Bergen and Passaic Counties
Market Comparison
Bergen & Passaic Counties Housing Market Report
August 2024 Market Analysis
Bergen County – Single Family Homes
The Bergen County housing market showed signs of tightening inventory in August 2024, with some key changes from the previous year:
Inventory Constraints: Available homes dropped significantly by 15.9% to 976 units (down from 1,161)
Market Speed: Properties sold faster with Days on Market decreasing 10.7% to 25 days
– Pricing Remains Stable:
– Median price slightly decreased by 0.3% to $780,000
– Sellers received 105.2% of list price, up 1.6% from 2023
– Activity Levels:
– New listings declined 2.7% to 531
– Closed sales dipped slightly by 1.4% to 569
– Supply: Months of inventory reduced to 2.3 months, down 11.5%
Passaic County – Single Family Homes
Passaic County displayed different trends, with notable shifts:
– Increased Inventory Flow: New listings rose 13.1% to 259
– Extended Selling Time: Days on Market increased significantly by 38.7% to 43 days
– Price Appreciation:
– Median price grew 2.8% to $550,000
– Sellers received 105.9% of list price, a slight 0.3% increase
– Market Activity:
– Closed sales decreased by 6.0% to 202
– Inventory Levels:
– Available homes decreased 8.7% to 409
– Months of supply slightly decreased to 2.4 months, down 7.7%
Market Comparison
Both counties show signs of a competitive market with:
– Above-asking price sales (105%+ in both markets)
– Limited inventory (less than 3 months in both areas)
– Different price points ($780K in Bergen vs $550K in Passaic)
Key differences:
– Bergen is seeing faster sales despite lower new listings
– Passaic has more new inventory but longer selling times
– Passaic showed price appreciation while Bergen remained stable