Update on Home Prices and Mortgage Rates

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Jay Costa

Agent
Investor
Builder

Home Prices up 5% YTD

So far in 2024, the median sales price in Bergen County has reached $685,000. After starting the year at $651,000, this means the median sales price has increased over 5% Year-To-Date.

Much of this spike was because of the mortgage rates dropping below 7% for a while, but now that rates are back on the rise for the time being (over 7%) I believe the rate of increase of median home sales will flatten out even through the Summer.

Mortgage rates jumped up this past week after inflation came in hotter than expected, dwindling the market’s hopes of multiple rate cuts in 2024.

Even though mortgage rates are up slightly again, and it effects buyers’ purchasing power, it could help buyers get their offers accepted as there will be less competition in the marketplace, even during the most busy time of year (Summer.)
 

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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