Luxury Homes in Bergen County Are Facing a Supply Crisis

When we look at the towns like Leonia or Englewood right now, the statistics are kind of staggering. We are seeing some of the lowest monthly supply of inventory in history. In a standard market, we look at about six months of inventory, which is considered like a balanced market. Right now, in many of these local zip codes, we're looking at sitting at less than two months of inventory, which creates a lot of stress on the system. However, as a luxury seller, you have to realize that your buyer is not the same buyer looking at a starter home. A luxury buyer in the Bergen county is often moving from Manhattan, relocating from larger region, another region, a higher corporate office position. They are tech savvy, they're financially literate, and they are looking for, you know, to hedge themselves against inflation. For example, they aren't just buying a house, they're buying an asset.