River Edge Real Estate Market Update

River Edge Real Estate Market Update

The River Edge Real Estate Market continues to thrive as demand has not stopped into the Fall.  Buyers are still lining up for hours to visit open houses and bidding wars that we typically see in the Spring have not gone away.

Taking a look at the numbers alone can be deceiving especially when looking at the average sales price of a River Edge home this month.  The average home sold for $645,995 in October 2020 which is a huge number for River Edge.  In comparison the average in October 2019 was $484,583.  With a small sample size that number could make you think that values are skyrocketing which they are not.  the average sale year to date (as of October 31, 2020) is $594,874 which is about $40,000 higher than year to date in 2019 or a 7% increase.

Taking the numbers in this context we have a clearer picture that values have risen in River Edge year over year.  But don’t look too into the month over month increase.

What is not deceiving are the numbers of sold and under contract homes in River Edge.  In  October 19 homes sold and 19 went under contract (accepted a contract).  This is much higher than we expect to see in October but is not surprising based on buyer demand.  Total sales and under contracts increased 58% over this time last year.  A combination of low interest rates and a greater desire to get out of cities and get more space has resulted in these increases.

What does this mean for sellers?

Sellers in River Edge have a unique opportunity to capitalize on a booming market.  With low mortgage rates it is cheaper for buyers to purchase and has opened up that possibility to many who previously could not buy.  Many renters who were content in an apartment are now reevaluating their living situations after lockdowns.  And many city dwellers who lived in places like Hoboken and Weehawkin for easy transportation don’t necessarily have a daily NYC commute anymore.

These factors have created a prime time for homeowners to put their home on the market.  We are have increased buyer pool and one that has more borrowing power.  So if you have been on the fence about selling you should seriously consider making that move soon.

What does this mean for buyers?​

This is a tough time for buyers especially in River Edge.  Imagine finding out that you can now buy a home or can afford the dream home you wanted only to be told that you are outbid?  That is the case many times for buyers lately.  With increased demand come competition for every house.  Because the cost to borrow has dropped significantly it is a wise decision to buy a home (not that it wasn’t before!)

Buyers are finding it harder and harder to get a deal done as uncertainty about pricing continues.  It is very difficult to predict where prices will land and what buyers are willing to pay for houses in a market like we have now.  It is hard to know when you competition has lost 5 other houses and is willing to overpay to get the next house.

In a market like this it is imperative to work with an agent who has experience in dealing with a seller’s market.  You need a solid strategy to end up on top and get the home you are looking for.

