Bergen County Market Update – 3/15/2024 – Median Sales Price Hits All-Time

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Jay Costa

Agent
Investor
Builder

Median Sales Price Hits All-Time High

The median sales price in Bergen County has continued on a major upswing. After increasing about 10% in 2023, it has now increased another 10% Year to Date in 2024 to an all time high of $693,000.

Much of the upswing in sales price in the county is because of the sudden surge of buyer activity towards the end of 2023 into 2024 because of a swift drop in mortgage rates. Mortgage rates have steadily increased since then, so I do not expect this rate of increase to continue.

This has been all while much of the rest of the country has been seeing a downward trend in median sales prices.

This difference in trend I think has less to do with our area, and more to do with other areas of the country…

Many of these areas saw massive home price increases, larger than what we saw here. This was simply unsustainable for these areas.

The key lesson here is that real estate values in our area of Northern New Jersey are extremely stable because of Manhattan and NYC as a whole. And as long as NYC is NYC, there will always be demand to live next to it.

What do you think? Why do you think home prices have continued to increase in our area, while decreasing in other areas?
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Jay Costa
eXp Realty
201-429-5535
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