Bergen County luxury homes are flying. They are selling in substantially greater numbers than they have for the past several years. This is because of Covid 19 as well as the high cost of living, dense population and quality of life in cities. Let’s take a look at a few areas comparing 2019 to 2020 through April.
Alpine New Jersey is well known as one of the most exclusive luxury home destinations in the world. High end homes here on 1 and 2 acre lots typically begin at well over $2 million. Because of it’s proximity to Manhattan (20 minute drive) and the fact that Alpine students attend Tenafly High School (highest SAT scores in the County), this town is a destination for celebrities as well as captains of industry.
Additionally Alpine has a very private aspect. Set back homes are on lots filled with mature foliage or gated walls. As a result, Alpine NJ is one of the most coveted high end destinations in the NY metro area if not the world.
Using New Jersey MLS data we find that sales nearly doubled (from 5 to 9), the time it took is down 44% and the average sales price is up 26%. This is a significant improvement.
Franklin Lakes is one of the most expensive communities in New Jersey with an average household income of $233,389. It’s acre properties are often heavily treed. Additionally there are several unincorporated lake centered neighborhoods. As a result, Franklin Lakes has a distinctive country ambiance. The public schools are among the best in Bergen County and you’ll find 2 major shopping centers in town with everything you’d need.
While we only had 26 sales through April, 40 homes went under contract. Prices are higher too – up 6% for sales and up 12% for under contract list prices. 86 homes were listed, 40 went under contract and 27 were withdrawn. This is a strong and accelerating market.
With the highest average household income ($275,156) and gorgeous 2+ acre properties, Saddle River is the most exclusive of all Bergen County communities. The foliage here is so mature and dense that at times you feel like you’re driving through a forest or on a country lane. Homes are set far back from the street giving it’s gorgeous residences a degree of privacy not found elsewhere. This small town in population (3,379 people) has a world wide reputation for the utmost in luxury living.
The real estate market in Saddle River has dramatically improved this year. Sales went from 9 last year to 13 in 2020 with a 32% rise in the average sales price to $2.3 million. Under contracts kept pace with 2019 in spite of the large number of withdrawals due to Covid (28).
Known as the #1 demand town in the eastern half of Bergen County, Tenafly does have it all. This highly affluent town where nearly 25% are acre lots, has a nationally renown school district (normally the highest SAT score in the County) terrific town services, great business district and only 6 miles to the George Washington Bridge and NYC While it has an abundance of wealthy households, the demographics are wider here than one would think. As a result, Tenafly truly is an all American apple pie, Little League town.
Sales increased 50% this year with a very strong 16% rise in the average sales price. Equally impressive is the 35% drop in how long it took to close those sales. Under contract figures are also strong. Tenafly had an increase here of 71% with listing prices 7% higher. The Tenafly East Hill with it’s beautiful luxury homes is selling well indeed.
Bergen County Luxury Homes
Bergen County luxury homes are flying as you can see from these examples. We have several more high end locations but this group gives you a pretty good picture. Moving out of cities has been going on for some time; Covid 19 only increased the pace. Luxury homes have benefited along with the rest of the market.