As the page turns on the calendar and we look ahead to 2025, it’s time for our annual, and fast becoming one of our favorite, traditions of predicting what lies ahead for the Teaneck, New Milford and Bergenfield real estate market. While some of my past forecasts have been spot-on (and others … not so much), the lessons from each year provide valuable insights into what we might expect in the next cycle.

With respect to certain trends written about on these pages, my prediction that many retired citizens in our community would be fleeing en masse to warmer climates, whether south or east, has not materialized in any significant way. To be sure, there are many among this cohort actively thinking about selling and setting up permanent residence somewhere else, but if anything, my prediction has almost folded back on itself. More and more retirees are looking to make Bergen County their new place to call home at an almost equal pace to those who, after many decades raising their families here, prepare to leave. The WSJ recently published an article highlighting this phenomenon of “chasing down the grandkids” as a national trend but in this regard I think our community would be considered a pioneer.

So if this large demographic is largely staying put for the time being, what else is there to talk about? This leads us to the only other topic that is really worth discussing which will have a large impact on the housing market and that, of course, is the interest rate. Oddly enough this conversation is almost completely stalled at the moment. Will it; won’t it? Predicting what The Fed will do with interest rates and what influence our new president will have on swaying the direction that the rates go are truly anyone’s guess at this point. It was considered accepted wisdom by anyone who was asked, that rates would be coming down in 2025.

One of my buyers who went into contract right around Election Day was convinced he should delay the closing as surely interest rates could only be heading in one direction, that being down. Sure enough it’s now seven weeks later and rates, despite everyone’s better judgement, are up! It’s truly anyone’s guess at this point and making a prediction would be akin to betting on red at a Las Vegas roulette table.

So let’s wrap up 2024 and make my prediction for the coming year. The market is going to be rock solid this year, and by that I mean truly like a rock which does not move. Interest rates most likely will not move, retirees will not move, home prices will stay very strong and not move, and, lastly, buyer demand will remain ever-high and not move.

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.