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For Northern NJ | May, 2025
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Are Home Prices Finally Relaxing? Market Analysis For Southern Passaic And Bergen County
Southern Passaic and Bergen County Real Estate Market Snapshot - April 2025
Are Prices Relaxing in Southern Bergen and Passaic County?
Welcome to the Southern Passaic and Bergen County Market Snapshot for April 2025! As we dive into the current trends, we’ll explore whether we are witnessing a relaxation in home prices or a significant market shift. The spring season brings unique dynamics, and it's crucial for both buyers and sellers to understand what's happening in the market.
Home Sale Prices Year-to-Date
April has shown some month-over-month fluctuations in home sale prices across various towns. For instance, Fair Lawn's prices have shifted from a peak of $675,000 to $641,000, while Hackensack has seen a decrease of about $20,000 since January. However, it’s important to note that towns like Wayne, Hawthorne, and Teaneck continue to experience growth and gains in home prices.
These minor dips shouldn’t be mistaken for an overall market slowdown. Instead, they reflect typical spring market behavior due to two main factors:
1. A resurgence of buyers entering the market, albeit with slightly higher mortgage rates.
2. An increasing number of sellers testing pricing strategies in response to the current market conditions.
Low Inventory Fuels Strong Demand
One of the most significant factors influencing the market is low inventory. For example, Hawthorne boasts just 0.6 months of supply, with homes selling at an impressive 109% of their list price. Similarly, Clifton and Fair Lawn maintain approximately one month of inventory, indicating a robust seller's market. Even in Teaneck, where inventory is higher, homes are still selling for over the asking price.
Why Buyers Should Act Now
With inventory remaining low and mortgage rates stabilizing, buyers should not wait for prices to drop. The competition is expected to grow, making it essential to lock in pricing before appreciation surges again. Notably, towns like Wayne and Teaneck have seen year-over-year increases of around 10%. Now is the time to buy and build equity sooner rather than later!
Sellers: Commanding the Market
As a seller, even with slight monthly fluctuations, you can still command the market. Success hinges on two key factors:
1. Your home must be ready and show well.
2. It should be priced correctly.
In five out of the six towns I track, homes are selling at or above their list prices, thanks to effective pricing strategies and appealing presentations.
Strategy for Buyers and Sellers
Whether you’re considering buying or selling, opportunities abound in this market. It all starts with the right strategy focused on value. Feel free to text or DM me for a personalized strategy session. We can outline a plan to help you find the upside value as a buyer or identify relevant pricing strategies as a seller.
If your town isn’t featured in my monthly market report, don’t hesitate to reach out. I’m happy to provide a customized report tailored to your location.
Conclusion
The spring market in Southern Bergen and Passaic County presents a fantastic opportunity for both buyers and sellers. A short call can help address any questions or concerns you may have. I look forward to speaking with you and mapping out a path to maximize your real estate gains in this vibrant market. Stay tuned for the next market update in May!
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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
Are Home Prices Finally Relaxing? Market Analysis For Southern Passaic And Bergen County
Southern Passaic and Bergen County Real Estate Market Snapshot - April 2025
Are Prices Relaxing in Southern Bergen and Passaic County?
Welcome to the Southern Passaic and Bergen County Market Snapshot for April 2025! As we dive into the current trends, we’ll explore whether we are witnessing a relaxation in home prices or a significant market shift. The spring season brings unique dynamics, and it's crucial for both buyers and sellers to understand what's happening in the market.
Home Sale Prices Year-to-Date
April has shown some month-over-month fluctuations in home sale prices across various towns. For instance, Fair Lawn's prices have shifted from a peak of $675,000 to $641,000, while Hackensack has seen a decrease of about $20,000 since January. However, it’s important to note that towns like Wayne, Hawthorne, and Teaneck continue to experience growth and gains in home prices.
These minor dips shouldn’t be mistaken for an overall market slowdown. Instead, they reflect typical spring market behavior due to two main factors:
1. A resurgence of buyers entering the market, albeit with slightly higher mortgage rates.
2. An increasing number of sellers testing pricing strategies in response to the current market conditions.
Low Inventory Fuels Strong Demand
One of the most significant factors influencing the market is low inventory. For example, Hawthorne boasts just 0.6 months of supply, with homes selling at an impressive 109% of their list price. Similarly, Clifton and Fair Lawn maintain approximately one month of inventory, indicating a robust seller's market. Even in Teaneck, where inventory is higher, homes are still selling for over the asking price.
Why Buyers Should Act Now
With inventory remaining low and mortgage rates stabilizing, buyers should not wait for prices to drop. The competition is expected to grow, making it essential to lock in pricing before appreciation surges again. Notably, towns like Wayne and Teaneck have seen year-over-year increases of around 10%. Now is the time to buy and build equity sooner rather than later!
Sellers: Commanding the Market
As a seller, even with slight monthly fluctuations, you can still command the market. Success hinges on two key factors:
1. Your home must be ready and show well.
2. It should be priced correctly.
In five out of the six towns I track, homes are selling at or above their list prices, thanks to effective pricing strategies and appealing presentations.
Strategy for Buyers and Sellers
Whether you’re considering buying or selling, opportunities abound in this market. It all starts with the right strategy focused on value. Feel free to text or DM me for a personalized strategy session. We can outline a plan to help you find the upside value as a buyer or identify relevant pricing strategies as a seller.
If your town isn’t featured in my monthly market report, don’t hesitate to reach out. I’m happy to provide a customized report tailored to your location.
Conclusion
The spring market in Southern Bergen and Passaic County presents a fantastic opportunity for both buyers and sellers. A short call can help address any questions or concerns you may have. I look forward to speaking with you and mapping out a path to maximize your real estate gains in this vibrant market. Stay tuned for the next market update in May!
