West Bergen NJ Real Estate Market Insights: October 2024
The West Bergen New Jersey real estate market is experiencing a dynamic shift, with notable improvements across key metrics compared to the same period last year.
Here’s a breakdown of the highlights and trends. All data is for October 2024 comparing the month to October 2023.
The data reveals a robust and competitive housing environment in this vibrant Jersey City neighborhood.
Key Highlights:
- Sales Surge: Total sales increased by 25%, reflecting growing buyer interest in the area.
- Prices Climb: The average sold price jumped by an impressive 25.5%, reaching $535,000. Median prices also rose by 14.3%, showcasing steady demand across various property types.
- Faster Turnarounds: Homes are selling faster, with the average Days on Market (DOM) dropping by 55%, from 67 days in October 2023 to just 30 days in 2024.
- Strong Buyer Confidence: Sellers achieved an average of 99% of their asking price, reinforcing the competitive nature of the market.
West Bergen Real Estate Market Has Been Expanding
Although there is not a lot of deals compared to other New Jersey real estate markets, West Bergen market has been growing.
Pretty much all main KPIs are up. Overall DOM is down which is great sign for sellers and not so great for buyers (since there is increased demand).
All data is Oct 2024 VS Oct 2023.
| Metric | Overall | Houses | Condos/Co-ops/Townhouses |
|---|
| Average DOM | 30 (↓55%) | 26 (↓71%) | 37 (↓14%) |
| % of Asking Price | 99% (↓5%) | 98% (↓9%) | 101% (↑1%) |
| Average Sold Price | $535,000 (↑25.5%) | $588,333 (↑32%) | $455,000 (↑12%) |
| # of Sales | 5 (↑25%) | 3 (↑50%) | 2 (0%) |
| # of Contracts | 10 (↑100%) | 2 (↑100%) | 8 (↑100%) |
| New Listings | 15 (↑88%) | 6 (↑50%) | 9 (↑125%) |
Source of data is HudsonMLS. Notes for the table:
- DOM: Days on Market
- % of Asking Price: Final sale price as a percentage of the listing price
- Contracts: Number of properties under contract
- New Listings: Number of properties newly listed for sale during the period
Breakdown by Property Type
West Bergen NJ Houses:
- Higher Prices: Average sold prices for houses rose significantly by 32%, reaching $588,333.
- Faster Sales: The average DOM for houses dropped dramatically by 71%, from 91 days to 26 days.
- Increased Activity: The number of house sales climbed by 50%, and new listings rose by 50%, indicating a healthy balance between supply and demand.
Condos/Co-ops/Townhouses:
- Modest Price Growth: Condos and similar properties saw a 12% increase in average sold price, now at $455,000.
- Steady Sales: The number of sales remained consistent year-over-year, but new listings surged by 125%, potentially offering more choices for buyers.
- Quick Turnovers: Condos experienced a slight improvement in DOM, down by 14% from 43 days to 37 days.
What Does This Mean for Buyers and Sellers?
The West Bergen NJ real estate market is increasingly competitive, with rising prices and faster sales suggesting a strong seller’s market.
Buyers need to act swiftly and come prepared to negotiate effectively, especially as sellers continue to receive nearly full asking prices.
Meanwhile, sellers can benefit from the upward pricing trend and heightened demand, ensuring their properties attract serious offers.
Thoughts on West Bergen, New Jersey RE Market
With contracts for both houses and condos doubling compared to last year, the West Bergen market is poised for continued growth as we move into the final months of 2024.
New listings are keeping pace with demand, but the reduction in DOM hints at an urgent and thriving market.
Whether you’re a buyer, seller, or investor, these insights underscore the opportunities in West Bergen’s real estate sector.
Stay informed and work with local real estate experts to make the most of these evolving trends.