Bergen County Real Estate Market Update

 

This past year, turbulence in global markets led to an unprecedented rapid rise in interest rates never seen before, which had a direct impact on the housing market. Transaction volumes decreased both on the national level and in Bergen County. At the same time, we saw home prices stabilize, with only a minor increase in average pricing primarily due to the continuation of low inventory. With these circumstances as a backdrop for 2022, Christina Gibbons Group saw the transitioning markets as a unique opportunity to dedicate even more resources to strengthening our team, elevating our technologies, and enhancing our real estate and sales expertise. Through these efforts, we expanded not only in numbers, but also in the amount of territories we serve.

Among our many highlights this year, we added two new agents and a Chief Revenue Officer to our Group. Across our 109 closed and pending sales, we served 32 New Jersey communities and reached a sales volume of over $110M+ for the second year in a row. We closed out the year ranking as the #1 Listing Team in Bergen County at Christie's International Real Estate and the #3 Team for homes sold over $1M in Bergen County.

 

 

By elevating our level of service, we were able to better serve the needs of our clients and continue taking our business to the next level throughout 2022. We are so grateful for all our clients, followers, and subscribers - thank you for your support this year. Cheers to another successful year and serving even more of your real estate needs in 2023! 

 

 

 

As we turn the calendar to 2023, many are asking what is in store regarding the housing market. While prognosticating is challenging as nothing about the future is certain, we believe these trends will drive the Ridgewood/Bergen County market in the new year:

 

We predict that inventory will remain tight across Bergen County and throughout New Jersey, providing for stabilization of pricing. In 2021, we saw dramatic increases in single-family home sales prices throughout New Jersey, with sales pricing being 14% higher and total closed sales being 0.6% higher than in 2020. In 2022, we witnessed a more moderate increase in pricing, with average sold prices for single-family homes only increasing 4-9% and the number of total closed sales decreasing by 17%. The moderation in pricing and decrease in inventory we've seen leading into the new year may indicate that the trend of soaring pricing may be in the rearview mirror despite inventory remaining low.

 

 

 

 

 

 

 

 

Knowing what's happening in the real estate market is a key factor in a successful transaction, whether you're the buyer, seller, or renter. If you'd like to stay up-to-date on the market trends and what's happening within the communities we serve, subscribe to our newsletter below to join our list of monthly subscribers.