December 2023 Housing Market Update
The Bergen County housing market showed signs of cooling in November 2023, as median sales prices dipped slightly. While properties are sitting longer due to higher interest rates there was significantly less new inventory hitting the market. However, it remains a strong seller's market.
Expect to see a stronger December and get ready for an intense 2024. If you are looking to buy, don't take a break during the holidays, keep up your search. If you were thinking about selling, get your home ready for 2024!
Median sales price: $625,000 (down from $633,000 in October) however it’s important to remember the properties that sold in November when under contract in September and October. I expect to see a decline in home prices when they close at the end of December and early January.
Percentage of homes sold above asking price: 75% (down from 80% in October) once again expect to see this to continue to fall as we get the sale date at the end of the year
We had SIGNIFICANTLY fewer NEW listings with the weeks of Election Day and Thanksgiving showing noticeable slumps
Inventory has been sitting a little longer with a total of 4,200 (up from 3,800 in October) residential listings, this includes single-family homes, multi-family homes, condos, and co-ops.
While rare, I expect to see more activity in December than we saw in November. Mainly because of declining interest rates.
Buyers, if you can find a home you love and get under contract this month you will be ahead of the game.
Sellers get ready to list in 2024