Bergen-Lafayette Levels Off

Over the past 5 years the shift in the Bergen-Lafayette real estate market has been dramatic.  Although things seem to be leveling off in 2018, this neighborhood has major future projects in the pipeline like Canal Crossing and SciTech City that continue to keep investors interested despite the price increases.

Photo depicting pacific avenue in Bergen Lafayette, Jersey City

 

Here are some of the trends we’ve been tracking in average sale price and days on the market which are key indicators:

Chart depicting 5-years of average home sales in Bergen Lafayette

Average Sale Price:  The average sale price for a house in Bergen-Lafayette has risen dramatically since 2014, with the average house selling for approximately $434,000 in 2018, which is up 61% since 2014.  This year also saw a record-breaking sale for a two-family home in Bergen Lafayette.  175 Pine Street was listed for $729,000 and sold for $850,000.  This chart depicts the annual price increases over the past 5 years.

chart depicting number of listings in bergen lafayette over the past 5 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.  This year has seen that upward trend continue with 66 listings so far this year, a 61% increase over last year.

Days on the Market:  At the same time, the average number of days on the market (DOM) has plummeted over the past 5 years, falling from 112 days in 2014 to only 26 days in 2018.  Although the average DOM is leveling off, it is still down 76.8% since 2014 and indicates a strong seller’s market.

What do these trends mean?

If you are thinking of selling, there has never been a better time to sell if you own a home 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 in this neighborhood, with sale prices above asking.  If you have any questions about your specific property or about current market conditions in general, please feel free to contact me.

You can also check out how your home measures up by using our 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 tom.wgcrealty@gmail.com or call/text at 917.593.4836.