Ridgewood, N.J., consistently ranks high on lists of desirable places to live. This charming town offers excellent schools, a strong sense of community, and a beautiful natural environment. If you're considering buying a home in Ridgewood, NJ, understanding current market trends empowers you to make informed decisions.
This guide explores how various factors are influencing Ridgewood NJ homes for sale.
Fast Facts About Market Trends Nationwide
- U.S. existing-home sales fell for the second month in a row, with a 1.9% decrease month-over-month and year-over-year, according to NAR.
- Single Family Closed Sales decreased by 6.9% to 404.
- Townhouse-Condo Closed Sales increased by 7.1% to 212.
- Adult Communities Closed Sales decreased by 50% to 5.
- Single Family Median Sales Price increased by 12.1% to $784,500.
- Townhouse-Condo Median Sales Price rose by 13% to $478,750.
- Adult Communities Median Sales Price decreased by 9.9% to $439,000.
- The median existing home price reached $407,600, a 5.7% increase from the previous year.
- Total inventory heading into May stood at 1.21 million units, a 9% increase month over month and a 16.3% increase year over year, for a 3.5 month’s supply at the current sales pace.
Ridgewood Housing Market Snapshot: July 2024
As of July 2024, there were
39 homes publicly listed in Ridgewood. These properties range from $600,000 to $6.3 million in list price. Most single-family homes are priced in the low seven figures; they have a median list price of $1.375 million. If location is a priority, you can find such properties throughout Ridgewood.
The real estate market in Ridgewood is experiencing a moderate but steady increase in home prices. This trend is influenced by a combination of low inventory and high demand, typical of suburban markets post-pandemic. Buyers looking at Ridgewood, NJ homes for sale should be prepared for competitive bidding situations and possibly paying above the asking price.
Limited Inventory Favors Sellers
Ridgewood’s low inventory situation has been exacerbated by a combination of factors, including homeowners' reluctance to sell during economic uncertainty and the area's high desirability. For those considering
Ridgewood, NJ homes for sale, it’s advisable to stay vigilant and act quickly when a suitable property becomes available. Engaging with a proactive real estate agent who has deep local connections can also provide an edge in such a competitive market.
With such a low inventory, it’s no surprise that sellers have an advantage in the Ridgewood housing market. Demand for homes continues to outpace available inventory. This means homes typically sell quickly, often receiving multiple offers. As a buyer, you may need to be prepared to act fast and potentially compete with other interested parties.
Buyers Face Rising Home Values
A consequence of the seller's market is a steady rise in home values in Ridgewood, NJ. This is positive news for existing homeowners but can present a challenge for buyers. However, Ridgewood's strong appeal and long-term value proposition make homeownership in this community a sound investment.
Broader Economic Factors
Additionally, market conditions are being shaped by broader economic factors, including interest rates and inflation. The local market has shown resilience despite these pressures, maintaining a steady growth trajectory. Buyers should consider consulting with local real estate agents to gain insights into current market dynamics and how they might impact their buying strategy.
For example, interest rates have remained relatively stable but are higher than the historic lows seen in recent years. While still affordable, these rates affect the overall home cost. Prospective buyers should factor in the potential for fluctuating rates and consider securing financing early to lock in favorable terms.
Impact of Remote Work
The shift towards remote work has significantly influenced Ridgewood’s real estate market. With more people working from home, there is an increased demand for properties with home office spaces and larger living areas. Buyers should consider homes that offer flexible spaces to accommodate remote work needs.
School Districts
One of the major draws for Ridgewood, NJ homes for sale is the excellent school system. The Ridgewood Public Schools are highly rated, making the area attractive to families. Homes within the boundaries of top-performing schools often command higher prices, so buyers should consider the quality of the local schools when making their purchasing decisions.
Neighborhood Desirability
Ridgewood boasts several desirable neighborhoods, each with its unique charm and amenities. In addition to downtown proximity, neighborhoods featuring parks, historic homes, and quiet, tree-lined streets often attract premium prices. Buyers should consider their priorities, such as commute times, local amenities, and neighborhood vibe, to identify the area that best suits their needs.
Investment Potential
Ridgewood offers excellent investment potential due to its strong market fundamentals. The combination of high demand, limited inventory, and robust appreciation rates makes it a promising area for real estate investment. Potential buyers should keep an eye on future developments in Ridgewood. Planned infrastructure projects, new housing developments, and commercial expansions can influence property values. Staying informed about upcoming changes can help buyers make strategic decisions.
About Catherine Bossolina
For top-notch real estate service in Ridgewood and surrounding areas, work with Catherine Bossolina, the current #1 Individual Agent in Ridgewood since 2020. Recognized as the #1 Agent company-wide by Prominent Properties Sotheby's International Realty in 2021, Cathy has closed over $225 million in volume since 2017. She offers personalized, white-glove service, prioritizing client needs with a deep connection to the community. Whether you're looking in Ridgewood, Ho-Ho-Kus, Saddle River, or Spring Lake for a second home, Cathy’s expertise and dedication ensure a seamless real estate experience.
