Are Bergen County Luxury Homes For Sale Beginning to Surge??

Is Bergen County Luxury Housing Market Beginning to Surge?

According to The National Association of Realtors(NAR) in their last Existing Home Sales Report  national sales of homes over $1 million dollars in the country increased 44.1% over the same period last year. While this is a national trend the Bergen County Luxury Housing Market has not performed as well still.

In an article published last week in the WSJ it was reported that based on an analysis of mortgages in that sector.

Here is what they found;

• Homes for sales using  jumbo mortgages had year-over-year increase of 7.9% through September, compared with 2.7% for non-jumbo sales
• Homes that sold in major metro areas with  loans of $1 million or more were up close to 28% through September compared with the same period last year. Similar sales with loans of less than $1 million rose 8.5%.

It seems that the luxury market is coming back but it may take longer to in Bergen county.