Northern New Jersey Real Estate Market Update

The Northern New Jersey real estate market continues to stand apart from national trends as we move through June 2025. While much of the country is experiencing softening, local pricing in Bergen County and nearby towns remains resilient—even surprising. But under the surface, we’re seeing signs of a shift.

Let’s break it down so homeowners, buyers, and local real estate professionals can make smart decisions in this evolving market.

Top Appreciating Towns in Northern NJ – Congrats, Tenafly!

One of the standout success stories this month? Tenafly tops the list of appreciating towns in Northern New Jersey. Despite national headwinds, many Bergen County towns continue to see price growth, which tells us that local demand and scarcity are still in play.

Home Sales Down 16% Year-Over-Year in Bergen County

We’re starting to see a slowdown in transaction volume. In fact, home sales in Northern NJ dropped 16% compared to 2024.

What caused it?

• April 2025 marked a turning point, when trade war concerns and stock market volatility created hesitation.

• Buyers became more cautious, and sellers became less willing to negotiate.

• Higher mortgage rates also cooled buyer enthusiasm.

Despite this drop in activity, pricing tells a different story…

Median Sale Prices in Bergen County Continue to Climb

Even with fewer homes sold, the median sale price is up 10% compared to June 2024. That’s right—fewer buyers, but higher prices. This anomaly reveals a key insight:

• Sellers are holding their ground.

• Buyers are still willing to compete for the right home.

• Many homes are still receiving multiple offers, especially if priced right and move-in ready.

This market behavior defies the usual rulebook, making it one of the most unique housing markets in recent memory.

Listing Prices & Mortgage Rates Are Moving in Opposite Directions

We saw listing prices dip briefly in April, likely in reaction to:

• Market anxiety

• Mortgage rate hikes

• Uncertainty tied to global and economic news

However, those prices rebounded quickly, and so did 30-year fixed mortgage rates, which climbed before tapering. If rates drop again, pricing could surge even more, as affordability improves and more buyers jump back in.

Sellers Still Have Leverage—But Only If They’re Strategic

Despite the dip in sales activity, sellers are not rushing to offload their homes. Many listings are being withdrawn or expiring—not because they can’t sell, but because sellers aren’t getting their price and are choosing not to move.

This tells us:

• Homeowners in Bergen County have strong equity positions

• Many can afford to wait for the right buyer

• Only highly motivated sellers are adjusting prices or making concessions

Buyers: Inventory Is Rising, But So Are Prices

It’s a tough spot for buyers:

• Inventory is up slightly, but selection is still tight

• Prices are high, and continue to rise

• Interest rates are volatile

Still, now is not a bad time to buy if you're ready. Buyers who are well-prepared—financed, working with the right agent, and clear on priorities—are succeeding.

Strategy Sessions Available for Sellers & Buyers in North Jersey

Whether you're planning to sell in Closter, Tenafly, Hackensack, or Ridgewood, or you're a buyer looking for the right opportunity in Northern New Jersey, strategy is key.

Schedule a free real estate strategy session to:

• Get a custom home valuation

• Prepare your home for market with our “Value-Up” method

• Build a smart buying plan that puts you in the strongest position