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Oradell/Central Bergen County -January 2025 Market Update
Central Bergen County Real Estate Market Update – 2025
Welcome to the latest market update for Central Bergen County! I’m Kelly Weber with Keller Williams, and today I’m excited to share some key insights into our local real estate market.
Strong Year-Over-Year Growth in Home Values
Despite a national trend showing a decrease in home prices, Central Bergen County is experiencing an encouraging rise in home values. In the past year, six towns in our area have seen consistent increases in home prices, making it a vibrant market for buyers and sellers alike.
Inventory Levels and Market Dynamics
One of the standout features of our market is the low inventory. Traditionally, a balanced market is considered to have around six months of supply; however, current statistics show we are hovering just under two months of inventory. This scarcity of available homes contributes to a strong seller's market, where demand continues to outpace supply.
Spotlight on River Edge
This month, we're shining a light on River Edge. Here are some key statistics:
Months of Inventory: Under 2 months
List Price to Sell Price: Homes are selling for over the asking price
Median Days on Market: Approximately 11 days, down nearly 22% month-over-month
Median Sold Price: $705,000
It’s important to note that while the median sold price reflects recent transactions, the year-over-year growth for River Edge sits closer to $755,000, showcasing a positive trend in the market.
What Lies Ahead?
As we look forward in 2025, the future of the market is always uncertain, but the current trends suggest that we will continue to see a robust market environment. Many potential buyers are asking whether now is the right time to jump back in. My advice? You buy high, you sell high.
Navigating Interest Rates
After a spike in interest rates reaching 8% in 2023, we’ve seen a dip to around 6% in 2024, which has encouraged buyers to re-enter the market. Currently, rates are around 7%. Remember, the mantra is “marry the house, date the rate.” While refinancing is always an option down the road, the priority should be finding the home of your dreams now.
Maximizing Your Home's Value
If you’re considering selling, I’m here to help you maximize your home’s value. Simple improvements like decluttering, fresh paint, and enhancing curb appeal can significantly impact your property's marketability. Let’s set up a strategy appointment to discuss how we can elevate your home’s value.
Get in Touch
If you're interested in a consultation, click the link below, and we can work together to get the most out of your property.
Next month, we’ll be diving into Emerson to uncover the latest market trends there. Stay tuned for more insights, and see you next month!
Our 6 Step Buyers Process
Beginning your home search can be an overwhelming and daunting task. Because of that, our team makes sure that you, and all other potential buyers, understand each of the 8 steps that we take to make the process as easy and painless as possible. By the end of your search, with our support and guidance, you will live happily ever after in your new, dream home.
Financially Map Out Your Success
Our agents get to know you — Need to move for a job? Want a shorter commute? Getting married? Having a baby? Need to upgrade or downsize? At this stage in the process, we’ll send you notifications about the listings that you’re most likely to be excited about. Be sure to let us know if one (or more) jumps out at you so that we can skip to the next step and schedule a viewing. be there for you every step of the way.
Success for each person looks different. A growing family or new empty-nesters have different needs. Our goal is to map out your goals financially to get a good understanding of what you need in a home but also what makes the most sense for your specific situation - both from a time and money perspective.
Buyer Matching & Office Exclusives
We’ll introduce you to our mortgage partner, who can help you determine your buying price range with confidence. Be prepared to dig into paperwork during this part of the process such as pay stubs, W2’s, and tax returns. The lender will do a full review and then tell you what you will be able to borrow in order to purchase a home. This is a vital step in the home buying process!
During this process, we will be sending you some listings to evaluate and provide us with feedback. This helps us to understand, update and revise your criteria and preferences. Our agents are always super involved in the community so they can provide you with tons of information about the areas you are interested in. We will also use this information to setup notifications of listings to you and evaluate any office exclusives (homes that are not yet listed in the MLS) so you are the first to see the property.
Let the Showings Begin
Here’s where the buying process gets really fun! We’ll attend open houses together and schedule viewings of the homes that you’ve loved from our listing alerts. Many of our clients prefer us to consolidate to one day of searching or have specific times that work for them. We handle all the coordination so you just have to show up! We’ll talk about how the budget will work and make sure that we find you the perfect home.
Strategic Negotiations
When you’re ready to make an offer, your agent will present a written offer to the seller. We also present your offer using video to help make a bigger impact and showcase our commitment to the sale of the home. And while everyone loves getting their offer accepted right away, the seller could come back to us with a counteroffer, or reject your initial offer all together. We’re happy to walk you through each of these possibilities and exactly how to handle them. Once the offer is accepted, it’s time to get your financing in order and move forward to the next step!
Prep for Close
The sellers accepted your offer, and the home is going through appraisal and inspection. The appraisal guarantees that the price of the property matches the condition of the property while the inspection makes sure that everything in the home is functioning properly and there are no major issues inside. These are the last steps before the shiny keys to your home are placed in your hand... for good!
Segue to Your Next Chapter
Get excited because it’s time to close on your home! This process includes going through all of the final paperwork and signing your name (a lot!). Don't forget to bring all of the paperwork you’ve collected along the way and your down payment.
But we know it doesn't stop here. You likely have a lot to coordinate, movers, painters, handymen etc. We will help you to SEGue into your next chapter seamlessly. Even make some introductions to some neighbors! You can count on us!
Ready to find your dream home?
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