Bergen County Housing Trends 2024: Navigating the Upswing

As we dive into the 2024 housing trends, the data reveals a robust and competitive market environment. Home prices in Bergen County have been on a notable rise, with a significant year-over-year increase that signals a thriving market. However, despite the surge in prices, the sales volume shows a slight downturn, indicating a tighter market space. From quicker sales periods to shifts in price per square foot, our analysis will help potential buyers and sellers understand the nuances of the current market dynamics.

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Here’s an overview of the current real estate trends in Bergen County, NJ, based on the latest data:

Home Prices and Sales

  • The median home price in Bergen County was reported around $660K to $718.9K, showing a year-over-year increase ranging from 10.6% to 17.9%.
  • Sales volume seems to be experiencing a slight decrease. For instance, homes sold in February this year were lower compared to the previous year, dropping from 433 to 406.

Market Activity

  • Homes in Bergen County are selling faster compared to last year. The average days on market have decreased significantly, with homes now selling after about 42 to 80 days on the market.
  • Despite the quick sales, there has been a noticeable decline in the number of homes sold, reflecting a tightening market.

Price per Square Foot

  • The median sale price per square foot for single-family homes last month was about $381, which has seen a slight decline of 2.95% over the past 12 months.

These trends suggest a strong market in Bergen County with increasing home prices and a competitive environment for buyers, given the quick sales and relatively stable price per square foot. However, the slight drop in the number of homes sold indicates a potential tightening in market availability.

TL;DR

The Bergen County, NJ real estate market is experiencing a robust upswing in 2024, with home prices significantly increasing year-over-year despite a slight decrease in sales volume. This indicates a competitive market where homes are selling faster than the previous year, although the total number of homes sold has decreased, suggesting a tightening of available inventory. The market is characterized by rising prices and a fast-paced environment, making it an opportune time for sellers, while buyers face a challenging but potentially rewarding market landscape.


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