The current Northern Bergen County real estate market is showing a lot of potential for home buyers. Inventory levels are down, prices are increasing, and interest rates are still low. If you’re thinking about buying Teaneck homes for sale, Tenafly real estate, or Bergenfield homes for sale, now is a great time to do it. In this blog post, we will discuss the current market conditions and give you an idea of what to expect in the coming months.
Teaneck real estate
Primary residences
Buyers interested in Teaneck homes for sale should note that median list prices in April 2022 have returned to the two-year high of approximately $550,000, which was last seen in August 2020. The current high median list price for Teaneck homes for sale is a sharp increase from this past autumn’s two-year low of $260,000 in October 2021.
The number of Teaneck homes for sale remains on a downward trend after December’s recent peak of 61, and as of March and April 2022, the number of listed homes has hovered just above 35. With so few Teaneck homes for sale, the market can be fiercely competitive, and buyers should be prepared to move quickly when they find a property they love.
Investment properties
Real estate investors interested in Teaneck homes for sale should note that median rental rates have increased for studio, 1-bedroom, 2-bedroom, and 3-bedroom properties compared to this time last year, but 4-bedroom properties had no change in the median monthly rental rate.
Studio properties increased 7% to a monthly median of $2,080, which is a $130 increase from this time last year. As such, investors interested in studio Teaneck homes for sale can expect to bring in $24,960 annually.
Properties with one bedroom saw a massive jump of 41% in year-over-year comparison, with the current median of $2,395 showing a nearly $700 increase in monthly rental rates compared to last year. Investors interested in 1-bedroom Teaneck homes for sale can expect to generate $28,740 in rental income annually.
Properties with two bedrooms had a lower increase of 18% compared to last year, but with the current median monthly rent at $3,885, investors can expect a return of $46,620 on Teaneck homes for sale that they choose to rent out.
As with studio properties, properties with three bedrooms saw a 7% increase, which is a difference of $250 compared to last year. With the current median monthly rent at $3,850, investors can expect to generate $46,200 annually from monthly rental income.
Tenafly real estate
Primary residences
As for those interested in Tenafly real estate, it should be noted that median list prices in April 2022 are rising again after falling for the past two months following the two-year peak of $1,450,000 in January. The median list price for Tenafly real estate in April of $1,223,250 shows that the median list price remains far above the lower medians seen from July through December 2021, to the tune of nearly $400,000 higher.
As for the number of Tenafly real estate available, the number of homes for sale remains below 40, as has been the trend since July 2021. Given the incredibly small number of homes for sale among Tenafly real estate, buyers must be patient and have all their paperwork and finances ready, so they can pounce as soon as a property they like is listed.
Investment properties
Tenafly real estate with one bedroom had a median monthly rent drop of 11% to $2,100, which is a $250 loss in monthly revenue from this time last year. Even at the lower monthly rent, investors interested in 1-bedroom Tenafly real estate can expect to bring in $25,200 annually.
Real estate investors will be pleased to know that Tenafly real estate with two bedrooms saw an increase of 25% compared to last year, which is an increase of $450 monthly! With the current median monthly rent at $2,250, investors can expect a return of $27,000 annually.
Tenafly real estate with three bedrooms also experienced a decrease in median monthly rent, with a drop of 4% to $3,825, which is a difference of $175 compared to last year. Based on the current median monthly rent, investors can expect to generate $45,900 in annual rental income.
As for 4-bedrooms, the median rent dropped 24%, the largest drop among Tenafly real estate, to $4,000, which is a change of $1,250 compared to last year. Even at the significantly lower monthly rent, investors interested in 4-bedroom Tenafly real estate can expect to bring in $48,000 annually.
Bergenfield real estate
Primary residences
Those interested in Bergenfield homes for sale should note that median list prices recently reached a two-year high of $552,449 in January. After dropping in February and March down to $527,400, the median list price is again on the rise. The median price remains significantly above what was seen from July through December of 2021, when the median stayed at $389,000.
As for the number of Bergenfield homes for sale available, buyers should be pleased to know that the upward trend that has been seen since November 2021 continues. Even though the number of homes listed is on the rise, there are still fewer than 40 homes available, and the highest amount seen in the past two years was 55. The market for Bergenfield homes for sale remains in the seller’s favor, with buyer demand far exceeding available inventory. As such, buyers should be prepared to put forth their very best offer as soon as a property that meets their requirements is listed.
Investment properties
As with Tenafly, there is limited data for rental income generated by investing in Bergenfield homes for sale. Real estate investors should be aware that median rental rates increased for 1-bedroom, 2-bedroom, and 3-bedroom properties compared to this time last year, but 4-bedroom properties had no change in the median monthly rental rate. There is no data available for studio properties among Bergenfield homes for sale.
Investors interested in Bergenfield homes for sale with one bedroom should note that rental income for this size of property saw an increase of 6% to the current median of $1,595, which shows a nearly $100 increase in monthly rental rates compared to last year. Based on the current median, investors interested in 1-bedroom homes for sale can expect to generate $19,140 in rental income annually.
As for 2-bedrooms, there was a slightly higher increase in median rent at 8% compared to last year, and with the current median monthly rent at $1,895, investors can expect a return of $22,740.
Bergenfield homes for sale with 3-bedrooms saw a much smaller increase of only 4%, which is a difference of $100 compared to last year. With the current median at $2,750, investors can expect to bring in $33,000 annually from monthly rental income.
Work with Linda Stamker
If you’re in the market for a new home, now is definitely the time to buy. The current Northern Bergen County real estate market has a lot of potential, and we expect prices to continue increasing while inventory remains low in the coming months. Reach out to a local realtor like Linda Stamker for help navigating the seller’s market for Northern Bergen County.