Comparing Ridgewood, NJ Real Estate Market Trends to National Real Estate Trends

Ridgewood, NJ, is where the simple pleasures of life are woven into the fabric of daily life. Nestled within Bergen County, this charming village is renowned for its serene atmosphere yet buzzes with vibrant energy. One of the standout features of Ridgewood is its abundance of parks, such as Veterans Field and Graydon Park, with abundant outdoor activities. Whether it's a morning jog through the park or a leisurely afternoon spent picnicking, the community's connection to nature is palpable.

Adding to its appeal, Ridgewood boasts a rich community festival calendar. These events and a lively downtown area filled with unique shops, restaurants, and cafes create a vibrant social scene that draws people of all ages. Despite its dynamic offerings, Ridgewood maintains a peaceful, quiet community ambiance that is perfect for those seeking a retreat from the hustle and bustle of city life.

The Ridgewood housing market has been making headlines, and for good reason. In July 2023, the median sold price in Ridgewood was an impressive $999,999, translating to $292 per square foot. It is a 15.9% increase compared to the previous year, showcasing the area's continued appeal and strong demand. This growth is especially notable when compared to the national and state averages. As of the first quarter of 2024, the median home price in the U.S. was $420,800, and New Jersey's median home price was $485,900. Ridgewood's market outpaces these figures, highlighting its unique position in the real estate landscape.

One of the most striking aspects of Ridgewood's market in July 2023 was the competitive nature of home sales. A remarkable 86% of homes sold for over the asking price, reflecting the high demand among buyers eager to secure a property in this desirable community. Notably, zero homes sold for under the asking price. For investors and sellers, these numbers suggest a thriving market where properties are highly sought after and competition is fierce.

As strong as Ridgewood's housing market is, let's consider how it compares to nearby areas. Wyckoff, for instance, saw a median sold price of $950,000 in July 2023, reflecting a healthy 9.1% increase from the previous year. The competition in Wyckoff is fierce, with 100% of homes selling above the asking price, indicating a robust market where buyers are willing to go above and beyond to secure a property.

Glen Rock also experienced significant growth, with the median sold price rising to $941,000 in July 2023, up 16.2% from the previous year. Like Ridgewood, Glen Rock's market is highly competitive, with 83% of homes selling for over the asking price. This trend highlights the desirability of this community, where properties are in high demand, and sellers are often in a favorable position.

On the other hand, Franklin Lakes presented a contrasting picture in July 2023. The median sold price there was $820,000, which represents a decrease of 34.4% compared to the previous year. The market dynamics were also different, with 60% of homes selling for over the asking price, while 40% sold for under. It indicates a more variable market in Franklin Lakes, where pricing and buyer competition are less predictable than in neighboring communities. For potential investors and sellers, understanding these local variations is crucial for making informed decisions in the real estate market.

The housing supply in Ridgewood, NJ, remains tight, reflecting the area's enduring popularity and the high demand for homes. In June and July of 2024, 31 homes were available for sale, indicating a steady but limited inventory. This consistent number highlights the market's competitive nature, where eager buyers quickly snap up new listings.

Eight homes were sold in June 2024, followed by seven homes in July 2024. These figures suggest that sales are brisk while the inventory remains stable, with properties moving off the market relatively quickly. This environment can be advantageous for potential sellers, as the limited supply coupled with strong buyer interest creates an ideal scenario for achieving favorable sale prices.

The market presents promising opportunities for those looking to invest in real estate in Ridgewood, NJ, especially for landlords. The rental market in Ridgewood has seen a significant surge, with the average rent for a two-bedroom home reaching $5,845 in 2024. It represents a dramatic 96% increase from the previous year, signaling strong demand for rental properties in the area.

Compared to other nearby markets, Ridgewood stands out. In New York, the average rent for a two-bedroom home is $7,472, which, while higher, has decreased by 3% from the previous year. In Hoboken, the average rent is $4,435, reflecting a more modest increase of 6%.

With 17% of homes in Ridgewood designated as rentals, there is a clear appetite for rental properties in this desirable suburb. This high demand and the sharp rise in rental prices make Ridgewood an attractive option for real estate investors looking to generate steady rental income.

The current market conditions suggest that now could be an opportune time for buyers and sellers to engage in the Ridgewood, NJ, real estate market. Mortgage rates have recently decreased by a whole percentage point, and experts from Freddie Mac predict that these rates could continue to trend downward, potentially reaching the 6% range. This decrease in borrowing costs makes it more affordable for buyers to finance their purchases, which could stimulate further demand in an already competitive market.

Moreover, the long-term trend of home value appreciation adds another layer of appeal to investing in Ridgewood real estate. Historically, home values have been upward, with national trends showing consistent growth since 1965. On average, home values doubled approximately every ten years until 2000, when the appreciation rate slowed slightly, and homes didn't double in value until 2017. Given this historical context, the likelihood of continued appreciation makes investing in Ridgewood a lucrative endeavor. It is also a favorable time for sellers to list properties, as the combination of lower mortgage rates and a history of rising home values creates a strong market environment.

Cathy Bossolina's personalized and hands-on approach to real estate sets her apart from agents who rely on a team approach. By limiting her number of clients, Cathy provides a white-glove service that ensures each client receives the attention and expertise needed to secure the best possible price, regardless of market conditions. Whether you're buying or selling, Cathy's deep knowledge of the Ridgewood real estate market and commitment to client satisfaction make her an invaluable partner in achieving your real estate goals.