Tri-State 2026 Q2 Market Report

Howard HaNNA RAND REALTY

Tri-State

Market Update

Quarterly County Analysis Q2 2026 • Prepared for Howard Hanna Rand Realty

Market Commentary 21 counties across New York, New Jersey, Connecticut • Q2 2026 vs Q2 2025

Across the 21 counties Howard Hanna Rand Realty serves in New York, New Jersey, and Connecticut, the second quarter of 2026 painted a market defined by persistent demand, limited supply, and upward price pressure — though the intensity of those forces varied considerably by geography.

The most competitive conditions remained concentrated in the region's highest-demand submarkets: Westchester closed the quarter with a median sale price of $1,212,456, a nearly 13% year-over-year gain, while homes sold in just 14 days at 108% of list price on only 2.3 months of supply. Essex and Morris Counties in New Jersey told a similar story — Essex posted the quarter's highest sale-to-list ratio at 113%, with a median days on market of just 14.5 and a scant 2.0 months of inventory, while Morris saw closed sales surge 8.6% year over year with homes routinely trading above asking at 106% of list. Western Connecticut's Gold Coast market matched that urgency, with a median sale price of $1,200,000, 2.1 months of inventory, and 25.8% more new listings than a year ago still failing to meaningfully cool buyer competition.

Not every market in the region reflected that same frenzy, and the divergence between the lower Hudson Valley counties and their downstate neighbors grew more pronounced this quarter. Orange and Ulster Counties each saw closed sales decline roughly 8–9% year over year, and both sit above six months of supply — a threshold that conventionally signals a buyer's market — with median days on market stretching to 38 and 42 days, respectively. Sullivan County stood as the quarter's clearest outlier: inventory reached 10.9 months, the median days on market climbed to nearly 80, and the median sale price actually declined to $337,500 from $360,000 a year ago, making it the only county in our coverage area where sellers are consistently accepting below-list offers, reflected in a 94% sale-to-list ratio. These slower-moving markets offer buyers more negotiating leverage and time to conduct due diligence — a meaningful contrast to the overbid, compressed-timeline conditions still prevailing closer to the metro core.

Despite the mixed transaction volume picture — with several counties posting year-over-year sales declines driven more by constrained supply than by weak demand — price appreciation remained broadly positive across the region, underscoring the structural imbalance that has defined this housing cycle. The Bronx was a notable bright spot on the volume side, with closed sales jumping 25.7% year over year as buyers priced out of more expensive submarkets continued to find relative value at a $700,000 median. Hunterdon County similarly stood out in New Jersey, recording a 16.3% increase in sales and a meaningful rise in new listings, suggesting that more inventory-rich outer-ring markets are successfully absorbing demand. Taken together, Q2 2026 reinforces a regional market in which geography, price point, and commute proximity to New York City continue to act as the primary sorting mechanisms for both buyer urgency and seller leverage.

Quarterly County Overview • Q2 2026

HOWARD HANNA | RAND REALTY

Data is sourced from multiple MLS services across NY, NJ, and CT. Duplications and omissions may be present. Single-family residences only. Information is deemed reliable but not guaranteed.

Quarterly County Overview

Q2 2026 Market Update • Single-Family Residences • Howard Hanna Rand Realty

Sales County

Q2 2026

Q2 2025

YoY Change

Westchester

1,111

1,164

▼ 4.6%

Putnam

175

176

▼ 0.6%

Rockland

357

354

▲ 0.8%

Orange

518

569

▼ 9.0%

Ulster

314

342

▼ 8.2%

Sullivan

176

189

▼ 6.9%

Dutchess

433

427

Bronx

132

105

▲ 1.4% ▲ 25.7%

Bergen

1,411

1,395

▲ 1.1%

Essex

1,269

1,324

▼ 4.2%

Hudson

174

168

Hunterdon

336

289

Middlesex

1,380

1,333

▲ 3.6% ▲ 16.3% ▲ 3.5%

Monmouth

1,301

1,444

▼ 9.9%

Morris

1,109

1,021

Passaic

651

635

▲ 8.6% ▲ 2.5%

Somerset

566

663

▼ 14.6%

Sussex

434

429

▲ 1.2%

Union

833

853

▼ 2.3%

Warren

253

261

▼ 3.1%

1,238

1,315

▼ 5.9%

NEW YORK

NEW JERSEY

CONNECTICUT

Western Connecticut/Gold Coast

Quarterly County Overview • Q2 2026

HOWARD HANNA | RAND REALTY

Data is sourced from multiple MLS services across NY, NJ, and CT. Duplications and omissions may be present. Single-family residences only. Information is deemed reliable but not guaranteed.

