Tenafly Real Estate Market Update: May 2025 – A Seller's Dream Market

As economic headlines buzz with interest rate changes, market uncertainty, and global shifts, one question keeps coming up: What’s really happening in our local Bergen County real estate market?

Let’s dive into the data and take a closer look at what’s happening specifically in Tenafly, NJ and the surrounding core towns. If you're curious about your specific town, feel free to reach out — we’re always here to break it down for you!

Bergen County Real Estate: Median Home Values Are Climbing

We’re still seeing strong year-over-year growth in median estimated home values across the area. From Tenafly to Closter, Cresskill, and Englewood, property values are trending up. Despite broader economic concerns, local housing prices are holding steady and rising.

• Buyers: It’s a challenging time to find affordable homes.

• Sellers: The market remains in your favor, with values appreciating and inventory still tight.

Why “Months of Supply” Is the Key Metric in Bergen County Housing?

If you follow me monthly on YouTube or here on the blog, you know I’m always watching one number closely: months of supply. This data point combines both buyer demand and available inventory, giving us a powerful “barometer” of real market activity.

Current months of supply: 2.34

This means that if no new homes came to the market, we would completely sell out in just over two months — a clear sign of strong buyer demand and limited inventory.

Tenafly Real Estate: 20.7% Jump in Estimated Property Values

Right now, Tenafly’s median estimated property value is up 20.7% year-over-year — a significant growth figure, especially in a period of economic noise. Even with interest rate shifts and fluctuating confidence, the market here is showing strength.

• Median List Price: $2.2M+

• Luxury Inventory Dominates: There are very few homes available under $2.5M, let alone entry-level price points.

• Median Days on Market: Just 15 days — homes are flying off the shelves.

Tenafly Homes Are Selling Above List Price

The average sale-to-list price ratio in Tenafly is 101.22%, meaning homes are, on average, selling above asking. If a home is sitting longer than the 15-day median, expect a price adjustment — but most are selling quickly and at strong prices.

Luxury Inventory High, Entry-Level Inventory Low

Tenafly is facing a significant imbalance: a surplus of luxury homes and a scarcity of homes under $2.5 million. This makes it tough for entry-level buyers, but it also represents a huge opportunity for sellers with well-positioned homes under that threshold.

Is Now a Good Time to Sell in Tenafly or Bergen County? Yes.

With demand high, inventory tight, and home values appreciating, now is an ideal time to sell in Tenafly or nearby towns like Alpine, Demarest, Englewood, and Cresskill.

Even if you're not ready to list, it's a great time to strategize and make smart improvements that will pay off when the time is right.