Bergen County Housing Market Update: Prices Up in 2025?
Stacy Esser Group February 17, 2025
Stacy Esser Group February 17, 2025
Eastern Bergen County Housing Market Update – Prices Still Rising in 2025?
Welcome to your monthly real estate market update for Eastern Bergen County, brought to you by the Stacy Esser Group. In this blog, we'll delve into the latest trends affecting communities like Tenafly, Cresskill, Demarest, Haworth, and Closter. With rising interest rates at 7%, many are curious about how they impact our local market. Here’s what you need to know.
Despite the national trends indicating a slowdown, the real estate market in Eastern Bergen County remains robust. Here are some key insights:
Low Supply: The inventory of homes for sale is still significantly low. In Tenafly, for instance, we are experiencing only 1.27 months of inventory, which highlights the competitive nature of the market.
Rising Property Values: Year-over-year data shows that median estimated values are on the rise: Tenafly has seen an increase of 8.5%, Cresskill 10%, and Demarest 13%. This increase in value signifies that buyers are still keen on investing in these desirable areas.
Seller's Market: With months of supply under four, we are firmly in a seller's market. Homes are selling close to their listing prices, with Tenafly averaging around 99.5% of the asking price.
C As we approach the seasonal inventory increase starting in late February, we expect to see more listings come onto the market, potentially impacting the supply dynamics.
Cresskill's market is also competitive but shows signs of hovering around a more balanced state. Buyer interest remains high, but an influx of inventory could shift this dynamic. It’s crucial to monitor the supply closely in the coming weeks.
These towns are experiencing similar trends. With demand exceeding supply, properties are moving quickly, and sellers are in control. The unique characteristics of each community continue to attract buyers looking for specific amenities and lifestyles.
As we transition into spring, the market typically sees an uptick in available inventory. Historically, this trend peaks around May, making it essential for buyers to stay informed and act quickly. If you’re considering buying or selling, now is the time to get involved.
For homeowners thinking about upgrading or downsizing, we have some exciting off-market opportunities on the horizon. Reach out to the Stacy Esser Group for exclusive access to these listings and to get a jumpstart on your real estate journey.
The Eastern Bergen County real estate market is resilient, even in the face of rising interest rates. With low inventory and increasing property values, it's a great time for both buyers and sellers. Stay informed, and don’t hesitate to contact us for personalized advice and insights.
For more information about the real estate market, exclusive listings, or any questions you might have, feel free to reach out to the Stacy Esser Group. We’re here to help you navigate this exciting market!
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