According to Neal, potential homebuyers find themselves in situations where moving is unavoidable, as personal circumstances such as divorce, estate sales, and foreclosures are shaping the market.
Data from Altos Research indicates a concerning trend: while new listings typically decline seasonally, the current pace of decline in Bergen County is dramatic, revealing a stark reduction in available homes.
Keller Williams agent Laura Gill notes that despite the market still favoring sellers, the number of offers on homes has decreased significantly, reflecting buyer hesitance.
The median home price in Bergen County has reached $925,000, signaling a robust 5.7% annualized growth, yet buyers are struggling to find affordable starter homes.
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