Northern Jersey Home Prices Keep Rising | What Buyers & Sellers Need to Know in April 2025

Are Mortgage Rates and Global Tariffs About to Price You Out — or Help You Win?

Let’s break down what’s happening in this month’s real estate market and what it means for your next move.

Tariffs and Inflation — What’s the Connection?

When tariffs are imposed on goods like steel, lumber, and international building materials, it increases costs across the board. That added cost fuels inflation, which affects everything from construction to shipping. When inflation stays high, the Federal Reserve delays cutting interest rates—keeping mortgage rates elevated.

As of March 2025, mortgage rates are hovering around 6.6 percent. That’s lower than the 2023 highs but still high enough to impact affordability and buyer confidence.

Local Market Snapshot: Northern NJ

While national trends are mixed, the North Jersey market continues to show strong performance:

Hackensack: Prices up over 13 percent year-over-year, with a median home value above $650,000

Hawthorne: Up nearly 11 percent, approaching $620,000; homes selling about 5.4 percent over asking

Clifton: Home values up about 10 percent, averaging $621,000; selling 6 percent over list price

Wayne: Leading the region with an average sale price just under $795,000

Fair Lawn and Teaneck: Gains of almost 5 percent in both towns

Fair Lawn was particularly competitive last month, with homes selling 8.8 percent over asking

What’s Driving This?

One word: scarcity.

With less than two months of inventory in these areas, buyer demand continues to outpace supply. This keeps sellers in control and creates strong competition for buyers—even with higher mortgage rates.

Next Steps

If you're planning a move, strategy matters more than ever. Text or DM Market Plan to schedule your complimentary strategy session. We’ll go over your goals, the numbers, financing options, and timing to help you make a smart move—regardless of the headlines.

Looking forward to connecting soon.