Bergen-Lafayette is Hot
July 18, 2018 | Dwell JC
As Jersey City’s downtown market cools and residents feel the tax crunch, Bergen-Lafayette just keeps getting hotter. Although, Journal Square has been a main focus for revitalization, Bergen-Lafayette now has numerous redevelopments underway along with major future projects in the pipeline like Canal Crossing and SciTech City.
Over the last few years, owners in Bergen-Lafayette are starting to see significant value appreciation. Here are some of the trends we’ve been tracking:
Average Sale Price: The average sale price for a house in Bergen-Lafayette has almost doubled since 2014. The average house sold for approximately $430,000 in 2017, which is up 60% since 2014. So far this year there was a record-breaking sale of $835,000. This chart depicts the rapid price increase over the past 4 years.
Number of Listings: Although it took several years, it seems the higher sale prices have begun to increase the number of folks attempting to sell their homes. The number of listings per year held steady from 2014 to 2016 but in 2017, the number of listings increased from 25 in 2016 to 41 in 2017, a 64% increase over the previous year.
Days on the Market: At the same time, the average number of days on the market (DOM) has plummeted over the past 4 years, falling from 112 days in 2014 to only 33 days in 2017. This is down 70.5% since 2014.
What do these trends mean?
This means if you are thinking of selling, now is the time. In fact, there has never been a better time to sell in Bergen-Lafayette. We have record breaking home prices, selling in a record breaking about of time. We have buyers lining up to bid on homes with cash offers above asking. So, if you have any questions about your specific property or about current market conditions in general, please feel free to contact me.
Your home may worth more than you think. You can check out how your home measures up by using our FREE online valuation tool or by contacting me for a FREE comparative market analysis. Just click on How Much is Your Home Worth?
This report was prepared by Tom Gibbons, a licensed Real Estate Agent and Realtor-Associate with Warren G Curtin Realty, Inc. Email at email@example.com or call/text at 917.593.4836.
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