The number of homes on the market in Bergen County is surprisingly low. With 3,078 active homes, inventory hasn't been this low in January since 2005. In addition, the number of homes currently under contract is at a three-year low.

At the high end of the market, the news for sellers is also improving. The number of homes on the market with at least five bedrooms and three full baths is 161, down from 190 a year ago and 165 in January of 2008.