Bergen County Market Update – 5/12/2024

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Jay Costa

Costa Property Group

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Property Values Stall

First, I would like to wish all of you a very Happy Mother’s Day! Mothers are a true gift for us all and it is important to recognize how special yours is both living or deceased. So enjoy the day with your Mother and family!

I have been tracking property values in our area since the beginning of the year. After a big jump earlier this year, the values seemed to have flattened a bit as interest rates have risen since January.

That being said, even after flattening, we still find ourselves with home values up 12% compared to this time last year. This is quite the feat compared to the rest of the country, which is only up 5%.

Interest rates have come down off their highs since then, so I expect the values to rise slightly heading into the Summer season.
 

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


-Jay

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Jay Costa
eXp Realty
201-429-5535
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