The average home sale price last year in New Jersey was $397,279. See how your town's prices fared
The average sale price of a home in Bergen County is on the upswing and the local market is strong, a real estate firm executive said.
Single-family, multi-family along with condominium and town home properties prices increased by 3 percent on average from 2012 to 2013, according to Joseph Cubias, regional vice president of Weichert, Realtors, who cited data from the New Jersey Multiple Listing Service.
"There was another increase of 1 percent from 2013 to 2014, and then again a 1 percent increase from 2014 to 2015," Cubias said in an email. "So, overall from 2012 to 2015, there has been an increase of 5 percent (+$27,000), on average, as a county."
In the current market, there is also a shortage of homes for sale, Cubias noted.
"As with the theory of supply and demand, when buyers have less to choose from they will offer more, which leads me to believe that home prices will continue to increase," Cubias said. "This also makes it a great time for a seller who is considering upsizing to list their home with the opportunity to sell it at a higher price."
Cubias called the market "advantageous" for a first-time home buyer.
"Overall, the outlook for the real estate market in Bergen County is positive, as by the end of 2015 a high percentage of properties now had equity in them,"
The average home sale price in Bergen County in 2015 was $531,621, according to data from the state Division of Taxation.
The statewide average last year was $397,279.
See the full town-by-town list of 2015 average home sale prices below.