Homes Sold in River Edge, NJ

 AddressSold PriceList PriceBedsBathsListing BrokerSelling BrokerSold Date
Co-op289 Bogert Rd$190,000$200,00021Mary Davis Real EstateRealmart1-31-20
Condo13 Jordan Dr$501,000$485,00022.5Christie’sWeichert3-4-20
Condo859 Kinderkamack Rd$435,000$455,00032.5Harvest Property and InvestmentColdwell Banker7-6-20
Co-op2 Gainesborough Terr$175,000$190,00021Terrie O’ConnorRE/MAX8-21-20
Single Family24 Lakeview St$429,000$489,90032Coldwell BankerKeller Williams10-1-20
Single Family393 Windsor Rd$890,000$915,00053.5Evelyn RafterEvelyn Rafter10-2-20
Single Family494 5th Ave$745,000$759,00042.5RE/MAXRE/MAX10-2-20
Single Family195 Van Saun Dr$870,000$929,55553.5Coldwell BankerRE/MAX10-9-20
Single Family910 Summit Ave$750,000$799,00053Coldwell BankerProminent Properties Sothebys10-12-20
Single Family175 Manchester Rd$550,000$534,99932.5ZealZeal10-15-20
Single Family36 Tenney Ave$515,000$489,00032Coldwell BankerColdwell Banker10-15-20
Single Family938 Willow Ave$799,900$899,00054.4RE/MAXKeller Williams10-19-20
Single Family231 Jefferson Ave$678,000$669,00053.5Bergen County PropertiesBergen County Properties10-20-20
Condo782 Kinderkamack Rd$431,999$429,99922.5ZealZeal10-21-20
Condo11 Carol Lane$519,000$519,00032.5Keller WilliamsWeichert10-21-20
Single Family297 Wales Ave$1,182,000$1,179,99955.5RealmartChen Agency10-23-20
Single Family584 Bogert Rd$525,000$505,00031.5Keller WilliamsWeichert10-23-20
Single Family197 Midland Ave$645,000$669,00043.5Keller WilliamsColdwell Banker10-24-20
Single Family712 5th Ave$450,000$414,90031RE/MAXGroup 2610-26-20
Single Family253 Princeton Dr$665,000$665,00033 Mary davis Real Estate10-27-20
Single Family257 Monroe Ave$577,000$565,00041.5Roselli RealtyKeller Williams10-28-20
Single Family48 Wayne Ave$536,000$514,90031Keller WilliamsWeichert10-29-20
Single Family375 Howland Ave$610,000$589,90032WeichertSimply Real Estate10-30-20
Single Family734 Center Ave$430,000$429,00031RE/MAXColdwell Banker10-30-20
Single Family736 Center Ave$427,000$425,00032Mary Davis Real EstateRE/MAX10-30-20
Single Family186 Zabriskie Pl$445,000$449,90031Modern Realty GroupModern Realty Group11-2-20
Single Family405 Mercer Ave$645,001$619,00042Liberty RealtyCitilight11-2-20
Single Family595 Elm Ave$610,000$569,90032.5WeichertChristie’s11-2-20
Single Family612 Bogert Rd$540,000$515,00032Keller WilliamsEastern Realty11-4-20
Single Family822 5th Ave$603,000$579,00043.5Mary Davis Real EstateRE/MAX11-5-20
Condo845 Kinderkamack Rd$430,000$435,00032.5Coldwell BankerRealty 711-5-20
Single Family578 Clarendon Ct$450,000$429,90022WeichertRealtyline11-12-20
Single Family278 Cleveland Pl$474,000$484,00032Stary One RealtyStar One Realty11-13-20
Single Family135 Valley Rd$607,000$644,88832.5WeichertWeichert11-19-20
Single Family941 Poplar Ave$550,000$539,00032Christie’sRealty One11-19-20
Single Family485 The Fenway$930,000$927,22243.5ZealZeal11-23-20
Single Family163 Voorhis Ave$600,000$580,00032RE/MAXEastern Realty11-30-20
Single Family251 Beech Dr S$715,000$709,00042.5eXp RealtyStation Cities11-30-20
Single Family930 Myrtle Ave$600,000$639,00042.5Keller WilliamsSimply Real Estate11-30-20
Single Family395 Mercer Ave$600,000$619,00043WeichertBerkshire Hathaway12-1-20
Co-op12 Gainesborough Terr$137,500$137,50011 Mary davis Real Estate12-2-20
Single Family39 Coles Ct$539,000$560,00042.5Keller WilliamsRedfin12-3-20
Single Family426 Lafayette Ave$785,000$785,00042.2Keller WilliamsWestside Realty Group12-8-20
Single Family82 Spring Valley Rd$330,000$349,00031RE/MAXRealty 3 Group12-9-20
Single Family56 Bloomfield Ave$350,000$349,50021Coldwell BankerRE/MAX12-11-20
Single Family744 Center Ave$450,000$450,00031RE/MAXTerrie O’Connor12-11-20
Single Family372 Fifth Ave$795,000$798,00042.5Friedberg PropertiesRE/MAX12-11-20
Condo15 River Edge Rd$355,000$399,00021Century 21Century 2112-11-20
Single Family774 Kinderkamack Rd$240,000$199,00031Keller WilliamsKeller Williams12-14-20

 

Did you know you can create personalize alerst to keep up with what is going on in town?  You can get all of the homes for sale in River Edge or anywhere in Bergen County right here!  Don’t miss out…set your search today.

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