Bergen County Real Estate Market – January 2023 Recap
The year was off to a sluggish start in Bergen County NJ compared with last January. It was to be expected though because within that 12-month period, interest rates nearly doubled from 3.55% in January 2022 vs. 6.13% in January 2023.
It is true that some buyers left the marketplace but we still have a low inventory issue that is keeping prices from decreasing. In January, the number of sold listings decreased by 44% vs previous year but the median sold price stayed relatively flat.
Low Inventory = fewer homes to sell
In Bergen County last month, there were 91 fewer new listings (residential single-family) than last year the same time. That is a decrease of 18%.
Homes are still selling quickly
Last January it took an average of 49 days for a home to go under contract. This January, it decreased by 3 days, taking just 46 days on average.
Prices have not dramatically decreased
The median sale price decreased by only $5000 to $590,000 vs. last January
Bidding wars are still happening
While it doesn’t appear to be the frenzy it has been during the past couple of years, there are still many bidding wars going on in NW Bergen County NJ. Sellers should feel comfortable that if priced right and marketed well, you should receive at least 1 offer in a reasonable amount of time and possibly more than that. Buyers should align themselves with Realtors and lenders who know how to navigate competitive situations.
Forecast and Trends
It may be a little too early to tell how the Spring market will perform. If you are Seller, the environment is still a seller’s market in our area however pricing remains critical. For buyers, it is the optimal time to buy as there are fewer buyers than last year and mortgage rates are trending down.