January 2025 Real Estate Market Update for Bergen and Passaic Counties

Introduction: Real Estate Trends in Bergen and Passaic Counties

As we enter January 2025, the real estate market in Bergen and Passaic Counties is bustling with activity. Home prices are reaching new heights, creating a pivotal moment for both sellers and buyers. This blog post will break down the latest trends and statistics, providing valuable insights for anyone interested in the local real estate scene.

Bergen County Home Prices Surpass $1 Million

The average closed sales price in Bergen County has officially exceeded the million-dollar mark, approaching nearly $1.1 million. This significant milestone indicates a robust market, with demand outpacing supply. For potential sellers in Bergen County, this is an opportune moment to list your home and take advantage of record prices.

Rising Home Prices in Passaic County

Passaic County is also experiencing a surge in home prices, with properties now selling for well over $625,000. This increase is particularly noteworthy for first-time home buyers who are increasingly looking to Passaic County as an alternative to the more expensive Bergen market.

Town-by-Town Breakdown

Let’s delve deeper into key towns that are seeing noteworthy trends:

• Hawthorne: Almost a 4% increase in sale-to-list price.

• Wayne: Leading the pack with over a 6% increase.

• Clifton: Close behind with nearly a 6% increase.

• Teaneck: Also reporting a 4% increase.

These towns are showing consistent growth in sale prices, indicating strong demand amidst limited inventory.

The Importance of Acting Now

For home buyers, waiting may prove costly. The restricted supply of homes is leading to quicker sales and increasing prices. The current market conditions suggest that buyers should act promptly to secure their desired properties before prices escalate further.

Seller's Market – Now is the Time to Sell

Sellers are in a prime position to capitalize on this market. With a shrinking inventory and rising sale-to-list price ratios, now may be one of the best times to sell your home in Bergen or Passaic County. If you're considering selling, it’s essential to evaluate your options and get your home on the market.

Conclusion: Connect With an Expert

If you're interested in learning more about your specific town or would like personalized insights into your home search, don’t hesitate to reach out. Whether through a direct message, phone call, or text, I’m here to provide the information you need.

Stay tuned for next month's update, and let’s navigate this exciting market together!