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For Northern NJ | March, 2025
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Oradell/Central Bergen County -January 2025 Market Update
Central Bergen County Real Estate Market Update – 2025
Welcome to the latest market update for Central Bergen County! I’m Kelly Weber with Keller Williams, and today I’m excited to share some key insights into our local real estate market.
Strong Year-Over-Year Growth in Home Values
Despite a national trend showing a decrease in home prices, Central Bergen County is experiencing an encouraging rise in home values. In the past year, six towns in our area have seen consistent increases in home prices, making it a vibrant market for buyers and sellers alike.
Inventory Levels and Market Dynamics
One of the standout features of our market is the low inventory. Traditionally, a balanced market is considered to have around six months of supply; however, current statistics show we are hovering just under two months of inventory. This scarcity of available homes contributes to a strong seller's market, where demand continues to outpace supply.
Spotlight on River Edge
This month, we're shining a light on River Edge. Here are some key statistics:
Months of Inventory: Under 2 months
List Price to Sell Price: Homes are selling for over the asking price
Median Days on Market: Approximately 11 days, down nearly 22% month-over-month
Median Sold Price: $705,000
It’s important to note that while the median sold price reflects recent transactions, the year-over-year growth for River Edge sits closer to $755,000, showcasing a positive trend in the market.
What Lies Ahead?
As we look forward in 2025, the future of the market is always uncertain, but the current trends suggest that we will continue to see a robust market environment. Many potential buyers are asking whether now is the right time to jump back in. My advice? You buy high, you sell high.
Navigating Interest Rates
After a spike in interest rates reaching 8% in 2023, we’ve seen a dip to around 6% in 2024, which has encouraged buyers to re-enter the market. Currently, rates are around 7%. Remember, the mantra is “marry the house, date the rate.” While refinancing is always an option down the road, the priority should be finding the home of your dreams now.
Maximizing Your Home's Value
If you’re considering selling, I’m here to help you maximize your home’s value. Simple improvements like decluttering, fresh paint, and enhancing curb appeal can significantly impact your property's marketability. Let’s set up a strategy appointment to discuss how we can elevate your home’s value.
Get in Touch
If you're interested in a consultation, click the link below, and we can work together to get the most out of your property.
Next month, we’ll be diving into Emerson to uncover the latest market trends there. Stay tuned for more insights, and see you 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
Oradell/Central Bergen County -January 2025 Market Update
Central Bergen County Real Estate Market Update – 2025
Welcome to the latest market update for Central Bergen County! I’m Kelly Weber with Keller Williams, and today I’m excited to share some key insights into our local real estate market.
Strong Year-Over-Year Growth in Home Values
Despite a national trend showing a decrease in home prices, Central Bergen County is experiencing an encouraging rise in home values. In the past year, six towns in our area have seen consistent increases in home prices, making it a vibrant market for buyers and sellers alike.
Inventory Levels and Market Dynamics
One of the standout features of our market is the low inventory. Traditionally, a balanced market is considered to have around six months of supply; however, current statistics show we are hovering just under two months of inventory. This scarcity of available homes contributes to a strong seller's market, where demand continues to outpace supply.
Spotlight on River Edge
This month, we're shining a light on River Edge. Here are some key statistics:
Months of Inventory: Under 2 months
List Price to Sell Price: Homes are selling for over the asking price
Median Days on Market: Approximately 11 days, down nearly 22% month-over-month
Median Sold Price: $705,000
It’s important to note that while the median sold price reflects recent transactions, the year-over-year growth for River Edge sits closer to $755,000, showcasing a positive trend in the market.
What Lies Ahead?
As we look forward in 2025, the future of the market is always uncertain, but the current trends suggest that we will continue to see a robust market environment. Many potential buyers are asking whether now is the right time to jump back in. My advice? You buy high, you sell high.
Navigating Interest Rates
After a spike in interest rates reaching 8% in 2023, we’ve seen a dip to around 6% in 2024, which has encouraged buyers to re-enter the market. Currently, rates are around 7%. Remember, the mantra is “marry the house, date the rate.” While refinancing is always an option down the road, the priority should be finding the home of your dreams now.
Maximizing Your Home's Value
If you’re considering selling, I’m here to help you maximize your home’s value. Simple improvements like decluttering, fresh paint, and enhancing curb appeal can significantly impact your property's marketability. Let’s set up a strategy appointment to discuss how we can elevate your home’s value.
Get in Touch
If you're interested in a consultation, click the link below, and we can work together to get the most out of your property.
Next month, we’ll be diving into Emerson to uncover the latest market trends there. Stay tuned for more insights, and see you next month!
