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For Northern NJ | April, 2025
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What’s Driving Bergen County's New Jersey's Real Estate Market?
Understanding the Real Estate Market in Bergen County
In today’s blog, we’ll explore the current state of the real estate market in Bergen County, focusing on key areas such as Haworth, Crestfield, Closter, Demarest, and Tenafly. Understanding what is driving this market is crucial for buyers and sellers alike.
What’s Driving the Real Estate Market?
Many people are curious about what influences our real estate market. While some believe it’s the interest rates, others attribute it to economic conditions. However, the primary factor appears to be the classic economic principle of supply and demand.
Current Active Listings in Bergen County
Let’s take a closer look at the number of active listings in February:
- Haworth: 5 listings
- Crestfield: 25 listings
- Closter: 13 listings
- Demarest: 7 listings
- Tenafly: 7 listings
Year-Over-Year Growth in Listings
Examining year-over-year growth provides further insight into market trends:
- Haworth: 4%
- Crestfield: 5%
- Closter: 3.5%
- Demarest: 9.7%
- Tenafly: 12.8%
These numbers indicate a gradual increase in demand for homes in these areas.
Months of Supply: A Closer Look
The months of supply metric helps us understand market dynamics:
- Haworth: 1.5 months
- Crestfield: 3.7 months
- Closter: 1.5 months
- Demarest: 1.5 months
- Tenafly: 0.7 months
In a typical market, 5 to 6 months of inventory is considered normal. Currently, all these areas are experiencing significantly lower inventory levels, indicating a seller's market.
Deep Dive: Demarest's Real Estate Performance
Focusing on Demarest, we see intriguing statistics:
- Months of Inventory: 1.3 months
- Sold to List Price Ratio: 103.1% (homes are selling for over the asking price)
- Average Days on Market: 40 days
- Median Sold Price: $1,545,000
- 12-Month Price Growth: 11.3%
These numbers highlight the urgency for buyers in Demarest. With homes selling quickly and above their list prices, buyers must act fast.
Conclusion: Supply and Demand Dictate Prices
In conclusion, the current dynamics of the Bergen County real estate market suggest that supply and demand are the primary drivers, rather than interest rates or broader economic factors. With more buyers than available homes, prices continue to rise.
If you’re considering buying or selling a property in Bergen County, now is the time to strategize. Whether it’s enhancing your home’s value or crafting a competitive offer, I’m here to help.
Stay tuned for more updates on the Bergen County real estate market, and feel free to reach out if you have any questions or need assistance!
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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
What’s Driving Bergen County's New Jersey's Real Estate Market?
Understanding the Real Estate Market in Bergen County
In today’s blog, we’ll explore the current state of the real estate market in Bergen County, focusing on key areas such as Haworth, Crestfield, Closter, Demarest, and Tenafly. Understanding what is driving this market is crucial for buyers and sellers alike.
What’s Driving the Real Estate Market?
Many people are curious about what influences our real estate market. While some believe it’s the interest rates, others attribute it to economic conditions. However, the primary factor appears to be the classic economic principle of supply and demand.
Current Active Listings in Bergen County
Let’s take a closer look at the number of active listings in February:
- Haworth: 5 listings
- Crestfield: 25 listings
- Closter: 13 listings
- Demarest: 7 listings
- Tenafly: 7 listings
Year-Over-Year Growth in Listings
Examining year-over-year growth provides further insight into market trends:
- Haworth: 4%
- Crestfield: 5%
- Closter: 3.5%
- Demarest: 9.7%
- Tenafly: 12.8%
These numbers indicate a gradual increase in demand for homes in these areas.
Months of Supply: A Closer Look
The months of supply metric helps us understand market dynamics:
- Haworth: 1.5 months
- Crestfield: 3.7 months
- Closter: 1.5 months
- Demarest: 1.5 months
- Tenafly: 0.7 months
In a typical market, 5 to 6 months of inventory is considered normal. Currently, all these areas are experiencing significantly lower inventory levels, indicating a seller's market.
Deep Dive: Demarest's Real Estate Performance
Focusing on Demarest, we see intriguing statistics:
- Months of Inventory: 1.3 months
- Sold to List Price Ratio: 103.1% (homes are selling for over the asking price)
- Average Days on Market: 40 days
- Median Sold Price: $1,545,000
- 12-Month Price Growth: 11.3%
These numbers highlight the urgency for buyers in Demarest. With homes selling quickly and above their list prices, buyers must act fast.
Conclusion: Supply and Demand Dictate Prices
In conclusion, the current dynamics of the Bergen County real estate market suggest that supply and demand are the primary drivers, rather than interest rates or broader economic factors. With more buyers than available homes, prices continue to rise.
If you’re considering buying or selling a property in Bergen County, now is the time to strategize. Whether it’s enhancing your home’s value or crafting a competitive offer, I’m here to help.
Stay tuned for more updates on the Bergen County real estate market, and feel free to reach out if you have any questions or need assistance!
