River Edge Real Estate Market Update
The River Edge Real Estate Market continues to thrive as demand has not stopped into the Fall. Buyers are still lining up for hours to visit open houses and bidding wars that we typically see in the Spring have not gone away.
Taking a look at the numbers alone can be deceiving especially when looking at the average sales price of a River Edge home this month. The average home sold for $645,995 in October 2020 which is a huge number for River Edge. In comparison the average in October 2019 was $484,583. With a small sample size that number could make you think that values are skyrocketing which they are not. the average sale year to date (as of October 31, 2020) is $594,874 which is about $40,000 higher than year to date in 2019 or a 7% increase.
Taking the numbers in this context we have a clearer picture that values have risen in River Edge year over year. But don’t look too into the month over month increase.
What is not deceiving are the numbers of sold and under contract homes in River Edge. In October 19 homes sold and 19 went under contract (accepted a contract). This is much higher than we expect to see in October but is not surprising based on buyer demand. Total sales and under contracts increased 58% over this time last year. A combination of low interest rates and a greater desire to get out of cities and get more space has resulted in these increases.
What does this mean for sellers?
Sellers in River Edge have a unique opportunity to capitalize on a booming market. With low mortgage rates it is cheaper for buyers to purchase and has opened up that possibility to many who previously could not buy. Many renters who were content in an apartment are now reevaluating their living situations after lockdowns. And many city dwellers who lived in places like Hoboken and Weehawkin for easy transportation don’t necessarily have a daily NYC commute anymore.
These factors have created a prime time for homeowners to put their home on the market. We are have increased buyer pool and one that has more borrowing power. So if you have been on the fence about selling you should seriously consider making that move soon.
What does this mean for buyers?
This is a tough time for buyers especially in River Edge. Imagine finding out that you can now buy a home or can afford the dream home you wanted only to be told that you are outbid? That is the case many times for buyers lately. With increased demand come competition for every house. Because the cost to borrow has dropped significantly it is a wise decision to buy a home (not that it wasn’t before!)
Buyers are finding it harder and harder to get a deal done as uncertainty about pricing continues. It is very difficult to predict where prices will land and what buyers are willing to pay for houses in a market like we have now. It is hard to know when you competition has lost 5 other houses and is willing to overpay to get the next house.
In a market like this it is imperative to work with an agent who has experience in dealing with a seller’s market. You need a solid strategy to end up on top and get the home you are looking for.
Homes Sold in River Edge, NJ
| Address | Sold Price | List Price | Beds | Baths | Listing Broker | Selling Broker | Sold Date | |
| Co-op | 289 Bogert Rd | $190,000 | $200,000 | 2 | 1 | Mary Davis Real Estate | Realmart | 1-31-20 |
| Condo | 13 Jordan Dr | $501,000 | $485,000 | 2 | 2.5 | Christie’s | Weichert | 3-4-20 |
| Condo | 859 Kinderkamack Rd | $435,000 | $455,000 | 3 | 2.5 | Harvest Property and Investment | Coldwell Banker | 7-6-20 |
| Co-op | 2 Gainesborough Terr | $175,000 | $190,000 | 2 | 1 | Terrie O’Connor | RE/MAX | 8-21-20 |
| Single Family | 24 Lakeview St | $429,000 | $489,900 | 3 | 2 | Coldwell Banker | Keller Williams | 10-1-20 |
| Single Family | 393 Windsor Rd | $890,000 | $915,000 | 5 | 3.5 | Evelyn Rafter | Evelyn Rafter | 10-2-20 |
| Single Family | 494 5th Ave | $745,000 | $759,000 | 4 | 2.5 | RE/MAX | RE/MAX | 10-2-20 |
| Single Family | 195 Van Saun Dr | $870,000 | $929,555 | 5 | 3.5 | Coldwell Banker | RE/MAX | 10-9-20 |
| Single Family | 910 Summit Ave | $750,000 | $799,000 | 5 | 3 | Coldwell Banker | Prominent Properties Sothebys | 10-12-20 |
| Single Family | 175 Manchester Rd | $550,000 | $534,999 | 3 | 2.5 | Zeal | Zeal | 10-15-20 |
