Ready for the warm summer months and looking forward to some freedoms the summer season has to offer? Now that Pesach has lapsed, with the counting of the Omer and the floral Shavuot holiday behind us, we reflect on the timely memorial and celebration of our heritage with intense days ranging from Yom HaShoah to Yom Hazikaron, Yom Ha’Atzmaut to Yom Yerushalayim. Perhaps at this time we might be interested in assessing the current real estate market to make prudent decisions in life’s planning.

I question, as Bob Dylan sang, The Times They Are A-Changin’? Perhaps when it comes to housing, the concept of ‘change’ is always on the horizon for consideration. Let’s review whether the market is turning the corner somewhat with a minimal shift from a seller’s market to a buyer’s market in comparison to past recent market trends.

U.S. existing home sales decreased 5.9% with a reflection of affordability challenges along with economic uncertainty weighing on market activity. The good news is, depending on whether you are the buyer or seller, the housing inventory increased 8.1%, augmenting supply at the current sales pace according to the National Association of Realtors. However, although inventory is up nearly 20%, home prices continued to escalate and the national median existing home pricing climbed 2.7%.

While the housing market can be unpredictable at times, local markets are still favoring the sellers with low inventory, competitive offers and hasty sales with housing barely lingering on the market too long for sale. Yes, mortgage rates are strong yet buyers realize it could be worse — in the double digits as it was during the ’80s — and are choosing not to be deterred with the determination to adjust their housing budget for purchase accordingly. Buyers are plowing ahead to achieve their housing goals and dreams in spite of the challenges. On a national scale as well, homes are selling quickly. However, inventory has been slightly growing due to the fact that more listings are staying on the market longer. The current trend shows that the real estate market nationally is heading into more neutral territory, balancing the buyers’ and sellers’ advantages, which might be good or bad news for all.

In this article, I’d like to focus on the statistics reported by our NJMLS to compare asking listing price to selling price in our locale. That tells a story on the market strength that should be helpful in making your real estate decisions. It has already been a stretch when houses reap less than the asking price, indicating a strong seller’s market. In previous times, when houses achieved under asking, it was the norm while staying on the market for sale for an extended period of time. That tide has changed and overall houses are reaping over asking with competitive offers and at the very least, sellers achieving the asking price.

Let’s review the median list price sold compared to the final closed price in our locale. In Teaneck, in January 2005, prices had a slight decrease from median list price of $689,000 to $680,000 along with a history of 2024 slight increase over median asking price from $639,000 to $640,000, a slight increase from the listing price. In contrast, the town of Englewood boasted in January a list price increase of $689,888 to a sold closed median price of $795,000 with an increase of over $100,000 higher purchase price in comparison to the asking price. For New Milford, in 2005 and previous years, prices had slight increases with 2025 from $675,000-$700,000 and $659, 000 to $670,000 in 2024. Interestingly, in Bergenfield, sold median prices compared to asking list price hovered with slight decreases in January with a median list price of $635,000 to a sold closed median price of $603,500, and in 2024, a slight decrease of $584,500 median asking to $580,000. Where is this pattern going for the future?

Hoping this information gives further insight into market activity for you. However, it is an important premise to recognize that the best time to buy a home is when it is right for you and your family. Real estate is not a science and market predictions could be unpredictable.

With all current, factual variables considered, real estate is cyclical with waves of buyer and seller markets that are hot. As an example, consumers were convinced that mortgage rates would drop once President Trump was in office, convinced the right time to buy was after the election. Those convinced needlessly waited for mortgages to drop after the election yet no miracle was on the horizon after all. The market remained pretty much status quo and only time was needlessly lost in pursuing the dream of home ownership or plans for housing changes which were delayed.

Remember, home is where the heart is … so go for it!

Praying for the release of all the hostages! Am Yisrael Chai!

Ruby Kaplan is a licensed realtor both New Jersey and New York, “Decades of Experience”

“Quarter Century Award Recipient” with dedication, knowledge and success over many years.

Buying or selling? Call Ruby and Bobby Team/KW Town Life, (917) 576-4177; rubykaplan@aol.com; rubykaplan.kw.com for home searches. Your Housing Needs Are Our Priority.