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For Northern NJ | March, 2025
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Southern Passaic & Bergen County Real Estate Trends
2025 Real Estate Outlook for Passaic and Bergen Counties: Opportunities Await
As we step into 2025, many are asking the pivotal question: Will this year be game-changing for real estate in Passaic and Bergen Counties? The answer is a resounding yes! With rising home values, fierce competition, and limited inventory, now is the time to position yourself for success in this dynamic market. Whether you're considering selling or buying, this is an opportunity you cannot afford to ignore.
Current Market Trends in Passaic and Bergen Counties
Rising Home Values
Let’s dive into the numbers. Wayne leads the charge with a median home value of just over $764,000, followed by Fairlawn at $688,000. Notably, even towns like Hawthorne and Clifton, which typically have lower median values, are seeing significant growth. Hawthorne, in particular, experienced an impressive 12.5% year-over-year appreciation, the highest in the region. Fairlawn and Wayne are not far behind, each growing by over 10%. For homeowners, this rapid appreciation translates to years' worth of value gained in merely one year.
High Demand and Competitive Environment
Demand remains strong across the board. In almost every town, homes are selling at or above the asking price. For instance, homes in Clifton are closing at an average of 104.6% of the list price, while Fairlawn is close behind at 101.2%. This fierce competition means that if you’re a seller, you’re currently in the driver’s seat.
The inventory levels are critically low; Fairlawn has just one month of supply, and Wayne is slightly over a month. Even in Teaneck, where inventory is higher at 1.8 months, the market remains favorable for sellers. This limited supply combined with high demand creates an advantageous situation for those looking to sell.
A Closer Look at Hawthorne
Now, let’s take a closer look at the Hawthorne market. Currently, we have 1.74 months of supply of inventory, indicating a healthy and competitive market. Over the past 12 months, Hawthorne has seen a decrease of about 7.5% in inventory levels, reflecting how quickly homes are selling. The average list-to-sold price ratio stands at 100.8%, meaning homes are selling for slightly above their listing prices. Additionally, homes in Hawthorne are selling quickly, with a median turnaround time of just 17 days, showcasing the demand in this area.
As the median home sold price in Hawthorne now approaches $611,000, it’s essential for both buyers and sellers to understand current pricing trends. For sellers, this is the perfect time to leverage the market momentum in towns like Hawthorne, Fairlawn, and Wayne. However, strategic preparation is crucial. Effective staging, decluttering, and proper pricing can attract multiple offers and maximize your profits.
Advice for Buyers and Sellers
For Sellers
If you’re considering selling, now is the time to take advantage of the market. Homes in high-demand areas are likely to sell quickly and for top dollar. However, don’t rush the process. Preparation is key to attracting buyers and achieving the best sale price.
For Buyers
On the other hand, if you’re a buyer, be prepared to act quickly. In competitive markets like Fairlawn and Clifton, bidding wars are common. If you’re looking for slightly more inventory, consider towns like Teaneck or Hackensack, which still offer great investment opportunities.
The Cost of Waiting
Don’t wait for mortgage rates to change! Let's consider an example using a home priced at $700,000 with a down payment of $70,000 (10%). Currently, interest rates sit around 7.125%. If we assume that future rates drop to 6.125% next year, and the home appreciates to $749,000, you’ll lose significant equity growth by delaying your purchase. In fact, waiting could cost you over $83,000 when factoring in increased prices and missed appreciation.
Seize the Opportunity in 2025
2025 is brimming with opportunities, but only for those who are prepared. Whether you’re buying or selling, this market rewards strategic planning. For sellers, I offer personalized value enhancement plans to maximize your home’s value. For buyers, I can customize a cost-of-waiting analysis tailored to your situation, illustrating the financial benefits of acting now.
If you’re ready to make the most of this year’s market, don’t hesitate to reach out. Message me, send a DM, or schedule your strategy session today. Let’s make 2025 your best real estate year yet!
Thank you for tuning in, and I look forward to connecting again next month!
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Report Cards by Town
Brought to you by Niche.com
Check out Niche's 2024 Best Places to Live in Bergen County here
Bergen County, NJ
Bergen County, New Jersey, has a population of 953,243 and is considered one of the best places to live in the state. Most residents own their homes, and the area offers many bars, restaurants, coffee shops, and parks. It attracts young professionals, with residents generally leaning liberal. The public schools in Bergen County are highly rated.
Tenafly, NJ
Tenafly, a suburb of New York City in Bergen County with a population of 15,299, is one of the best places to live in New Jersey. Most residents own their homes and enjoy a suburban feel with numerous restaurants, coffee shops, and parks. The town attracts families, and residents generally hold moderate political views. Tenafly’s public schools are highly rated.
Oradell, NJ
Oradell, a New York City suburb in Bergen County with a population of 8,208, is considered one of the best places to live in New Jersey. Residents enjoy a suburban feel, with most owning their homes. The town has plenty of coffee shops and parks and is popular among retirees. Oradell residents generally lean conservative, and the public schools are highly rated.
Hawthorne, NJ
Hawthorne, a suburb of New York City in Passaic County with a population of 19,456, offers a dense suburban feel with many restaurants, coffee shops, and parks. It attracts families and young professionals, with residents generally leaning liberal. The public schools are rated above average.
