5 hot cities in a declining housing market

North Jersey housing market shows signs of stabilization after two frantic 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 cities remained in demand last month, even as the market normalized after the strongest Federal Reserve interest rate hike in 22 years.

Compass Real Estate of Ridgewood compiled data on home price appreciation in Bergen County for the month of May, using the New Jersey Multiple Listing Service Inc. Using a threshold of at least 10 sales closed or pending in each municipality, we have identified these five municipalities where prices have been maintained. skip. Compass Officer Max Stokes explained their call:

Fair Lawn

The borough, known for its easy freeway access and shopping, is centrally located in the county and close to town centers such as Ridgewood and Glen Rock. The median selling 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 under contract, also with a median price of $599,000. This represents a 23% increase from pending sale prices in May 2021.

Hackensack

A pedestrian walks past a construction site in downtown Hackensack.

The county capital of Bergen experienced a building boom of condos, co-ops and apartments in recent years and has become a sought-after location for both its relative affordability and cultural diversity, Stokes said. Buyers seek its more urban vibe and the town center is undergoing a large-scale redevelopment plan. There are many options for real estate, including high-rise apartments, condos, and multi-family single-family homes.

There were 31 sales in May with a median price of $392,000, up 33% from a year earlier. The median price for pending sales rose 7% to $318,000 over 43 sales.

mahwa

A home still under construction and a completed unit that is part of Orchard Ridge, a 78 unit development by Toll Brothers straddling Mahwah and Upper Saddle River.  Construction was halted after two rainstorms sent runoff into nearby homes and driveways.

The county’s largest municipality has a rural feel and is known for its parks and green spaces such as the Ramapo Preserve, whose hiking trails appeal to those seeking an outdoor lifestyle. Mahwah Housing Inventory ranges from luxury homes in the Rio Vista neighborhood to historic properties in the Cragmere section of town.

There were 32 sales in May with a median price of $627,000, up 39% from a year earlier. The median pending sale price was $569,000, up 18%, with 45 pending closes.

paramus

Paramus is centrally located and a shopping mecca with four large shopping centers and retail stores along Route 17 and Route 4. The 1.65% tax rate is one of the lowest in the department. There are two county parks, Van Saun Park and Saddle River County Park covering the east and west sides of the city. Van Saun is home to a zoo and a playground.

The median price in May of 17 sales was $985,000, up 35%. Thirty-two properties under contract but not yet sold fetched a median price of $816,000, up 4%.

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Tenafly

This Tenafly home was designed by Z+ Architects and Z+ Interiors in Allendale.  Paul Creonte of Paul Creonte Construction in Elmwood Park was the contractor.

Tenafly attracts for its proximity to the George Washington Bridge with highly rated public schools, Stokes said. There is a downtown shopping area with restaurants and cafes. Many of the houses are luxury residences on large estates.

May’s median price of 19 sales was $1.1 million, up 28% from a year ago. 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 from North Jersey, please subscribe or activate your digital account today.

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