December Monthly Indicator Report for Bergen County
Annual Existing Home Sales Rise to Highest Levels in 15-Years
Saddle Brook, NJ – (January 25, 2022) As we close the books on 2021, existing home sales are heading towards record territory, and are headed to their highest level in 15-years, with an estimated 6-million homes sold last year, according to the National Association of REALTORS®
The median existing-home price for all housing types in December was $358,000, up 15.8% from December 2020 ($309,200), as prices rose in each region.
“The continued rise in home sale prices should give us all optimism for a continuation for this trend in 2022, said Janet Ginsberg Treasurer, Greater Bergen REALTORS®. Low inventory and extremely attractive mortgage rates are strong indicators that the NJ housing market will continue to thrive.”
Experts anticipate many of the housing market trends of 2021 will continue in 2022, although at more moderate levels. Strong buyer demand and inventory shortages are likely to persist over the next year. Home sales are projected to remain strong but will be tempered by the limited supply of homes, higher sales prices, and rising interest rates, with the Federal Reserve planning multiple rate hikes in the new year. Rising prices are expected to slow as a result, but affordability will likely remain a top constraint for some homebuyers.
Data as of January 20, 2022. All data from New Jersey MLS and Hudson County MLS. Margin of error for reported statewide numbers is +/- 4% at a 95% confidence level. Provided by New Jersey REALTORS®.
Click Here for the full showingTime report for the month of December 2021
About Greater Bergen REALTORS®
Greater Bergen REALTORS® is a not-for-profit trade organization that serves more than 8,800 REALTOR® members throughout Bergen, Hudson, and Passaic Counties in New Jersey. We empower the success of those we serve by focusing on Connections, Advocacy, Resources, and Education. As the leading voice of real estate in Northern New Jersey, we advocate to protect private property and home-ownership rights.
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