Tenafly Real Estate Market Update: April 2025

What’s Happening in the Local Real Estate Market?

It’s the question everyone is asking: What’s going on with our local real estate market? With stock market volatility and interest rates jumping around—above 7%, dipping below 7%, and even briefly hitting the 6% range—it’s natural to wonder how this impacts real estate.

Let’s break it down. We’ll first look at Eastern Bergen County and then zoom in on Tenafly for a detailed, data-backed perspective.

Eastern Bergen County: Still a Strong Seller’s Market

The latest numbers paint a clear picture: Eastern Bergen County is in a very strong seller’s market. Median estimated home values are trending upward, inventory remains low, and months of supply is critically tight—hovering between 1.7 to 2.1 months.

To put it in context, anything under 4 months of supply signals a strong seller’s market. That’s because months of supply reflects how quickly we’re selling homes versus how many are hitting the market. The takeaway? Too few homes, too many buyers.

Tenafly Real Estate Market: April 2025 Snapshot

Tenafly continues to outperform. With just 1.71 months of supply, demand is outpacing supply. While inventory ticked up slightly from the previous month, it’s still nowhere near enough to meet buyer demand.

So, are buyers pulling back? Yes—some are reevaluating their budgets or hitting pause due to uncertainty around stocks or interest rates. But that hasn’t made a dent in the overall strength of the Tenafly market. Demand remains high.

Pricing Trends: What You Need to Know

The sold-to-list price ratio remains strong at 101.7%. While it’s slightly down month-over-month, that still means most homes are selling for over asking.

We’re seeing a strategic pricing trend: homes are being listed below fair market value to drive bidding wars. Buyers—don’t assume the list price reflects the true market value. Often, it’s just the starting point.

Pending sales also don’t always tell the full story. If a home hasn’t closed, it’s hard to gauge its final sale price. Make sure to talk with a local expert (like us!) who can help you understand where those pending homes are likely to land.

Days on Market & Inventory Trends

Median days on market is rising, and here’s why:

New construction homes are being listed before completion, racking up days.

Some sellers are holding out for high prices and are willing to wait.

So while the data shows homes sitting longer, it doesn’t necessarily reflect declining interest—it’s more about strategy and seller mindset.

What About Median Sold Price?

Yes, the month-over-month median sold price dipped slightly, but don’t focus on that. Instead, look at the 12-month change in estimated value—that’s the real indicator of market health.

Since 2008, Tenafly has seen explosive growth:

In 2008, the median estimated home value was $638,000

As of March 2025, it’s $1.332 million

Much of this growth happened post-2021. In just four years, values have skyrocketed—proof that Tenafly real estate continues to be a strong long-term investment.

Advice for Sellers: Price Smart, Prep Right

If you’re thinking of selling:

Price competitively and strategically

Make sure your home is staged, prepped, and marketed well

If needed, adjust quickly—the buyers are out there

An ambitious price isn’t necessarily bad, but be ready to pivot based on feedback. Even with a price adjustment, you’re likely still far ahead in today’s market.

Advice for Buyers: Think Long-Term Value

For buyers, here’s the play: Look for homes with upside. That means great location, great lot, and potential for equity growth. Focus on the long game. This is what I did when I bought my own home, and it’s the advice I give my closest friends and family.

Let’s Talk Strategy

Whether you’re buying, selling, or just trying to understand how to position your home for the future, I’d love to help. I’m Stacey Esser with the Stacey Esser Group, and I’m happy to offer a complimentary strategy session to discuss your goals.

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