Home Prices Rose 4% Last Year In Bergen County
The year end statistics are in – median home prices for residential properties in Bergen County rose 4% from 2016 to 2017, according to the New Jersey MLS*.
After a few years of stagnant prices – just one to two percent annually – home prices finally jumped ahead.
June in particular was a strong month for prices, with a 10% price increase over June of 2016. June closings represent contracts written in April – the middle of the spring market. July also showed a large increase at 9%.
The peak for dollar volume of homes sold in Bergen County was June as well.
Dollar volume for the year was up 4% in 2017, while the number of homes sold was flat. If the inventory of homrs for sale had been higher, we may have seen a jump in the activity. Inventory across the county is relatively low.
Of course, Bergen County real estate statistics vary widely from one area to another, so be sure to ask for statistics for the boroughs that interest you. Home prices in Garfield were up 29%, for example. Prices in Saddle River were up 14%. While prices in Wallington were down 4%.
Median home prices in 2018 are very difficult to predict. Interest rates are rising, there are new tax laws on the books and there is much political uncertainty. Yet the over-riding factor is that the economy is very strong, which should dampen any downside from these market risks.
If you’re interested in receiving market data for specific parts of Bergen County, please call or email me and I’d be happy to send you the information.
* info deemed reliable but not guaranteed