Quarterly County Overview

Q2 2026 Market Update • Single-Family Residences • Howard Hanna Rand Realty

Median Sale Prices County

Q2 2026

Q2 2025

YoY Change

Westchester

$1,212,456

$1,075,000

▲ 12.8%

Putnam

$598,200

$606,000

▼ 1.3%

Rockland

$800,000

$755,761

Orange

$490,000

$458,000

Ulster

$477,100

$449,000

▲ 5.9% ▲ 7.0% ▲ 6.3%

Sullivan

$337,500

$360,000

▼ 6.3%

Dutchess

$546,000

$490,000

Bronx

$700,000

$665,000

▲ 11.4% ▲ 5.3%

Bergen

$910,000

$851,300

Essex

$875,000

$851,500

Hudson

$650,000

$625,000

▲ 6.9% ▲ 2.8% ▲ 4.0%

Hunterdon

$700,000

$700,000

0.0%

Middlesex

$635,500

$620,000

Monmouth

$835,000

$775,000

Morris

$800,000

$775,000

Passaic

$650,000

$610,000

Somerset

$800,000

$770,000

Sussex

$494,750

$460,000

Union

$715,000

$675,000

Warren

$480,000

$425,000

▲ 2.5% ▲ 7.7% ▲ 3.2% ▲ 6.6% ▲ 3.9% ▲ 7.6% ▲ 5.9% ▲ 12.9%

$1,200,000

$1,050,000

▲ 14.3%

NEW YORK

NEW JERSEY

CONNECTICUT

Western Connecticut/Gold Coast

Quarterly County Overview • Q2 2026

HOWARD HANNA | RAND REALTY

Data is sourced from multiple MLS services across NY, NJ, and CT. Duplications and omissions may be present. Single-family residences only. Information is deemed reliable but not guaranteed.

Quarterly County Overview

Q2 2026 Market Update • Single-Family Residences • Howard Hanna Rand Realty

Pending & Inventory Active Listings

Under Contract

Months of Inventory

New Listings Q2 2026

New Listings Q2 2025

Westchester

868

1,344

2.3

2,241

2,173

Putnam

233

183

4.0

424

374

Rockland

492

483

4.1

824

804

Orange

1,057

663

6.1

1,440

1,164

▲ 3.1% ▲ 13.4% ▲ 2.5% ▲ 23.7%

Ulster

644

369

6.2

889

893

▼ 0.4%

Sullivan

640

172

10.9

606

523

Dutchess

667

459

4.6

1,010

937

▲ 15.9% ▲ 7.8%

Bronx

214

201

4.9

282

295

▼ 4.4%

Bergen

1,163

1,162

2.5

2,720

2,474

Essex

854

1,085

2.0

2,420

2,181

Hudson

179

205

3.1

404

372

Hunterdon

313

292

2.8

679

531

Middlesex

1,297

1,219

2.8

2,731

2,246

Monmouth

1,184

1,212

2.7

2,591

2,267

Morris

697

845

1.9

2,034

1,724

Passaic

563

682

2.6

1,410

1,179

Somerset

542

449

2.9

1,143

1,109

Sussex

431

355

3.0

866

803

Union

618

592

2.2

1,464

1,408

Warren

226

201

2.7

478

405

▲ 9.9% ▲ 11.0% ▲ 8.6% ▲ 27.9% ▲ 21.6% ▲ 14.3% ▲ 18.0% ▲ 19.6% ▲ 3.1% ▲ 7.8% ▲ 4.0% ▲ 18.0%

846

925

2.1

2,237

1,779

▲ 25.7%

County

Change

NEW YORK

NEW JERSEY

CONNECTICUT

Western Connecticut/Gold Coast

Quarterly County Overview • Q2 2026

HOWARD HANNA | RAND REALTY

Data is sourced from multiple MLS services across NY, NJ, and CT. Duplications and omissions may be present. Single-family residences only. Information is deemed reliable but not guaranteed.

Quarterly County Overview

Q2 2026 Market Update • Single-Family Residences • Howard Hanna Rand Realty

Market Conditions County

Median Days on Market

Sale-to-List Ratio

Westchester

14

108.0%

Putnam

27

102.0%

Rockland

24

101.0%

Orange

38

100.0%

Ulster

42

100.0%

Sullivan

80

94.0%

Dutchess

35

101.0%

Bronx

35

99.0%

Bergen

16

105.0%

Essex

15

113.0%

Hudson

26

100.0%

Hunterdon

16

102.0%

Middlesex

22

103.0%

Monmouth

14

102.0%

Morris

15

106.0%

Passaic

18

106.0%

Somerset

15

104.0%

Sussex

19

104.0%

Union

16

106.0%

Warren

19

102.0%

19

105.0%

NEW YORK

NEW JERSEY

CONNECTICUT

Western Connecticut/Gold Coast

Quarterly County Overview • Q2 2026

HOWARD HANNA | RAND REALTY

Data is sourced from multiple MLS services across NY, NJ, and CT. Duplications and omissions may be present. Single-family residences only. Information is deemed reliable but not guaranteed.