Feb 2024 - Bergen County Market Report

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TM

BERGEN COUNTY NEW J E R S E Y www.LuxuryHomeMarketing.com

2024

BERGEN COUNTY

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | JANUARY 2024 Inventory

Sales

Luxury Benchmark Price 1: $1,335,000 $10,000,000+ $8,000,000 - $9,999,999

$5,000,000 - $5,999,999

$3,000,000 - $3,499,999 $2,500,000 - $2,999,999

0

26

1 11

0

11

2

20

2

33

4

$1,800,000 - $1,999,999

25

4

9

2

$1,600,000 - $1,699,999

9 8

$1,500,000 - $1,599,999 $1,400,000 - $1,499,999 $1,335,000 - $1,399,999

1

Total Sales Ratio2: 20%

16

$2,000,000 - $2,499,999

$1,700,000 - $1,799,999

Balanced Market

9

1

$4,000,000 - $4,999,999 $3,500,000 - $3,999,999

Total Sales: 41

5

0

$6,000,000 - $7,999,999

Total Inventory: 209

7

0

10

10 9

2 4

10

Beds3

Price

DOM

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0-3 Bedrooms

$1,800,000

121

4

1

4

25%

4 Bedrooms

$1,542,500

16

4

8

30

27%

5 Bedrooms

$1,599,999

27

5

15

68

22%

6 Bedrooms

$1,830,000

50

6

13

63

21%

7 Bedrooms

$3,300,000

25

9

3

30

10%

8+ Bedrooms

$2,800,000

7

6

1

14

7%

The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.

BERGEN COUNTY

SINGLE - FAMILY HOMES

13 - MONTH LUXURY MARKET TREND 4 Median Sales Price

Inventory

Solds

$2,195,000 $1,850,000

$1,689,000

241

216

214

$1,625,000

$1,665,000

252

239

200

$1,790,000

35

31

44

46

56

Jan-23

Feb-23

Mar-23

Apr-23

May-23

$1,650,000

$1,700,000

253

247

95

Jun-23

Aug-23

$1,705,000

$1,640,000

252

97

79

Jul-23

$1,862,500

237

218

$1,738,000

$1,625,000

209

186

50

48

38

49

41

Sep-23

Oct-23

Nov-23

Dec-23

Jan-24

MEDIAN DATA REVIEW | JANUARY TOTAL INVENTORY Jan. 2023

Jan. 2024

214

TOTAL SOLDS Jan. 2023

Jan. 2024

209 VARIANCE: -2 %

41 VARIANCE: 17 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

Jan. 2023

35

Jan. 2024

Jan. 2023

N/A VARIANCE: N/A

98.71%

N/A

SALES PRICE

Jan. 2024

97.12% VARIANCE: -2 %

Jan. 2023

Jan. 2024

1.69m

$

$

1.63m VARIANCE: -4 %

DAYS ON MARKET Jan. 2023

Jan. 2024

29

30 VARIANCE: 3 %

BERGEN COUNTY MARKET SUMMARY | JANUARY 2024 • The Bergen County single-family luxury market is a Balanced Market with a 20% Sales Ratio.

• Homes sold for a median of 97.12% of list price in January 2024.

• The most active price band is $1,500,000-$1,599,999, where the sales ratio is 125%.

• The median luxury sales price for single-family homes is $1,625,000.

• The median days on market for January 2024 was 30 days, up from 29 in January 2023.

Square foot table does not account for listings and solds where square foot data is not disclosed.

4 Data reported includes Active and Sold properties and does not include Pending properties.

3

BERGEN COUNTY

ATTACHED HOMES

LUXURY INVENTORY VS. SALES | JANUARY 2024 Inventory

Sales

Luxury Benchmark Price 1: $900,000 $2,500,000+ $2,000,000 - $2,499,999 $1,800,000 - $1,999,999 $1,600,000 - $1,799,999

$1,300,000 - $1,399,999

2

0

Total Inventory: 105 Total Sales: 22

3

0

Total Sales Ratio2: 21%

4

1

7

0

10

0

$1,250,000 - $1,299,999

13

3

$1,200,000 - $1,249,999

4

1

$1,150,000 - $1,199,999 $1,100,000 - $1,149,999

11

5

12

0

$1,050,000 - $1,099,999

$1,000,000 - $1,049,999

Seller's Market

6

0

$1,500,000 - $1,599,999 $1,400,000 - $1,499,999

8

0

5

3 4

0

$950,000 - $999,999 $900,000 - $949,999

1

13

7 2

3

Beds3

Price

DOM

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0-1 Bedrooms

NA

NA

NA

0

0

NA

2 Bedrooms

NA

NA

NA

0

2

0%

3 Bedrooms

$1,050,000

32

4

20

82

24%

4 Bedrooms

$1,325,000

110

5

2

21

10%

5 Bedrooms

NA

NA

NA

0

0

NA

6+ Bedrooms

NA

NA

NA

0

0

NA

The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.

BERGEN COUNTY

ATTACHED HOMES

13 - MONTH LUXURY MARKET TREND 4 Sale Price

$1,173,630

$1,123,314

$1,128,718

$1,054,122

155

154

131

122

119

$1,085,407

Inventory

$1,100,000

$1,105,500

149

157

$1,146,994

159

Solds

$1,142,525

$1,115,500

$1,135,738

140

146

138

$1,150,000

$1,067,500

105

95

25

22

26

22

31

31

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Jun-23

42

37

43

Jul-23

Aug-23

Sep-23

30

20

18

22

Oct-23

Nov-23

Dec-23

Jan-24

MEDIAN DATA REVIEW | JANUARY TOTAL INVENTORY Jan. 2023

Jan. 2024

119

TOTAL SOLDS Jan. 2023

Jan. 2024

105 VARIANCE: -12 %

22 VARIANCE: -12 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

Jan. 2023

Jan. 2024

N/A

N/A VARIANCE: N/A

25

Jan. 2023

Jan. 2024

98.28% 96.03% VARIANCE: -2 %

SALES PRICE Jan. 2023

Jan. 2024

1.17m

$

$

1.07m VARIANCE: -9 %

DAYS ON MARKET Jan. 2023

Jan. 2024

13

33 VARIANCE: 154 %

BERGEN COUNTY MARKET SUMMARY | JANUARY 2024 • The Bergen County attached luxury market is a Seller's Market with a 21% Sales Ratio.

• Homes sold for a median of 96.03% of list price in January 2024.

• The most active price band is $900,000-$949,999, where the sales ratio is 67%.

• The median luxury sales price for attached homes is $1,067,500.

• The median days on market for January 2024 was 33 days, up from 13 in January 2023.

Square foot table does not account for listings and solds where square foot data is not disclosed.

4 Data reported includes Active and Sold properties and does not include Pending properties.

3