doing their job as I know, they’re doing a great job to reduce crime, but one again we, the police, nobody, not even the news media has a crystal ball to say this is going to happen now,” Velez said, “Some people see corners getting built up, they see activities and they’re afraid to come out and say something, but our police department is trained to keep it confidential and approach to bring the quality of life in this area.”

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The 13-year-old hopes her next birthday party is not ruined by the sound of gunshots.

“First we thought it was fireworks, but then we heard sirens and everyone started going home because they were scared,” she added.

Copyright © 2026 WABC-TV. All Rights Reserved.



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New Jersey Restaurants Shine on 2026 “Best in America” List!

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New Jersey Restaurants Shine on 2026 “Best in America” List!


Let’s be honest, we didn’t need a national list to tell us this. New Jersey has the best restaurants, the best food, and some of the most talented chefs anywhere in America.

It’s something locals have been saying forever, and now the rest of the country is catching up. Still, it’s always nice to see that recognition on a big stage.

We Already Knew New Jersey Was the Best

USA TODAY’s 2026 Restaurants of the Year list highlights standout dining destinations across the country.

From humble roadside gems to chef-driven hotspots earning major buzz, the list celebrates places that truly stand out, and New Jersey showed up in a big way.

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Three New Jersey Spots Earn National Recognition

This year, three Garden State restaurants made the prestigious list:

  • The Pasta Shop – Denville
  • Ram & Rooster – Metuchen
  • Anjelica’s – Sea Bright

And yes, that includes a Jersey Shore favorite, because of course it does.

These restaurants represent everything people love about dining in New Jersey, quality, creativity, and flavors that keep you coming back.

A Jersey Shore Standout Shines

There’s something special about seeing a Jersey Shore restaurant included among the best in America. It’s not just about great food, it’s about the full experience, the atmosphere, and that unmistakable local charm.

Anjelica’s in Sea Bright earning a spot only reinforces what shore locals already know: some of the best meals you’ll ever have are right here, close to home.

No Surprise, Just Well-Deserved

At the end of the day, this recognition feels less like a surprise and more like confirmation. New Jersey’s food scene has always been top-tier, and lists like this just make it official.

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Keep Reading: Beloved New Jersey Restaurant is Closing

So whether you’re heading to Denville, Metuchen, or down the shore, you already know, you’re in for something special.

PHOTOS: Step Inside a 1970s Kitchen — 34 Things You’ll Recognize

From Tupperware jugs (you know the ones) to those ever-present knife sharpeners, let’s take a nostalgic trip back to the quintessential ’70s kitchen.

Gallery Credit: Stephen Lenz

If You Grew Up in the ’70s and ’80s, These Foods Were Super Fancy

From Babybels to Toblerone chocolate, take a nostalgic bite out of these ‘fancy’ childhood foods that made us feel way more elegant than we really were.

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Gallery Credit: Stephen Lenz





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