Are Bergen County Home Sales On The Way to Pre – Recession Levels?

Demand for Homes is Growing in Tenafly – 24 Linden Place  Offered at $1,499,000

Purchase demand has expanded in Bergen County and New Jersey by an astounding 58% over the last two years. The “Buy Now Pay Less” mood among home buyers has created a sense of urgency that is reflected in the reduced number of days on market it takes for homes to sell and the increase in total number and dollars of homes sold.

If this demand, that is fueled by low interest and low inventory is to continue we may as well see demand going to pre recession levels last seen in 2006.

Bergen county is one of the three counties in the state with the strongest demands & with unsold inventory equivalent to 4.2 months of sales. Most of the rest of state has inventory levels equivalent to 8-12 months of sales.

The higher affordability of homes compared to the pre recession values is what’s driving the sense of urgency with buyers.