Home Prices Rose 4% Last Year In Bergen County

The median sale price of homes rose 4% in 2017
The median sales price rose 4% in 2017.

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.

Median sold price of residential homes in Bergen County, 2016 and 2017
The median sold price of homes in Bergen County, 2016 and 2017.

 

Number of sales of residential homes in Bergen County, 2016 and 2017
The number of homes sold in Bergen County, 2016 and 2017.
The dollar volume of homes sold in Bergen County in 2016 and 2017
The dollar volume of homes sold in Bergen County, 2016 and 2017.

* info deemed reliable but not guaranteed

Summary
How Much Did Home Prices Go Up Last Year in Bergen County?
Article Name
How Much Did Home Prices Go Up Last Year in Bergen County?
Description
The median price of homes in Bergen County rose 4% in 2017, according to the New Jersey MLS.
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Publisher Name
Keller Williams Ridgewood Agent Michael Shetler
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