March 2024 Market Update

According to Core Logic New Jerseysaw a 11.3% increase in sale price in 2023.  In the last 90 days Bergen County had -26% closed sales, -33% homes going under contract and -25% active listings.  What is surprising is that the average days on market (DOM) increased by 7%. 

Typically we see an uptick in inventory in late March and April which experts predict is when we will also see rates start declining again.