The New Jersey housing market has been characterized by bidding wars and a lack of inventory this past year. Homebuyers are excited to take advantage of the low mortgage rate, and these have contributed to many homes in New Jersey selling for more than the asking price in 2021.
With that being said, halfway into 2022 and New Jersey is still a seller’s market. The month’s supply of inventory for single-family homes has shrunk down 30.3% from last year. The supply is not very tight but with all the other factors considered, at this time, it is unlikely that New Jersey will see a price decline in 2022. Here are some details on Bergen County, one of the most popular regions in New Jersey:
Bergen County NJ is Still Hot
One of New Jersey’s most popular regions is showing signs of stabilizing after two frenzied years, thanks to rising mortgage rates. Due to a combination of location, luxury offerings, and access to New York, some towns throughout Bergen County remain in demand even as the market normalized.
Using a cutoff of at least 10 closed or pending sales in each municipality, Here are three communities in Bergen County where prices kept jumping:
Hackensack has seen a boom of condominiums, co-ops, and apartments in recent years and has become a desirable location due to its affordability and diversity. Buyers are seeking out the urban vibe, and the downtown is undergoing a redevelopment plan. There are many options for real estate, contact Bergen County to get started!
Paramus is centrally located and a popular destination for shopping, with four large malls and retail stores along popular roads. The 1.65% tax rate is one of the lowest in the county. There are two large parks, Van Saun Park and Saddle River County Park covering both the east and west sides of town. This is a very popular destination for young families.
Fair Lawn, NJ
Fair Lawn, NJ is a nice borough known for easy highway access and shopping and is centrally located close to downtowns such as Ridgewood and Glen Rock. The median sale price of the 33 homes sold in Fair Lawn in May was $599,000, up 14% from a year earlier.
Contact Bergen Realty Team
If you’re ready to begin your home buying process and looking for a trusted team, reach out to Bergen Realty Team today.