Bergen County Real Estate Market Update: Trends and Insights

Introduction to the Bergen County Market

Welcome to another insightful update on the Bergen County real estate market! I’m Stacy from the Stacy Esser Group, and today, we’re diving deep into the latest data that will help buyers, sellers, and curious observers understand the dynamics of our local market. With rising inventory and fluctuating prices, it’s essential to stay informed. Let’s unpack the current trends!

Current Inventory Trends in Bergen County

One of the most notable trends is the increase in inventory. As we head into the spring selling season, it's crucial to observe how this affects both buyers and sellers. More homes are hitting the market, which is a positive sign for buyers seeking options. However, with pending home sales up by 9.3% compared to last year, it indicates a healthy demand. The combination of increased inventory and higher pending sales suggests that buyers are returning to the market, eager to find their dream homes.

Median Home Prices: A Steady Climb

When it comes to median home prices in Bergen County, we’re witnessing an impressive upward trajectory. The current median sold price stands at $728,000, reflecting an 8% increase from last year. This consistent growth indicates that homes are continuing to sell for more, highlighting the strength of our local market.

New Listings and Their Impact

Interestingly, new listings are entering the market at an average price of $748,000, marking a 10.7% year-over-year increase. This rise in listing prices suggests that sellers are confident in the market’s ability to support higher values. As more homes become available, we can expect a dynamic interplay between supply and demand.

Price Drops: A Glimmer of Relief for Buyers

While the market remains competitive, there has been a small uptick in price drops. Currently, about 1.5% of active listings are experiencing price reductions. This slight increase may provide some relief for buyers facing stiff competition, although it's essential to note that this figure is still relatively low.

Understanding the Average Sale to List Ratio

The average sale to list ratio is a crucial metric to gauge market strength. In a seller’s market, we typically see a tighter ratio, which means homes are selling close to their asking prices. Currently, we are witnessing strong demand, reflected in the increased sales prices. This trend is particularly evident during the spring season when competition among buyers peaks.

Months of Supply: A Key Indicator of Market Health

The most telling statistic for our market is the months of supply. In the first quarter of 2025, we have too many buyers chasing too few homes. This imbalance indicates a robust seller’s market, which could lead to continued price increases. Buyers should be cautious about pausing their home search, as doing so might mean facing increased competition when they decide to re-enter the market.

Conclusion: What This Means for Buyers and Sellers

For buyers, the message is clear: seize the opportunity while the market shows signs of slight relief. With inventory on the rise, now may be an excellent time to negotiate and find a home before prices escalate further.

For sellers, it’s essential to stay proactive. If your home isn’t attracting bids, consider adjusting your pricing strategy while ensuring your home is marketed effectively. Remember, the market is still favorable for ambitious sellers who are willing to adapt.

Thank you for joining me in this Bergen County real estate market update! If you have any questions or need personalized insights into your specific market area, feel free to reach out. Don’t forget to like, comment, and share this information with friends who might also be interested in the local market trends. Stay happy and healthy!