The Bergen County housing market continues to show resilience despite national headwinds. Here's what buyers and sellers need to know for Q4 2024.
Current Market Conditions
Bergen County remains one of New Jersey's most desirable markets, with steady demand driven by: - Proximity to NYC (30-minute commute) - Excellent school districts - Low property taxes relative to neighboring counties - Strong local economy and job market
Median Home Prices by Town
High-End Markets ($800K+): - Ridgewood: $925,000 - Franklin Lakes: $1,150,000 - Saddle River: $1,450,000
Mid-Range Markets ($500K-$800K): - Paramus: $625,000 - Fair Lawn: $575,000 - Teaneck: $550,000
Entry-Level Markets (Under $500K): - Hackensack: $445,000 - Garfield: $425,000 - Lodi: $395,000
Days on Market
Average days on market has stabilized at 35-45 days, compared to the 15-20 day frenzy of 2021-2022. This gives buyers more time to: - Conduct thorough inspections - Negotiate terms - Secure financing without rushing
Interest Rate Impact
With rates settling in the 6.5-7% range, we're seeing: - Fewer all-cash offers (creating opportunities for financed buyers) - More motivated sellers (willing to offer concessions) - Better negotiating power for buyers - Increased inventory compared to 2022
Buyer Strategies for Fall 2024
1. Get Pre-Approved Early Sellers want serious buyers with verified financing.
2. Be Ready to Move Quickly Good properties in desirable towns still move fast.
3. Consider Rate Buydowns Ask sellers to contribute toward rate buydowns to lower your monthly payment.
4. Inspect Thoroughly Take advantage of longer market times to do proper due diligence.
Seller Strategies
1. Price Competitively Overpriced homes are sitting longer. Trust your agent's market analysis.
2. Improve Curb Appeal First impressions matter more than ever.
3. Offer Incentives Consider contributing to closing costs or rate buydowns.
4. Be Flexible Accommodating buyer timelines can be the difference in getting offers.
2025 Predictions
Experts predict: - Continued inventory growth as more homeowners list - Stable prices with 2-4% appreciation - Potential rate decreases in late 2024/early 2025 - Strong demand in Bergen County's top school districts
Bottom Line
Bergen County remains a strong market for both buyers and sellers. The key is working with an experienced local mortgage advisor who understands the nuances of each town and can guide you through the process.
Ready to buy or refinance in Bergen County? Let's discuss your options today.