Saddle Brook, NJ –March 9, 2023 – In the new year, the housing market in Bergen County, NJ seems to be promising a positive change for today’s buyer. For most sellers, the current market remains a waiting game, while average sales continue to slow.
According to the National Association of REALTORS® (NAR), national pending sales rose 2.5% month-to-month, marking the first increase since May, while existing home sales fell 1.5%.
As of last measure, the average home now spends 26 days on market, giving prospective buyers the advantage when shopping for a home. Though home sales are down 17.8% overall compared to 2021 and prices remain high, there is a silver lining for those who have been nudged out of buying lately. Those who have been hesitant to purchase a home this past year due to unusually high mortgage rates, have now seen rates drop steadily through January, falling to their lowest margin since September 2022.
“It is important for buyers to feel confident in their purchasing power” says Greater Bergen REALTORS® 2023 Treasurer, Janet Ginsberg, “We are seeing mortgage rates decline at a rate that predicts a better market for buyers in the coming months. A good REALTOR knows that keeping up with real estate market trends is integral to helping their client find their home.”
Bergen County has seen a surge in mortgage demand this month alone, allowing for affordability to become feasible again for the average buyer. As we head into the spring season, economists predict an uptick in the housing market.
Highlights from January 2023 Report:
- Single Family Closed Sales decreased 44.6 percent to 292.
- Townhouse-Condo Closed Sales decreased 38.0 percent to 129.
- Adult Communities Closed Sales increased 25.0 percent to 5.
- Single Family Median Sales Price was up 0.5 percent to $590,000.
- Townhouse-Condo Median Sales Price was up 1.3 percent to $380,000.
- Adult Communities Median Sales Price was up 4.1 percent to $345,000.
Data as of February 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 January 2023
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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