For the statistics of housing for this quarter, I dare say that the “same old” is happening. As it started in COVID, when people were literally migrating from the city to the greener suburbs, our area became hot. With low inventory of sales and the desire for privacy, land and space became the coveted commodity; home ownership is at its prime. The extra benefit we all enjoy is the proximity to the city for those who still want and need the metropolitan area in reach for a variety of reasons: occupation, entertainment or whatever the case may be.

So, as you can imagine, there are still lines around the corner at an open house. Typically, houses are sold after the first open house and offers are coming in fast and strong. As a realtor, I just brought in an offer, and the accepted amount by the owner was over $50,000 from the asking price as the winning bid. Even the appraisals are now reflecting increased values, and the fear of waiving appraisal results are not as distasteful anymore. The scenario is perpetuated and real estate is overall strong in our locale.

The monthly snapshot indicates that nationally, sales were up 9.3% year to year, driven by purchases of homes priced $500,00 and above. Although closed properties were down by 5.4%, please note the one-year change in median sales price of all properties is up 17.1%.

With Passover on its way, which is a costly holiday to absorb, let’s focus on the price of homes. Specifically, in this past month, Teaneck’s monthly comparison from 2024 to 2025 tells the story. Results were calculated from 80 listings and the average price of homes in January 2025 was $719,539, down 19.9% from January 2024 at $898,654, while February increased from $675,184 to $696,927. In contrast, in Bergenfield, homes rose 16.5% from 2024 at $582,600 to $678,500 in January comparison, whereas the average closed price in February was down from $1,008.379 to $677,800, down 31% compared to New Milford, which enjoyed an increase both in January and February—$586,517 in January up 2.7% and February $601,667 increased 25.6% to $755,667 on closed average prices. The area in Englewood in January rose a whopping 190.4% from average closed price in January from $585,000 to $1,698,639, up 190.4%.

Just a note of caution. Prices of houses are reaping around 100% of the list price. Statistics show that in our locale of Bergenfield, Englewood, New Milford and Teaneck, houses in 2024 were sold 104.1% in comparison to the sales price in January while February showed slightly lower but at the 100.0% mark.

Hope this is all helpful. Real estate is cyclical and activity and trends fluctuate.

Seems daunting?? As I always caution this could be good news or bad news, depending whether you are the buyer or seller.

Wishing you all a Happy Purim! and praying for the safety of Israel and the release of all the hostages.

And, whatever the highs and lows in life, our hearts, thoughts and prayers are with Israel always! Am Yisrael Chai!