Do you own a Bergen County home or are you thinking of moving into one of our 70 communities? If so, you’ll want to keep an eye on how our real estate market is doing. Because real estate is so important to the economy, even if you only work here you’ll still want to know about the real estate market.
Here’s a quick look at how the Bergen County housing market is moving so far this year.
Taking the year through August, we find that 6,569 homes have sold with an average time on the market of 86 days. The average sales price is $509,927. Last year for the same time period we had 5,526 sold homes with an average sales price of $483,221 and 96 days on the market for sale. This is significant and important improvement.
The rise in average sales prices comes not only from more higher priced home sales; it also reflects true appreciation. Less time on the market is a result of demand – more buyers mean homes get sold quicker. While many towns are experiencing inventory shortages, we have just over 1,000 more homes sold.
It will be interesting to see how the holidays this year impact the fall market – Jewish High Holy Days are very early, Hanukkah actually starts at Thanksgiving and there’s 1 less weekend for Christmas shopping. Still, looking at what’s been accomplished so far this year, it will be no surprise to see the fall market continue this trend. So this is how the real estate market is so far this year.
Note: Data source is the New Jersey MLS