5 hot towns in a cooling housing market
North Jersey’s housing market is showing signs of stabilizing after two frenzied years, thanks to rising mortgage rates.
But when you’re hot, you’re hot.
Whether due to location, luxury offerings, access to New York or other factors, some towns remained in demand last month, even as the market normalized following the Federal Reserve’s biggest interest-rate hike in 22 years.
Compass Real Estate of Ridgewood compiled data on home-price appreciation in Bergen County for May, using the New Jersey Multiple Listing Service Inc. Using a cutoff of at least 10 closed or pending sales in each municipality, we identified these five municipalities where prices kept jumping. Compass agent Max Stokes explained their appeal:
Fair Lawn
The borough, known for easy highway access and shopping, is centrally located in the county and convenient to downtowns such as Ridgewood and Glen Rock. The median sale price of the 33 homes sold in Fair Lawn in May was $599,000, up 14% from the same month a year earlier. There were 43 properties put under contract, also with a median price of $599,000. That was up 23% from pending sale prices in May 2021.
Hackensack
The Bergen County capital has seen a building boom of condominiums, co-ops and apartments in recent years and has become a desirable location for both its relative affordability and its cultural diversity, Stokes said. Buyers are seeking out its more urban vibe, and the downtown is undergoing a large-scale redevelopment plan. There are many options for real estate including high-rises, condos and multi-family single home dwellings.
There were 31 sales in May with a median price of $392,000, up 33% from a year earlier. The median price on pending sales was up 7% to $318,000 on 43 sales.
Mahwah
The county’s largest municipality has a rural feel and is known for its parks and green spaces, such as Ramapo Reservation, whose hiking trails beckon those seeking an outdoorsy lifestyle. Mahwah’s housing inventory ranges from luxury homes in the Rio Vista neighborhood to historic properties in the Cragmare section of town.
There were 32 sales in May with a median price of $627,000, rising 39% from a year earlier. The pending sale median price was $569,000, up 18%, with 45 closings in the wings.
Paramus
Paramus is centrally located and a shopping mecca, with four large malls and retail stores along Route 17 and Route 4. The 1.65% tax rate is one of the lowest in the county. There are two county parks, with Van Saun Park and Saddle River County Park covering the east and west sides of town. Van Saun is home to a zoo and playground.
The median price in May on 17 sales was $985,000, up 35%. Thirty-two properties under contract but not yet sold secured a median price of $816,000, up 4%.
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Tenafly
Tenafly draws for its proximity to the George Washington Bridge and highly rated public schools, Stokes said. There’s a downtown shopping area with restaurants and coffee shops. Many of the homes are luxury residences on large properties.
The May median price on 19 sales was $1.1 million, up 28% from last year. There were 18 pending sales at a median price of $1 million, up 7%.
Mary Chao 趙 慶 華 covers the Asian community and real estate for NorthJersey.com. To get unlimited access to the latest news out of North Jersey, please subscribe or activate your digital account today.
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