Fourth Quarter 2019: Real Estate Market Report – Bergen County, New Jersey

 

The Bergen County housing market finished the year with a solid increase in activity and modest rise in pricing. Single-family home sales were up over 4% from the fourth quarter of last year and finished the 2019 year up almost 3%. Moreover, single-family pricing was generally up, rising over 3% on average and 1% at the median for the quarter, and finishing the 2019 year up modestly. The condo market was more mixed, with prices down even while sales were up about 1% for the quarter and the year. Note, though, that condo prices in the fourth quarter of 2018 spiked dramatically, rising over 15% to an all-time high. So the baseline makes the price decrease a little misleading. In comparison, the average condo price is up over 11% from the fourth quarter of 2017, so the overall longer-term trend is solidly robust. Going forward, we believe that Bergen is set up for meaningful sales and price growth in 2020, with prices still lower than the height of the market, interest rates near historic lows, and a growing economy.

 

Posted on January 13, 2020 at 3:35 pm
Adam DiFrancesco | Category: In the News, New Jersey, Quarter Market Report

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