There will be a lot of data in this week’s chart encompassing roughly two years of statistics. For those who are always analyzing our local housing market, the most carefully watched figure is the number of units for sale at any given time. As long as these numbers remain low, the price of a home in Teaneck, Bergenfield or New Milford will stay strong. As we all know by now, this scarcity of inventory has had the effect of creating a strong rental market with many young buyers waiting on the sidelines.

We have looked back almost two years at the number of homes for sale on the market. There is clearly a sustained, over six months straight and running, higher supply of homes as opposed to the lowest lows that began in February of 2023 and continued until the spring market of this year. Since June of 2024 there is a clear elevation of inventory and most importantly, it appears to be holding steady. Prices are still strong but ticking ever so slightly down. The next few months will be key to watch as changes in the interest rate are expected, hopefully bringing new buyers and sellers to the market.

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.