At this time last year the average price for a home listed on the market in Teaneck, Bergenfield and New Milford was $723,000. In fact, prices for homes in this area were hovering around that mid $700k range for most of the prior year going back to at least January of 2022. Upon arrival of the spring market of ‘23 an incredible spike in prices occurred and towards the last days in March the average price of a home reached an all time high of $913,000. Prices relented only slightly this past summer into the upper 8s and then, low and behold, when I ran the current statistics, the average price for a home on this last day of October (31) in our area was $954,000.
Most of the people I speak with believe that home prices have hit a ceiling for now with not much room for prices to go any higher. This view is corroborated by a recent article in the WSJ emphasizing that for the first time in many years it is now cheaper to rent a home than to buy. It has always been thought that favorable rental prices would help keep sale prices in check as buyers pivot torental options if the price of a home becomes too expensive. As accurate as the Journal may be, if one is not looking to rent an apartment and is determined to buy, there is little for sale. The potential inventory of houses available in Bergen County are overwhelmingly owner-occupied with only the exceptions being kept as rental homes. As the end of the year draws near, we will keep a close eye on listing inventory as well as home prices to gauge whether the market remains on a pricing plateau or, perhaps, heads in a new direction altogether.
Nechama Polak is the Broker of Record and Owner of V&N Group LLC located at 1401 Palisade Avenue in Teaneck, New Jersey. Send your thoughts and comments to [email protected] or call 201 826 8809