| Single Family | 36 Tenney Ave | $515,000 | $489,000 | 3 | 2 | Coldwell Banker | Coldwell Banker | 10-15-20 |
| Single Family | 938 Willow Ave | $799,900 | $899,000 | 5 | 4.4 | RE/MAX | Keller Williams | 10-19-20 |
| Single Family | 231 Jefferson Ave | $678,000 | $669,000 | 5 | 3.5 | Bergen County Properties | Bergen County Properties | 10-20-20 |
| Condo | 782 Kinderkamack Rd | $431,999 | $429,999 | 2 | 2.5 | Zeal | Zeal | 10-21-20 |
| Condo | 11 Carol Lane | $519,000 | $519,000 | 3 | 2.5 | Keller Williams | Weichert | 10-21-20 |
| Single Family | 297 Wales Ave | $1,182,000 | $1,179,999 | 5 | 5.5 | Realmart | Chen Agency | 10-23-20 |
| Single Family | 584 Bogert Rd | $525,000 | $505,000 | 3 | 1.5 | Keller Williams | Weichert | 10-23-20 |
| Single Family | 197 Midland Ave | $645,000 | $669,000 | 4 | 3.5 | Keller Williams | Coldwell Banker | 10-24-20 |
| Single Family | 712 5th Ave | $450,000 | $414,900 | 3 | 1 | RE/MAX | Group 26 | 10-26-20 |
| Single Family | 253 Princeton Dr | $665,000 | $665,000 | 3 | 3 | Mary davis Real Estate | 10-27-20 | |
| Single Family | 257 Monroe Ave | $577,000 | $565,000 | 4 | 1.5 | Roselli Realty | Keller Williams | 10-28-20 |
| Single Family | 48 Wayne Ave | $536,000 | $514,900 | 3 | 1 | Keller Williams | Weichert | 10-29-20 |
| Single Family | 375 Howland Ave | $610,000 | $589,900 | 3 | 2 | Weichert | Simply Real Estate | 10-30-20 |
| Single Family | 734 Center Ave | $430,000 | $429,000 | 3 | 1 | RE/MAX | Coldwell Banker | 10-30-20 |
| Single Family | 736 Center Ave | $427,000 | $425,000 | 3 | 2 | Mary Davis Real Estate | RE/MAX | 10-30-20 |
| Single Family | 186 Zabriskie Pl | $445,000 | $449,900 | 3 | 1 | Modern Realty Group | Modern Realty Group | 11-2-20 |
| Single Family | 405 Mercer Ave | $645,001 | $619,000 | 4 | 2 | Liberty Realty | Citilight | 11-2-20 |
| Single Family | 595 Elm Ave | $610,000 | $569,900 | 3 | 2.5 | Weichert | Christie’s | 11-2-20 |
| Single Family | 612 Bogert Rd | $540,000 | $515,000 | 3 | 2 | Keller Williams | Eastern Realty | 11-4-20 |
| Single Family | 822 5th Ave | $603,000 | $579,000 | 4 | 3.5 | Mary Davis Real Estate | RE/MAX | 11-5-20 |
| Condo | 845 Kinderkamack Rd | $430,000 | $435,000 | 3 | 2.5 | Coldwell Banker | Realty 7 | 11-5-20 |
| Single Family | 578 Clarendon Ct | $450,000 | $429,900 | 2 | 2 | Weichert | Realtyline | 11-12-20 |
| Single Family | 278 Cleveland Pl | $474,000 | $484,000 | 3 | 2 | Stary One Realty | Star One Realty | 11-13-20 |
| Single Family | 135 Valley Rd | $607,000 | $644,888 | 3 | 2.5 | Weichert | Weichert | 11-19-20 |
| Single Family | 941 Poplar Ave | $550,000 | $539,000 | 3 | 2 | Christie’s | Realty One | 11-19-20 |
| Single Family | 485 The Fenway | $930,000 | $927,222 | 4 | 3.5 | Zeal | Zeal | 11-23-20 |
| Single Family | 163 Voorhis Ave | $600,000 | $580,000 | 3 | 2 | RE/MAX | Eastern Realty | 11-30-20 |
| Single Family | 251 Beech Dr S | $715,000 | $709,000 | 4 | 2.5 | eXp Realty | Station Cities | 11-30-20 |
| Single Family | 930 Myrtle Ave | $600,000 | $639,000 | 4 | 2.5 | Keller Williams | Simply Real Estate | 11-30-20 |
| Single Family | 395 Mercer Ave | $600,000 | $619,000 | 4 | 3 | Weichert | Berkshire Hathaway | 12-1-20 |
| Co-op | 12 Gainesborough Terr | $137,500 | $137,500 | 1 | 1 | Mary davis Real Estate | 12-2-20 | |
| Single Family | 39 Coles Ct | $539,000 | $560,000 | 4 | 2.5 | Keller Williams | Redfin | 12-3-20 |
| Single Family | 426 Lafayette Ave | $785,000 | $785,000 | 4 | 2.2 | Keller Williams | Westside Realty Group | 12-8-20 |
| Single Family | 82 Spring Valley Rd | $330,000 | $349,000 | 3 | 1 | RE/MAX | Realty 3 Group | 12-9-20 |
| Single Family | 56 Bloomfield Ave | $350,000 | $349,500 | 2 | 1 | Coldwell Banker | RE/MAX | 12-11-20 |
| Single Family | 744 Center Ave | $450,000 | $450,000 | 3 | 1 | RE/MAX | Terrie O’Connor | 12-11-20 |
| Single Family | 372 Fifth Ave | $795,000 | $798,000 | 4 | 2.5 | Friedberg Properties | RE/MAX | 12-11-20 |
| Condo | 15 River Edge Rd | $355,000 | $399,000 | 2 | 1 | Century 21 | Century 21 | 12-11-20 |
| Single Family | 774 Kinderkamack Rd | $240,000 | $199,000 | 3 | 1 | Keller Williams | Keller Williams | 12-14-20 |
Did you know you can create personalize alerst to keep up with what is going on in town? You can get all of the homes for sale in River Edge or anywhere in Bergen County right here! Don’t miss out…set your search today.
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