Bergen County New Jersey Single Family Residences Housing Market Trends For January 2024

Attention Buyers and Sellers in Bergen County, New Jersey!

🏡 As a REALTOR with NEXTHOME NEW BEGINNINGS, I want to keep you informed on the latest market trends. Currently, there is a low 1.47 Months Supply of Inventory, with a +20.49% increase over the last 12 months. Median Sold Price is $680,000, with a List to Sold Price percentage of 100.5%. Contact me today to navigate this competitive market with confidence. #BergenCountyRealEstate #MarketTrends

Reach out to me, Patrick Rumore, REALTOR® at 973-666-0365, for expert guidance in navigating this competitive market. #BergenCountyRealEstate #MarketTrends

As a professional in the real estate market, it is important to me to help you understand the correlation between key metrics to make informed decisions as a buyer or seller.

The Months Supply of Inventory is a crucial metric that indicates the balance between supply and demand in the market. A low months supply of inventory, such as the current 1.47 months, suggests a seller's market with high demand and limited supply. This can result in increased competition among buyers and potentially higher prices for sellers.

The 12-Month Change in Months of Inventory, which has seen a significant increase of +20.49%, indicates a shifting market trend. This rise in inventory could suggest a more balanced market, with potentially more options for buyers and potentially less competition for sellers.

The Median Days Homes are On the Market at 21 days indicates a relatively fast-paced market where homes are selling quickly. This could be attributed to high demand and limited supply, leading to a sense of urgency among buyers.

The List to Sold Price Percentage of 100.5% signifies that homes are selling for slightly above the list price on average. This could be due to competitive bidding among buyers or sellers pricing their homes strategically to attract multiple offers.

Lastly, the Median Sold Price of $680,000 gives buyers and sellers an idea of the current market value of homes in the area. This figure can be used as a benchmark for pricing strategies and negotiations.

Overall, these metrics collectively paint a picture of a dynamic real estate market with high demand, limited supply, and competitive pricing. Buyers may need to act quickly and be prepared to offer strong offers, while sellers may benefit from strategic pricing and marketing tactics to capitalize on the current market conditions

If you are thinking of buying, selling, renting, or investing in real estate, Think of Patrick!