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North Jersey’s Bergen County homes losing the least value

 

Bergen County saw a mild decrease last year in value of only 1.9% while Passaic County saw a slump of 9.1% .

Interactive Map: Sales and median prices in your town

Bergen County homes median value was at $412,000 according to sales data provided by The Record. Home values decreased since the peak years of 2006/2007 by 15-20% in the region.

Other counties in the state such as Passaic County face a harsher reality and bigger drops in values owing to the higher rates of foreclosures and unemployment in the lower income areas, and due to stricter mortgage requirements.

Bergen County with its proximity to Manhattan and top rated school systems still attract many buyers. The primary housing market in towns such as Old Tappan, Tenafly, Cresskill either kept the values or decreased to a lesser degree than the secondary market that is more vulnerable   to layoffs.

Pounded at the low end

Homes in lower-priced areas of North Jersey have been hit hardest by the real estate slide.

Market segment during boom Median price 2005-07 2010 median Percent change
Less than $350,000 $328,000 $228,500 -30.3
$350,000-$450,000 $400,000 $320,000 -20.0
$450,000-$550,000 $495,000 $425,000 -14.1
$550,000-$650,000 $590,000 $510,000 -13.6
$650,000-$750,000 $705,000 $649,000 -7.9
$750,000 or more $940,000 $780,000 -17.0

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