Bergen County Home Prices Are Improving But Are Still 18% Lower Compared to 2007

FNC – 6 Year Residential Price Index (2007 vs 2013)

The limited inventory and  strong demand for housing has created an environment where bidding wars are again more commonplace . Bergen County homes that are  priced properly to today’s marketplace, are getting  offers within a short time of coming to market and at times even, multiple offers.

While home prices in Bergen County and towns such as Tenafly are still about 18% behind the 2007 prices, prices in other parts of the country are still behind the 2007 levels to much higher degrees.

Bergen County Average Sold Prices 2007-2013 -18%

This new reality of limited inventory is forcing buyers to change their mindset if they want to make sure and get the house of their choice.

While in the recent 5 years buyers could find another home easily for probably less money and, a lower mortgage rate.. in today’s market if the buyers lose the houses they are bidding on, there is no guarantee they will find a similar home anytime soon. Buyers that realize the new reality are “upping the ante” to secure their deals.

You can view the latest Tenafly listings as well as listings in other Bergen County Towns on Anateisenberg.com.