As the summer sun begins to fade and pumpkin-spice season rolls in, it’s a good time to take a look at the real estate market in Northwest Bergen County. If you’ve been house hunting —or even just casually scrolling through real estate listings—you’ve probably noticed the market here is as dynamic as ever. Let’s dive into what’s been shaking things up in these desirable suburban hotspots (including Ridgewood NJ)!
Sellers, It’s Still Your Market—But Buyers Are Watching Closely
If you’ve got a home to sell, congratulations—you’re still in control! Inventory is tight across all our favorite towns, and that’s keeping prices strong. In places like Glen Rock, Ridgewood, and Ho-Ho-Kus, buyers are on the hunt, but they’re not finding a lot of options. Homes that are priced right and ready for someone to move into are flying off the market, often in just a few short weeks.
That said, buyers are getting a little pickier as mortgage rates have risen, so sellers can’t just sit back and expect a bidding war. If your house is showing its age or needs work, pricing it correctly is more important than ever!
City Folk Still Flocking to the ‘Burbs
Despite higher mortgage rates (around 7%, yikes!), buyer interest hasn’t waned. Many are still eyeing these charming, family-friendly towns for their top-rated schools, easy NYC access, and overall community vibes. Towns like Ridgewood, Wyckoff, and Allendale have seen a steady stream of families looking for that perfect blend of suburban peace and quick commutes.
Oakland and Mahwah have also been popular, offering that small-town feel with plenty of nature nearby. For those looking to stretch their legs and live surrounded by parks and greenery, these towns have been top contenders.
Prices Holding Strong (Sorry, Bargain Hunters)
If you’ve been waiting for prices to drop—well, it hasn’t happened. Prices across the board in Northwest Bergen County remain high, thanks to low inventory and persistent demand. In places like Franklin Lakes and Saddle River, homes with larger lots and privacy are still getting attention, though the luxury market has slowed slightly.
Homes in towns like Waldwick, Midland Park, and Ramsey—known for their more affordable options compared to their neighbors—are seeing steady competition. Buyers, especially those with growing families, love the cozy feel of these smaller towns, where every street seems to lead to a park, a friendly neighbor, or a local coffee shop.
Mortgage Rates: A Balancing Act
Mortgage rates have been one of the most talked-about factors in 2024, with rates hovering around 7%. This is a significant shift from the ultra-low rates of just a few years ago, and it has understandably impacted buyer behavior. Many buyers are more cautious now, adjusting their budgets to accommodate higher borrowing costs.
For sellers, this means pricing your home appropriately is more important than ever. Overpriced homes are sitting on the market longer, while well-priced homes—especially those that don’t require significant renovations—are still selling quickly.
The Quick-Sell Formula: Move-in Ready Homes
What’s selling the fastest? The answer is simple: move-in ready homes. If your house has a modern kitchen, updated bathrooms, or a freshly manicured yard, buyers are ready to pounce. Towns like Ridgewood, Wyckoff, and Glen Rock are especially competitive when it comes to properties that don’t need a lot of work.
In contrast, homes that need some TLC are taking a little longer to sell, especially if they’re priced too high. Buyers are savvy and selective—especially when every dollar counts.
Town-by-Town Highlights:
- Ridgewood: The lively downtown, easy commute, and stellar schools make Ridgewood a buyer’s dream. Homes under $1.5 million are hot commodities.
- Glen Rock: Strong demand, especially for family homes near downtown and public transit. Buyers are competing for updated, move-in-ready homes in this well-connected town.
- Ho-Ho-Kus: A small, quiet town that continues to attract buyers seeking a peaceful community with top-rated schools. Homes are selling quickly, especially if they’re priced well.
- Saddle River & Upper Saddle River: Known for their luxurious estates, the market here has slowed a bit for homes priced over $2 million. That said, properties in the $1-1.5 million range are still moving at a very good pace.
- Allendale: Buyers love Allendale for its charming downtown and tight-knit community. Homes are selling steadily, particularly those in the $800K-$1.2M range.
- Wyckoff: Still a suburban superstar. Families flock here for its larger lots, peaceful streets, and strong schools. Homes under $1.5 million are selling fast, especially those that are updated and move-in ready.
- Franklin Lakes: Known for its high-end homes, the luxury market has cooled slightly, but mid-range homes are still moving. Privacy and space are big draws here.
- Ramsey: With excellent commuter options, Ramsey continues to attract buyers. Homes in the mid-range are moving quickly, especially those located near transit and local amenities.
- Waldwick: More affordable than its neighbors, Waldwick is increasingly popular with first-time buyers and families. Homes here are moving fast, with many under contract in just a week.
- Midland Park: This quiet, small town offers an affordable entry point into the region, making it popular among buyers looking for value without sacrificing location.
- Mahwah: With its abundant green spaces and variety of home options, Mahwah continues to attract families and nature lovers alike. Larger homes with more land are particularly popular here.
- Oakland: A nature-lover’s dream, Oakland offers more affordable homes with access to plenty of outdoor activities. Properties here are catching the eye of buyers who want suburban life with a side of adventure.
Looking Ahead: Fall 2024
As we transition into the fall season, the Northwest Bergen County market is expected to remain competitive, especially in towns with strong school systems and easy access to New York City. The ongoing inventory shortage should keep prices stable, though buyer caution due to mortgage rates will likely lead to a more balanced market.
For sellers, it’s still a great time to list, especially if your home is updated and move-in ready. Pricing your property correctly from the start will be key to securing a quick sale in this environment.
Buyers should stay vigilant and ready to act, while sellers can capitalize on ongoing demand by presenting their homes well and pricing strategically. Working with a knowledgeable local agent and staying flexible will help you navigate this competitive market.
The bottom line? Northwest Bergen County continues to be a prime destination for buyers seeking a mix of suburban charm, top-tier schools, and outdoor spaces. Whether you’re eyeing a move-in-ready gem in Ridgewood NJ or a peaceful retreat in Franklin Lakes, this market is still buzzing—just a little more thoughtfully than before.
Whether you’re looking to buy, sell, or just keep an eye on things, having a local expert on your side can make all the difference.
For more information, the latest market insights and advice, don’t hesitate to reach out. We’re here to help!
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