Median Sales Price Surges – 9/25/2023

Median Sales Price Surges
As of 9/3/2023, the median sales price in Bergen County has surged, bringing home values 11% higher then this time last year.This sudden increase started in April, when the median sales price was $588,000, and as of 9/3/2023 we are at $692,000.Some of this increase is seasonal, and to be expected, but what makes it unique is the fact that 30 year mortgage rates have stayed stubbornly high over 7% over that entire time period.The median sales price will  start showing a drop about now, as it usually does. But the biggest unknown is what will happen next spring. Some economists and experts expect the federal reserve to potentially start dropping rates by April or May of next year, but I am not certain that will happen.As long as inventory and unemployment are both low, we will continue to see home value increases in the 4-8% range per year.As always, if there is anything I can ever do to help you, please call, text, or reply to this email.
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Jay CostaReal Estate Agent – eXp RealtyHome Builder – Jay Costa HomesPhone: 201-429-5535 Email: jay@searchbergen.comwww.searchbergen.comwww.jaycostahomes.com/

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