Demarest, NJ
Demarest, a New York City suburb in Bergen County with a population of 4,930, is considered one of the best places to live in New Jersey. It has a rural atmosphere, with most residents owning their homes. The community generally holds moderate political views, and the public schools are highly rated.
Closter, NJ
Closter, a New York City suburb in Bergen County with a population of 8,555, is highly rated as a place to live in New Jersey. It provides a rural feel, and most residents own their homes. The community tends toward moderate political views, and the public schools are highly rated.
Montvale, NJ
Montvale, a New York City suburb in Bergen County with a population of 8,413, is known as one of New Jersey’s top places to live. It offers a sparse suburban atmosphere, with most residents owning their homes. The area attracts many young professionals, and the community generally leans conservative. Montvale’s public schools are highly rated.
Upper Saddle River, NJ
Upper Saddle River, a New York City suburb in Bergen County with a population of 8,313, is highly rated as a place to live in New Jersey. It offers a rural feel, with most residents owning their homes and enjoying the town’s numerous parks. Residents tend to hold moderate political views, and the public schools are highly rated.
Woodcliff Lake, NJ
Woodcliff Lake, a New York City suburb in Bergen County with a population of 6,096, is highly regarded as a place to live in New Jersey. It provides a sparse suburban feel, with most residents owning their homes and enjoying many coffee shops and parks. The community leans conservative, and the public schools are highly rated.
Real Estate Insights, Home Tips & More
Southern Passaic & Bergen County Real Estate Trends
2025 Real Estate Outlook for Passaic and Bergen Counties: Opportunities Await
As we step into 2025, many are asking the pivotal question: Will this year be game-changing for real estate in Passaic and Bergen Counties? The answer is a resounding yes! With rising home values, fierce competition, and limited inventory, now is the time to position yourself for success in this dynamic market. Whether you're considering selling or buying, this is an opportunity you cannot afford to ignore.
Current Market Trends in Passaic and Bergen Counties
Rising Home Values
Let’s dive into the numbers. Wayne leads the charge with a median home value of just over $764,000, followed by Fairlawn at $688,000. Notably, even towns like Hawthorne and Clifton, which typically have lower median values, are seeing significant growth. Hawthorne, in particular, experienced an impressive 12.5% year-over-year appreciation, the highest in the region. Fairlawn and Wayne are not far behind, each growing by over 10%. For homeowners, this rapid appreciation translates to years' worth of value gained in merely one year.
High Demand and Competitive Environment
Demand remains strong across the board. In almost every town, homes are selling at or above the asking price. For instance, homes in Clifton are closing at an average of 104.6% of the list price, while Fairlawn is close behind at 101.2%. This fierce competition means that if you’re a seller, you’re currently in the driver’s seat.
The inventory levels are critically low; Fairlawn has just one month of supply, and Wayne is slightly over a month. Even in Teaneck, where inventory is higher at 1.8 months, the market remains favorable for sellers. This limited supply combined with high demand creates an advantageous situation for those looking to sell.
A Closer Look at Hawthorne
Now, let’s take a closer look at the Hawthorne market. Currently, we have 1.74 months of supply of inventory, indicating a healthy and competitive market. Over the past 12 months, Hawthorne has seen a decrease of about 7.5% in inventory levels, reflecting how quickly homes are selling. The average list-to-sold price ratio stands at 100.8%, meaning homes are selling for slightly above their listing prices. Additionally, homes in Hawthorne are selling quickly, with a median turnaround time of just 17 days, showcasing the demand in this area.
As the median home sold price in Hawthorne now approaches $611,000, it’s essential for both buyers and sellers to understand current pricing trends. For sellers, this is the perfect time to leverage the market momentum in towns like Hawthorne, Fairlawn, and Wayne. However, strategic preparation is crucial. Effective staging, decluttering, and proper pricing can attract multiple offers and maximize your profits.
Advice for Buyers and Sellers
For Sellers
If you’re considering selling, now is the time to take advantage of the market. Homes in high-demand areas are likely to sell quickly and for top dollar. However, don’t rush the process. Preparation is key to attracting buyers and achieving the best sale price.
For Buyers
On the other hand, if you’re a buyer, be prepared to act quickly. In competitive markets like Fairlawn and Clifton, bidding wars are common. If you’re looking for slightly more inventory, consider towns like Teaneck or Hackensack, which still offer great investment opportunities.
The Cost of Waiting
Don’t wait for mortgage rates to change! Let's consider an example using a home priced at $700,000 with a down payment of $70,000 (10%). Currently, interest rates sit around 7.125%. If we assume that future rates drop to 6.125% next year, and the home appreciates to $749,000, you’ll lose significant equity growth by delaying your purchase. In fact, waiting could cost you over $83,000 when factoring in increased prices and missed appreciation.
Seize the Opportunity in 2025
2025 is brimming with opportunities, but only for those who are prepared. Whether you’re buying or selling, this market rewards strategic planning. For sellers, I offer personalized value enhancement plans to maximize your home’s value. For buyers, I can customize a cost-of-waiting analysis tailored to your situation, illustrating the financial benefits of acting now.
If you’re ready to make the most of this year’s market, don’t hesitate to reach out. Message me, send a DM, or schedule your strategy session today. Let’s make 2025 your best real estate year yet!
Thank you for tuning in, and I look forward to connecting again next month!
