Tenafly Real Estate Market Update: Prices Holding Steady Amid Low Inventory

The Tenafly housing market is finally showing signs of stability. Year-to-date, average and median home prices have leveled off, with the average list price down just 1% and the median sold price dipping 2.7%. This indicates normalization not a bubble as prices adjust after several years of rapid growth.

But while pricing may be flat, the real story lies in the slowdown of market activity. Both pending and sold transactions are down, signaling a quieter market ahead. With fewer new listings hitting the market, Tenafly is experiencing a continued shortage of available homes, a trend that’s likely to persist over the next few months.

What’s Driving the Slowdown in Tenafly?

The decline in new listings isn’t just about demand it’s also about homeowners staying put. Many sellers are hesitant to give up their lower mortgage rates, and move-up buyers are struggling to find their next home. Since a large share of Tenafly home sales involve residents already living in the area, this lack of movement creates a cycle of limited inventory.

In addition, affordability remains a challenge. Even though mortgage rates have dropped from around 6.75% last year to the low 6% range today, it hasn’t been enough to unlock new inventory. Buyers are cautious, and sellers are holding out for ideal prices leading to longer days on market and more price reductions.

A Normalizing Market, Not a Declining One

Despite the slowdown in activity, Tenafly’s housing fundamentals remain strong. Homes that do sell continue to close at or near their list prices, showing that buyer demand still exists when properties are priced correctly.

The key takeaway? We’re in a period of recalibration, not collapse. As rates settle and confidence returns, inventory could begin to loosen paving the way for a more balanced market in the months ahead.

What Tenafly Buyers and Sellers Should Know

For homeowners considering selling, this is a great time to evaluate your home’s current value and position it strategically for when the market picks back up. Buyers should be ready to act quickly on well-priced homes, as inventory remains extremely limited across price points.

Even in a slower market, pricing, presentation, and timing remain crucial to success in Tenafly real estate.