Scott Selleck breaks down Bergen County's April 2025 market: median home prices hit $725,456, up 16% year-over-year, and 40% of homes sell above asking. Sellers still have the edge, but many feel trapped by 3% mortgage rates while current rates sit at 6.7%. Selling makes sense if you're cashing out equity or can absorb higher rates.
Hey everyone. Today we're diving into the red hot Bergen county housing market for April 2025. I'm Scott Selleck with Keller Williams City Views Realty. If you're a homeowner wondering if now's the time to sell, you're going to go to watch this entire video. Let's cut right to the chase. Bergen county still is a seller's market and the numbers don't lie. Medium list prices have jumped to $725,456. That's up 16% from last year. Homes are selling in just 59 days on average, down from 116 days a year ago. 40% of the homes are selling above asking price. Spring inventory is up 46% from last February, giving sellers more confidence. One owner in Leonia that I had an open house for had 32 customers sign in and basically had multiple offers and had an exceptional offer that they settled on. But. But it's not all sunshine and rainbows. Many homeowners are feeling pretty much locked in by their current low mortgage rates. I recently spoke with a family who bought their home for 590,000 and refinanced at 3%. Their neighbors just paid 925,000 for a similar house. But with today's rates around 6.7%, moving would mean significantly higher mortgage payments. The latest signals suggest prices may be starting to stabilize after years of dramatic increases. This could be the sweet spot where prices are still high. But before any potential market corrections, you may want to consider selling under the following scenarios which could make sense. You build significant equity. You want to cash out. You're planning to downsize or relocate into a lower cost area. You don't need any mortgage right now. You can buy all cash. You're financially positioned to handle today's higher rates. If you're curious about what your Bergen county home could sell for in today's market, I'm offering a free home valuation this month. No obligation, just solid information to help you make your best decision for your situation. Don't leave money on the table. Hit the subscribe button for weekly Bergen county market updates and click the link in the description to schedule your free home valuation. Let's connect and create a strategy that works for you. I'll be happy to sit down, answer any questions, give you a solid overview. Talk to you about the strategies that's worked really well to get, you know, maximizing the price. Talk about staging, talk about prepping the house for sale, anything that would basically get the the ideal income. But more importantly, what what your needs are, what your timing is about, what's important to you, because ultimately, that's the most important thing. So feel free to subscribe, click the bell, stay connected with us, and we look forward to working it.
