Tips from your Local Real Estate Expert
SANDRA GARCIA, REALTOR® AT CORCORAN INFINITY PROPERTIES IN ALPINE NJ
This month, we’re looking back on a decade that transformed Bergen County’s housing market, from a balanced 2015 landscape to a pandemic frenzy and now steady normalization. I’m Sandra Garcia, Alpine resident, Realtor® at Corcoran Infinity Properties, Real Estate Investor, and your trusted guide to the ever-evolving Bergen County market.
From Balance to Boom and Back Again
In the mid-2010s, Bergen County’s single-family housing market was near equilibrium, steady sales, healthy inventory, and modest price growth. That balance vanished after 2020. Record-low interest rates and remote-work demand unleashed a buying surge. By 2021, yearly home sales had jumped about 17% above pre-pandemic levels, while available listings plunged nearly 70%. At one point, Bergen had barely 900 homes on the market, about one-third of normal levels.
By contrast, 2023 marked a sharp downturn in sales as rates climbed, but prices didn’t fall. Instead, low inventory kept values rising. The median existing home price now hovers near $950,000, and 2.5M for New Homes Built to Sell, roughly 80% higher than in 2019. Entry-level homes under $600K have all but disappeared, replaced by a growing segment of multi-million-dollar listings now representing 27% of the market, up from just 9% pre-pandemic.
2026: Strategic Balance Emerges
As of now, the market shows clear cooling from the frenzy. Homes take two to three weeks to sell, versus just days in prior years, and sale-to-list prices have normalized around 100%. Inventory rebounded 70% from 2023 lows, still tight, but buyers finally have options again, though desirable properties move very quickly. The difference now is realism: sellers must price strategically, buyers are less willing to overbid, and bidding wars are more selective.
The Next Chapter
Looking ahead, expect Bergen County to remain New Jersey’s most resilient, high-value market. Economists forecast home values growing modestly at 2-4% annually, with supply slowly improving through 2026 and beyond. If rates dip to low 6%, restrained demand could boost sales modestly. No crash ahead, low inventory provides a price floor, but also no return to 2021 mania. We’re transitioning from the chaos of post-pandemic bidding wars to a healthier, more predictable pace.
Advice for Sellers: Price strategically at true market value, sharp pricing attracts multiple offers even now. Highlight turnkey condition, as buyers shy from renovations amid rising days-on-market. List earlier than spring; low winter competition gives you an edge.
Advice for Buyers: Move quickly on well-priced homes, they still draw lots of offers. Use longer DOM (60+ days) as negotiation leverage for overpriced listings. Get pre-approved and lock rates early, sellers favor ready buyers in this steady appreciation environment.
I’m Sandra Garcia, your local Bergen County Realtor®, and I’m committed to helping you succeed through every market cycle, and I remain committed to helping Bergen County buyers, sellers, and investors succeed through every market cycle.
Follow @sgarcialuxuryhomes or call 201.914.0234 for local insights, market trends, and expert guidance to keep your real estate business and investments moving forward all year long.
