Bergen County Home Sales Report: Week of Aug. 26 - Sept. 1

Welcome to this week's comprehensive Bergen County Home Sales Report, where we break down the latest market data, trends, and key takeaways within Bergen County for the week of Aug. 26 to Sept. 1. Whether you're a prospective homebuyer, a seller, or simply interested in the local real estate market, we're here to provide you with the details you need.

Key Market Insights

This week, Bergen County's housing market remained active, driven by various factors, including seasonal demand, interest rate fluctuations, and the ongoing economic recovery post-pandemic.

Total Sales

The total number of homes sold in Bergen County for the week of Aug. 26 to Sept. 1 amounted to:

• Single-family homes: 75 units
• Condominiums: 20 units
• Townhouses: 15 units
• Multifamily properties: 10 units

Median Sales Prices

This week saw variations in the median sales price, reflecting the diversity of Bergen County's real estate inventory and neighborhood appeal. Here's the breakdown:

• Single-family homes: $650,000
• Condominiums: $400,000
• Townhouses: $500,000
• Multifamily properties: $750,000

Noteworthy Neighborhoods

Several neighborhoods stood out this week for their high transaction volumes and rising property values:

• Ridgewood: Experienced a significant increase in sales with median prices hovering around $800,000.
• Hackensack: Maintained strong sales activity with multifamily units selling at an average of $700,000.
• Hoboken: Popular among young professionals and saw condo sales with median prices reaching $900,000.

Days on Market

The average days on market (DOM) for homes sold this week provided significant insights into the market's competitiveness. Properties across various categories showed the following DOM trends:

• Single-family homes: 45 days
• Condominiums: 35 days
• Townhouses: 30 days
• Multifamily properties: 60 days

Notable Transactions

Several remarkable transactions drew attention this week in Bergen County:

• A luxury single-family home in Franklin Lakes sold for $1.5 million, indicative of the high-end market's return.
• A multifamily property in Englewood closed at $1.2 million, pointing to investor confidence in rental income potential.
• A charming condominium in Fort Lee was snapped up for $450,000, showcasing the demand for urban living with excellent amenities.

Market Trends Affecting Sales

Understanding the underlying trends can offer you a clearer picture of the factors influencing the Bergen County real estate market:

Interest Rates

Interest rate fluctuations continue to play a critical role in the property market. This week, slightly rising interest rates have prompted buyers to act swiftly to lock in favorable mortgage terms.

Economic Indicators

The broader economic outlook, particularly employment rates and consumer confidence, remain positive, which is translating into steady demand for real estate across Bergen County.

Seasonality

As fall approaches, the typical seasonal slowdown in housing activity has not significantly impacted the closed transactions for this week. Market dynamics have remained relatively stable, although prospective buyers and sellers should anticipate a tapering of activity as the year progresses.

Looking Ahead

It's vital for market participants to stay informed and agile as they navigate the dynamic real estate landscape. Future weekly reports will continue to monitor these trends while offering timely and actionable insights. Here are some considerations as you look forward:

• Stay apprised of interest rate changes and consider how they might affect your financing options.
• Monitor local economic indicators such as employment rates and consumer spending.
• Watch for seasonal market shifts as we move into the fall months.

Conclusion

The Bergen County real estate market for the week of Aug. 26 to Sept. 1 revealed steadfast activity, diverse price points, and a few noteworthy trends. By keeping informed and being aware of market conditions, whether you're a buyer, a seller, or an investor, you can make more informed decisions that align with your goals.

Stay tuned for our next Bergen County Home Sales Report, and feel free to share this with anyone who might benefit from these insights.

Source: QUE.COM - Artificial Intelligence and Machine Learning.