Understanding the Real Estate Market in Bergen County

In today’s blog, we’ll explore the current state of the real estate market in Bergen County, focusing on key areas such as Haworth, Crestfield, Closter, Demarest, and Tenafly. Understanding what is driving this market is crucial for buyers and sellers alike.

What’s Driving the Real Estate Market?

Many people are curious about what influences our real estate market. While some believe it’s the interest rates, others attribute it to economic conditions. However, the primary factor appears to be the classic economic principle of supply and demand.

Current Active Listings in Bergen County

Let’s take a closer look at the number of active listings in February:

- Haworth: 5 listings

- Crestfield: 25 listings

- Closter: 13 listings

- Demarest: 7 listings

- Tenafly: 7 listings

Year-Over-Year Growth in Listings

Examining year-over-year growth provides further insight into market trends:

- Haworth: 4%

- Crestfield: 5%

- Closter: 3.5%

- Demarest: 9.7%

- Tenafly: 12.8%

These numbers indicate a gradual increase in demand for homes in these areas.

Months of Supply: A Closer Look

The months of supply metric helps us understand market dynamics:

- Haworth: 1.5 months

- Crestfield: 3.7 months

- Closter: 1.5 months

- Demarest: 1.5 months

- Tenafly: 0.7 months

In a typical market, 5 to 6 months of inventory is considered normal. Currently, all these areas are experiencing significantly lower inventory levels, indicating a seller's market.

Deep Dive: Demarest's Real Estate Performance

Focusing on Demarest, we see intriguing statistics:

- Months of Inventory: 1.3 months

- Sold to List Price Ratio: 103.1% (homes are selling for over the asking price)

- Average Days on Market: 40 days

- Median Sold Price: $1,545,000

- 12-Month Price Growth: 11.3%

These numbers highlight the urgency for buyers in Demarest. With homes selling quickly and above their list prices, buyers must act fast.

Conclusion: Supply and Demand Dictate Prices

In conclusion, the current dynamics of the Bergen County real estate market suggest that supply and demand are the primary drivers, rather than interest rates or broader economic factors. With more buyers than available homes, prices continue to rise.

If you’re considering buying or selling a property in Bergen County, now is the time to strategize. Whether it’s enhancing your home’s value or crafting a competitive offer, I’m here to help.

Stay tuned for more updates on the Bergen County real estate market, and feel free to reach out if you have any questions or need assistance!