Don't miss out on local tips, events and market insights.
CLICK PLAY FOR YOUR LATEST MARKET UPDATE
For Northern NJ | March, 2025
Hope you got value from our market update. If you ever want the specifics for your neighborhood, send us an email and we'll share the data with you.
More Market Updates in Your Area!
Northern New Jersey Real Estate: Home Prices Rise Despite High Rates!
Northern New Jersey Real Estate Market Update: Insights for Buyers and Sellers
Understanding the Current Landscape
Hey, Northern New Jersey! The real estate market is buzzing with activity, even in the face of rising interest rates. In this monthly market update, we'll explore the latest trends in listings, pending sales, and pricing to help you navigate the Northern New Jersey real estate scene effectively.
New Listings: A Decrease in Supply
Over the past 12 weeks, we've observed a downward trend in new listings for Bergen County, with a year-over-year decline of about 3%. This trend suggests a tightening inventory, which is crucial for understanding the supply and demand dynamics in our market. As we approach mid-February, we anticipate a seasonal uptick in inventory. However, the critical question remains: how will buyers respond to any new listings?
Pending Sales: Demand Remains Strong
Despite the decline in new listings, pending sales have surged by 15% year-over-year. This increase indicates that buyers are actively purchasing homes, even with interest rates hovering around 7%. The demand is clearly outpacing supply, which bodes well for home values in the region.
Price Trends: Continued Appreciation
The new listing prices have jumped by 8.3% compared to last year, reflecting a robust market. While we have seen a slight increase in price drops (up 0.4%), it’s not substantial enough to indicate a market correction. The median sale price has also risen by an impressive 13% year-over-year. This combination of rising prices amidst limited inventory suggests we are firmly in a seller's market.
Implications for Sellers
For those looking to sell, this market presents a unique opportunity. Proper marketing and preparation (what we refer to as "prep slow, sell fast") can maximize your return. If your home is listed without due diligence in terms of pricing and presentation, it may face unnecessary price drops. Strategic pricing is essential to attract buyers in this competitive landscape.
Advice for Buyers
To potential buyers, don’t let the current interest rates deter you. The market is moving quickly, and waiting for more inventory might not be the best strategy. Instead, consider seizing the opportunity to purchase now and refinance later if rates decrease. Look for homes that may need some TLC in desirable neighborhoods; these properties often offer the best value.
Conclusion
As we move forward, it’s clear that Northern New Jersey's real estate market is resilient. With strong buyer demand and increasing home values, both buyers and sellers have unique opportunities. If you're interested in learning more or need personalized advice, feel free to reach out to the Stacy Esser Group. Our team is here to guide you through every step of the buying or selling process.
Stay tuned for next month’s update, and happy house hunting!
Upcoming Luxury
Open Houses
⬇️Get access to Privately Listed Homes For Sale ⬇️
Many sellers choose to list their homes privately before they go public. We have access to 45+ homes for sale in our office exclusives. Don't miss out on the home of your dreams because someone else saw it first. Get access!
Hurry, these spectacular homes go fast!
100% Secure. We value your privacy.
By submitting your email and phone number in the forms on our site, you give
consent to receiving occasional emails and SMS text messages about offers,
or other information, from us.
what's happening around town!
Latest around Northern NJ
Buyers Locked Out of Market
Featured on CBS Mornings, The Buyer struggle across Bergen, Passaic and Hudson County
5 Reasons NOT to Move to Northern NJ in 2024
We'll discuss 5 important factors to consider before making the move to Northern NJ!
Don't Sell Until You Watch this!
Learn 3 Simple ways to know it's time to sell your home! And spoiler alert - it's not the most obvious!
Sell Your Home for Top Dollar in Northern NJ!
How to sell your home for the most money as featured on NBC Today
Upgrading Your Home? Don't do this!
Planning to upgrade your home? 🏠 Before you dive in, make sure to avoid these common mistakes that could negatively impact your home's value!
What you need to know about NAR!
If you are buying in NJ, this video will share exactly what you need to know about hiring a buyers agent!
Top Appreciating Towns
Top 3 Local Event Picks
What's Happening This Month in Northern NJ!
Get our Free Guide to
"Value-Up™ Your Home"
Our Value-Up™ Your Home eBook Was Written To
Give You A Better Understanding of how to transform your home's value in Northern NJ! Get Yours FREE today!
Available for a limited time!
I agree to terms & conditions provided by SEG KW Town Life. By providing my email and phone number, I agree to receive messages from SEG KW Town Life.
Buying or Selling in Northern NJ? Don't miss out on our latest Fall SEGInsider - A full guide to the housing market in Northern NJ.
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
Northern New Jersey Real Estate: Home Prices Rise Despite High Rates!
Northern New Jersey Real Estate Market Update: Insights for Buyers and Sellers
Understanding the Current Landscape
Hey, Northern New Jersey! The real estate market is buzzing with activity, even in the face of rising interest rates. In this monthly market update, we'll explore the latest trends in listings, pending sales, and pricing to help you navigate the Northern New Jersey real estate scene effectively.
New Listings: A Decrease in Supply
Over the past 12 weeks, we've observed a downward trend in new listings for Bergen County, with a year-over-year decline of about 3%. This trend suggests a tightening inventory, which is crucial for understanding the supply and demand dynamics in our market. As we approach mid-February, we anticipate a seasonal uptick in inventory. However, the critical question remains: how will buyers respond to any new listings?
Pending Sales: Demand Remains Strong
Despite the decline in new listings, pending sales have surged by 15% year-over-year. This increase indicates that buyers are actively purchasing homes, even with interest rates hovering around 7%. The demand is clearly outpacing supply, which bodes well for home values in the region.
Price Trends: Continued Appreciation
The new listing prices have jumped by 8.3% compared to last year, reflecting a robust market. While we have seen a slight increase in price drops (up 0.4%), it’s not substantial enough to indicate a market correction. The median sale price has also risen by an impressive 13% year-over-year. This combination of rising prices amidst limited inventory suggests we are firmly in a seller's market.
Implications for Sellers
For those looking to sell, this market presents a unique opportunity. Proper marketing and preparation (what we refer to as "prep slow, sell fast") can maximize your return. If your home is listed without due diligence in terms of pricing and presentation, it may face unnecessary price drops. Strategic pricing is essential to attract buyers in this competitive landscape.
Advice for Buyers
To potential buyers, don’t let the current interest rates deter you. The market is moving quickly, and waiting for more inventory might not be the best strategy. Instead, consider seizing the opportunity to purchase now and refinance later if rates decrease. Look for homes that may need some TLC in desirable neighborhoods; these properties often offer the best value.
Conclusion
As we move forward, it’s clear that Northern New Jersey's real estate market is resilient. With strong buyer demand and increasing home values, both buyers and sellers have unique opportunities. If you're interested in learning more or need personalized advice, feel free to reach out to the Stacy Esser Group. Our team is here to guide you through every step of the buying or selling process.
Stay tuned for next month’s update, and happy house hunting!
