Saddle Brook, NJ – January 31, 2022 –The 2022 US housing market has inevitably affected homebuyers and sellers alike due to layered inflation, soaring interest rates, and steep sales prices. The National Association of REALTORS® (NAR) noted pending home sales and existing-home sales down month-over-month and falling 37.8% and 35.4% year-over-year.

As we move into 2023, affordability challenges such as higher mortgage rates have diminished purchasing power for many buyers and discouraged prospective sellers. For many who have secured historically low rates, they continue holding out on selling their homes until market conditions improve. This month, Bergen County has seen new listings drop 35.2%, and pending sales drop 38.1%.

Through the end of the year, national shortages in inventory, at 3.3 months as of December, will still likely prevent prices from dropping to an agreeable margin for most prospective buyers. Average sales prices are currently up 3.7%, with economists predicting a continued drop in sales over time. According to NAR economists, buyers will continue to struggle to afford the hundreds of dollars added to monthly mortgage payments in 2023.

Though it is predicted that housing prices will soften in many markets over the coming months, especially in more expensive areas in Bergen County, higher rates will cause most folks to be priced out of the market in the New Year.

“We encourage all members and the public to stay current with Association reports through the next few months, as there is expectation of positive change in the housing market to come.” stated Greater Bergen REALTORS® Chief Executive Officer, Jorge Ledesma. “Buyers and sellers who continue to be patient with the market will find that the best way to move forward is with a trusted REALTOR® who is current with the housing market trends.”

Highlights from December 2022 Report:

• Single Family Closed Sales decreased 31.8 percent to 435
• Townhouse-Condo Closed Sales decreased 42.8 percent to 158
• Adult Communities Closed Sales decreased 50.0 percent to 4

• Single Family Median Sales Price was up 8.1 percent to $627,000
• Townhouse-Condo Median Sales Price was up 6.5 percent to $400,000
• Adult Communities Median Sales Price was up 181.3 percent to $900,000

Data as of January 20, 2023. 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®. Report © 2023 ShowingTime.

Click Here for the full ShowingTime report for the month of December 2022.

About Greater Bergen Realtors®

Greater Bergen REALTORS® is a not-for-profit trade organization that serves more than 8,500 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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