Bergen County Market Update – 12/29/2023

Will Home Values Go Up or Down in 2024?

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Jay Costa

Agent
Investor
Builder

Home Values up 10%
in 2023

Since this is the last market update we have before the end of 2023, I feel it is important to show you what home values have done in our area this year, as well as provide my thoughts on what 2024 may bring us.

As you can see in the figure above, the median sales price in Bergen County for the year went up 10%.

This, frankly, surprised me after there was a time around late April that we were barely even on the year in regards to home values.

Now, with the Fed expected to cut rates 4-6 times in 2024, does that mean that housing prices will soar again?

It certainly is possible, but not a guarantee. Having lower rates certainly would not be harmful for home prices, but I could see two different scenarios playing out…

1. Mortgage rates drop, flooding the market with more buyers than sellers yet again, and home values pop.

or

2. Mortgage rates drop, more buyers are in the market, but also more sellers who were “rate-locked” into their current home. This could even out the home value gains to something more modest.


My bet would be on the latter, as in my daily experience, the most concerning problem with our housing market has been lack of inventory, and the biggest obstacle for sellers to sell and bring more inventory on the market has been the high rates.

Just a guess, nobody really knows. But I believe lower mortgage rates will help even out the market to be more balanced than we have seen since 2020.

You can always check the newest listings and sold properties by clicking here.

 
As always, if there is anything I can ever do to help you, please call, text, or reply to this email.
 
Happy New Year

-Jay

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Jay Costa
eXp Realty
201-429-5535
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