Oradell & Central Bergen County Real Estate Market Update: December Highlights

The Bergen County real estate market continues to thrive, with homes selling quickly and often above their list prices. In this month’s update, Kelly Weber of Keller Williams highlights the latest trends in six prominent towns: Oradell, River Edge, Emerson, New Milford, Bergenfield, and Dumont. The data reveals robust demand, rising property values, and a unique market environment compared to much of the country.

A Thriving Housing Market

Central Bergen County’s housing market stands out for its strong year-over-year growth in home values. Towns like Bergenfield and Dumont are seeing double-digit appreciation, while others, including Oradell and New Milford, maintain steady upward trends. This indicates that demand remains strong despite broader economic uncertainties.

Homes are selling at or above their list prices in all six towns, a clear sign of a competitive market. Properties typically attract multiple offers, with buyers eager to secure a home in the area.

Low Inventory Fuels Demand

The inventory of available homes in Bergen County is exceptionally low, making it a prime market for sellers. Several towns, including Oradell, Emerson, and Dumont, have less than one month of housing supply, meaning most homes sell within weeks of being listed. Even towns with slightly higher inventories, like Bergenfield, still reflect strong demand with only a two-month supply.

This low supply, paired with high buyer interest, has created an environment where homes often sell faster and for higher prices than expected.

Oradell: A Case Study in Growth

This month, Oradell takes center stage in the market analysis. The town has experienced significant increases in key metrics over the past year. The number of homes sold rose modestly, but the real standout is the rise in the median home price, which jumped by over 32%. This substantial growth has pushed the median sale price close to $958,000, a notable increase from $728,000 the previous year.

Oradell’s dollar volume of sold homes also surged by 35%, reflecting the town’s desirability and the willingness of buyers to pay a premium for properties in this area.

What Sets Bergen County Apart?

While many parts of the country are experiencing a slowdown in the real estate market, Bergen County remains an exception. Several factors contribute to this unique position:

1. Location: Proximity to New York City makes Bergen County a desirable area for professionals and families.

2. Community Appeal: Excellent schools, recreational opportunities, and strong community ties attract buyers.

3. Limited Inventory: Fewer homes on the market mean higher competition and faster sales.

4. Strong Economy: The region benefits from a stable job market and consistent demand for housing.

These factors combine to create a thriving real estate environment that bucks national trends.

Frequently Asked Questions About Bergen County's Real Estate Market

1. Why are homes selling above list prices in Bergen County?
The high demand and limited inventory drive competition among buyers, leading to offers at or above the asking price in many cases.

2. How does Bergen County’s market compare to the rest of the country?
While many parts of the U.S. are experiencing a real estate slowdown, Bergen County remains strong due to its desirable location, strong demand, and tight inventory.

3. What’s causing such rapid price appreciation?
Factors such as low inventory, strong demand, and the region’s proximity to New York City contribute to rising property values.

4. How long does it take to sell a home in Bergen County?
In most towns, homes sell within one to two months. In places like Oradell and Emerson, homes often sell in less than a month.

5. Are certain towns more competitive than others?
Yes, towns like Oradell, Dumont, and Emerson currently have the lowest inventory levels, making them some of the most competitive markets in Bergen County.

6. What’s driving demand in this region?
The combination of excellent schools, community amenities, and a strong local economy makes Bergen County a sought-after location for buyers.

Real Estate Market Key Takeaways

The Bergen County real estate market remains one of the most robust in the country, characterized by low inventory, rising home values, and strong demand. Sellers are in a prime position to benefit from the competitive market, while buyers need to act quickly to secure a property. Towns like Oradell and Bergenfield exemplify the growth and vitality of the region, making Bergen County a standout market in today’s real estate landscape.