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Home prices in North Jersey remain steady


$1,175,000 – 44 Fairmount Rd, Ridgewood NJ

Home prices in North Jersey remain steady


* The median cost was $425,000 in Bergen and $265,000 in Passaic

Home prices in North Jersey rose in August, as sales across the United States slowed and sales of luxury homes increased, according to data released by RealtyTrac on Thursday.

For New Jersey, the median price for homes sold in August was $285,000, an increase $13,000 from last month.

Bergen County sales in August remained steady with a median price of $425,000, an increase of $1,000 from the same period last year. Passaic County sales also remained unchanged from July at a median price of $265,000. It was a $3,500 drop from last year.

Nationally, residential properties sold at an annual pace of about 4.5 million in August, down a half a percentage point from July and 16 percent from last year. The decline marks the fourth consecutive month where sales decreased on a year-over-year basis.

Despite the slowing pace, the median price of the properties sold in the U.S. rose 3 percent to $195,000 from July and 15 percent from last year. It is the highest price since August 2008.

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6 thoughts on “Home prices in North Jersey remain steady

  1. NYC prices are flying and Bergen County median sales prices of $425,000 were only up $1,000 year-on-year ?

  2. Anonymous:

    NYC prices are flying and Bergen County median sales prices of $425,000 were only up $1,000 year-on-year ?

    If you want to do comparisons, compare Ridgewood with similar NYC suburbs. You cannot compare with NYC itself. NYC is a truly international market with its own unique set of reasons why its prices are the way they are.

  3. Okay, so Westchester County… median household incomes there rose 7.4% last year, while they fell 2.7% in Bergen County, and realized sales prices there are rising vs. our home sales prices are flat ?

  4. The days of annual double digit returns on housing prices in Bergen County ended in 2007.
    The middle class was wiped out. Not enough buyers for existing homes…

  5. So why do our property taxes keep going up every year ? BOE and VoR should be cutting taxes, not raising them or holding them at zero % increases if the middle class is being hollowed out in Bergen County ? Otherwise we’ll be left with a Village of only millionaires, and elite 1% public sector pensioners earning +$100K risk-free pensions for life… oh, wait…

  6. could be that state & local taxes are too high in Bergen County relative to comparable markets? why pay those taxes unless your kids are getting a top ten public school education? and that’s part of the problem…

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