Ridgewood, NJ Real Estate Market Prices, Trends and Forecast 2024

Welcome to Ridgewood, New Jersey — a town that encapsulates the quintessential charm of American suburbia with its tree-lined streets and a tranquil way of life. In 2023, Ridgewood earned the distinction of being the third most searched town in the nation on Realtor.com, highlighting its growing popularity among those looking to invest in or relocate to a picturesque community.

The heart of Ridgewood beats in its vibrant downtown area, where specialty shops, cozy cafes, and gourmet dining options invite locals to indulge. Ridgewood is enveloped in greenery, boasting numerous parks offering outdoor leisure and recreational activities. The town is also known for its robust community spirit, demonstrated through various events and festivals held throughout the year, making it a place to thrive.

As of March 2024, the Ridgewood housing market demonstrates its robust health and appeal. The median sold price for homes in this scenic town is $982,500, which translates to $361 per square foot. It marks a significant increase of 18.5% from March 2023, underscoring the area's growing desirability and the strength of its real estate market.

In contrast, the U.S. median home price is $366,733, making Ridgewood's market particularly noteworthy for its higher valuation. This trend highlights Ridgewood as a sought-after destination for real estate investments, attracting buyers looking for a premium suburban lifestyle and sellers aiming to capitalize on the favorable market conditions.

Ridgewood's real estate market is complemented by the equally dynamic markets of its neighboring towns. In Glen Rock, just a stone's throw away, the median sold price of homes as of March 2024 is $965,000, marking a 19.1% increase since the previous year and characterizing it as a seller's market. It indicates a high demand that benefits homeowners looking to sell.

Ho-Ho-Kus presents a premium market, with the median home price reaching $1,511,500 in March 2024, an increase of 37.4% compared to March 2023. This substantial growth rate showcases Ho-Ho-Kus as a particularly lucrative area for high-end investors and buyers seeking exclusive properties.

On a more accessible note, Midland Park offers a gentler entry point into the market with a median sold price of $677,500, up 20% from the previous year. It makes Midland Park an attractive option for those looking to enter the market at a lower price point while still benefiting from the overall positive trends observed across the region. These areas create a diverse and vibrant backdrop to Ridgewood, making the entire area a hotspot for real estate investment and residential appeal.

Ridgewood's real estate market has seen notable fluctuations in housing supply over the early months of 2024. In February, 16 homes were listed for sale, which rose to 25 by March, indicating a growing inventory that could meet increasing buyer interest. This expansion in the market is crucial for maintaining a healthy balance between demand and supply.

Further insights can be gleaned from the time properties spend on the market. In March 2024, homes in Ridgewood averaged 81 days on the market before being sold, slightly quicker than the average of 88 days from the same month in the previous year. This decrease in time on the market from 2023 to 2024 suggests that while more homes are becoming available, they are also being absorbed faster. This trend points towards a sustained interest and a potentially competitive market for buyers while offering ample opportunities for sellers to find willing buyers within a reasonable timeframe.

The average rent for a two-bedroom home in Ridgewood is $2,800, reflecting a 10% increase from the previous year. This steady rise in rental rates highlights the strong demand for rental properties in the area and suggests a robust return on investment for potential landlords.

Comparatively, nearby Montclair also offers attractive rental opportunities, with the average rent for a similar two-bedroom home at $2,700, up 13% from last year. Newark, while slightly more affordable, shows a healthy growth in rental market prices as well, with two-bedroom homes renting for an average of $2,100, an increase of 11% over the past year.

With 17% of homes in Ridgewood serving as rental properties, the market is ripe for investors looking to enter or expand within the rental scene. These statistics underline the profitability of investing in Ridgewood's rental market and position it competitively with neighboring areas, providing a solid foundation for potential investors to consider Ridgewood a prime location for their real estate ventures.

Deciding whether to buy or sell property hinges on understanding the current market conditions and the broader economic indicators. Presently, mortgage rates are expected to decrease only as inflation slows; however, significant changes in either are not anticipated in the near future. This stability can be advantageous for buyers and sellers looking for a predictable market environment.

Historically, home values have shown a robust pattern of appreciation, which bodes well for long-term investments. Notably, even during the national downturns of 2008 and 2009, when home values dipped briefly, they rebounded within a year. Furthermore, a look at broader trends since 1965 reveals that home values generally have doubled approximately every ten years until 2000. It took until 2017 for values to double again, indicating a long-term positive trajectory despite periodic fluctuations.

These trends suggest that real estate remains a strong investment for investors and homeowners. Buyers can enter the market with confidence that, historically, property values increase over time. Sellers might also find this an opportune moment to capitalize on the current high home values, particularly if they are looking to upgrade or relocate. Overall, the consistent appreciation of home values and stable mortgage rates present a compelling case for investing in Ridgewood's real estate market now.

Ridgewood is a premier destination for real estate investment and living, with its picturesque charm, vibrant downtown, and active community life. The local real estate market has been thriving, with a median sold price significantly higher than the national average and a consistent appreciation in home values.

Cathy Bossolina is a local real estate agent who provides personalized, hands-on service in contrast to the more detached "team" approach used by some in the industry. By serving a limited client base, she ensures that each client receives white-glove service, paying close attention to all transaction details. This approach positions clients to achieve the best possible outcomes in any market conditions. Cathy's commitment to clients makes her an ideal partner for your real estate needs.