Saddle Brook, NJ – July 5, 2023 – During the month of May, the housing market in Bergen County, NJ has continued to impact homebuyer affordability. As we head into a hot summer, economists are predicting the market will continue to cool, affecting both buyers and sellers.
According to the National Association of REALTORS® (NAR), existing home sales continue to decline for the second consecutive month falling 3.4% nationwide, with sales down 23% from a year ago and contract sales down 20.3%.
Two key contributing factors in the cooling trend in Bergen County are interest rates and inventory. As interest rates continue to fluctuate, it has been a challenge for most potential buyers to make the ultimate purchasing decision, though some have found opportunity in declining sales prices, which are down 1.7% nationally.
New listings have declined to 30.7% this month, as many homeowners are refraining from listing and selling until market conditions improve. Inventory remains a regional issue, largely contributing to lower-than-average home sales this spring season. NAR states that there is a 2.9 months’ supply of homes in the month of May, and homes that are available are selling in just over three weeks’ time.
Greater Bergen REALTORS® 2023 Vice President, Nicola Esposito encourages, “It is important to practice patience in this market. Continue to build relationships with industry professionals who can help you through times of change, especially low inventory. Become well-versed in all areas, so that you can be the REALTOR® who helps their client through these market changes.”
Highlights from May 2023 Report:
- Single Family Closed Sales decreased 25.4 percent to 431.
- Townhouse-Condo Closed Sales decreased 18.5 percent to 194.
- Adult Communities Closed Sales increased 233.3 percent to 10.
- Single Family Median Sales Price was up 7.7 percent to $700,000.
- Townhouse-Condo Median Sales Price was up 0.4 percent to $426,707.
- Adult Communities Median Sales Price was up 40.5 percent to $487,500.
Click Here for the full ShowingTime report for the month of May 2023.
Data as of June 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.
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.
###