It’s hard to believe that summer is already coming to an end. But before we close out August, I want to bring you the latest local real estate market update for August 2025.
I’m Jen Blanchard, Team Leader of The Blanchard Team here in Central New Jersey with Berkshire Hathaway HomeServices Fox & Roach, Realtors. If you’re buying, selling, or just curious about what’s happening in the housing market, keep reading—because real estate is local, and our market here in Somerset, Morris, Hunterdon, and Union Counties doesn’t always follow the national headlines.
Mortgage Rates: Stable but Higher Than Years Past
Right now, mortgage rates are hovering around 6.6%. That’s slightly lower than earlier this summer, but it’s unlikely we’ll see dramatic drops anytime soon. The big shift? Buyers are no longer sitting on the sidelines waiting for rates to fall. When the right home comes along, they’re ready to act.
Inventory Levels: Still a Seller’s Market
National news may talk about inventory rising, but locally, that’s not the case. Here’s a look at our area’s numbers:
- Hunterdon County: 2.2 months of inventory
- Somerset County: 2.9 months
- Morris County: 1.6 months
- Basking Ridge: 1.29 months
- Bedminster: 1.45 months
- Berkeley Heights: 1.96 months
- New Providence: 1.7 months
- Bridgewater: 2.1 months
Remember: a balanced market is 5–7 months of inventory. Anything less is a seller’s market. Clearly, our local towns are still deep in seller’s market territory.
Buyers: Your 2025 Playbook
Today’s buyers are more value-driven and selective. They’re not rushing into every listing—they’re waiting for the right home, and when it appears, they move fast. Here’s how to stay competitive:
- Get pre-approved now—don’t just window shop.
- Know your must-haves so you can act quickly when the right home hits the market.
- Move decisively but strategically—the right home won’t wait.
📊 In Basking Ridge, the median sale price is up 6% year-over-year. Homes sell in about 15 days on average, and 80% are going over asking with a sale-to-list ratio of 104%.
Sellers: Strategy Matters More Than Ever
Yes, it’s still a seller’s market—but that doesn’t mean you can price high and skip preparation. Today’s buyers are savvy and picky. Homes that are:
Priced right
Staged beautifully
Marketed strategically
…are the ones getting multiple offers or fast sales. On the flip side, overpriced homes with mediocre marketing sit on the market.
In Somerset County, the average home took 32 days to go under contract in July with an average list price of $738,000. But in hot towns like Basking Ridge, well-prepped homes can move much faster.
What’s Really Changing in 2025
It’s not the data that’s changing—it’s the mindset.
- Buyers aren’t waiting for rates to drop—they’re acting when the right home appears.
- Sellers who were “locked in” with ultra-low rates are now more willing to sell, helping ease inventory pressure.
The result? A stable but competitive market where preparation and precision make all the difference.
The Bottom Line
Opportunities exist for both buyers and sellers in today’s market:
- Buyers can still find great homes at fair prices—if they’re prepared.
- Sellers can still secure top dollar—if they price and market strategically.
At The Blanchard Team, we combine data, strategy, and experience to help you win in this market. Whether you’re buying, selling, or just curious about your home’s value in Somerset, Morris, Hunterdon, or Union Counties, let’s connect.
Remember, the market rewards those who are ready, prepared, and strategic
👉 Watch the full YouTube Market Update here
