Bergen County real estate is booming in 2021! With millions of people moved out of crowded Northeastern cities like New York during the pandemic, surrounding areas like Bergen County are seeing the effects of this exodus. In fact, an annual survey of real estate industry professionals predicts Bergen County could be one of the hottest markets in the country in 2021. Many families are drawn to Bergen County because of the low taxes and well-regarded schools. The trend of moving to this area has been accelerated by the pandemic and people’s desires for quieter suburbs and more freedom beyond a confined, overpriced apartment in a place like NYC.
The Urban Land Institute’s Emerging Trends in Real Estate 2021 predicted that North New Jersey would be 14th in the country in real estate activity They also gave North Jersey real estate high rankings in other categories, in some cases beating out New York, its outer boroughs, and Long Island.
“Northern New Jersey moved from 55 to 14 this year and we think that is a reflection of the move toward suburban areas,” said Anita Kramer, senior vice president of ULI center for capital markets and real estate. The rankings are determined by surveying ULI’s senior members directly involved in the real estate business, including lenders, investors, and developers.
One town that is being highlighted in the Bergen County Real Estate Market is Mahwah, which is gaining many residents this year. The town is being lauded for its proximity to nature and to New York City by many families who have made the move. One family, the Hirschs, moved to Mahwah from Rockland County in New York and said “Mahwah has been great for us, and we’ve met a lot of great people”. And they aren’t the only ones who think so! The town has a booming condo market that is allowing many families to discover this Bergen County town at a more affordable rate.
Another Bergen County town that has seen a huge increase in home sales, is Upper Saddle River. The town had 42 home sales this past summer compared to only 12 in 2019. This town has many spacious and luxury homes with great amenities during a time when working from home is the norm. This is very attractive to families, especially when they can afford it.
The market in Bergen County is definitely hot right now and for good reason. Bergen County New Jersey is definitely one of the best places to live in the country, and it only took a pandemic for New Yorkers to agree!