Open a front door at a Bergen County open house today, and you’ll likely find a crowded sign-in sheet, buyers submitting offers within days, and sellers fielding multiple bids on homes under $800,000. While much of the country has shifted to a slower, more balanced housing market, Bergen County remains firmly in seller’s territory.
Homes priced between $500,000 and $800,000 are moving quickly. Even million-dollar listings are drawing multiple offers within their first seven days.
Cheryl Cooper, Team Leader at The Cheryl Cooper Group, has seen this pattern play out across Bergen County for months. She recently listed three homes in one week; all received multiple offers. “If you don’t have an offer in a week and your house is under $800,000, you are overpriced,” Cooper says.
The main driver behind Bergen County’s competitive market is a severe shortage of homes for sale. Many owners refinanced during the pandemic when mortgage rates dropped below 3%, and now they’re unwilling to trade those rates for today’s 6% or higher. This reluctance to move has created a persistent supply shortage.
Cooper estimates that even if no new buyers entered the market, it would take at least a year and a half to work through the current buyer pool. This low absorption rate keeps the advantage squarely with sellers, making bidding wars the norm.
The shortage is most acute at the entry level. First-time buyers and young families searching for homes under $700,000 face the toughest competition. Townhouses and condos are especially scarce, with buyers often scrambling for any property that enters this price range.
Bergen County’s location, just 20 minutes from Manhattan, ensures steady demand from professionals seeking suburban life with easy access to the city. This proximity drives consistent buyer interest that many other markets lack.
While many U.S. markets have seen prices flatten or inventory rise over the past year, Bergen County has remained competitive. Home values rose about 4% last year, following even steeper gains the year before. Cooper expects another 2% to 4% increase this year, based on current activity and industry forecasts.
The region also benefits from strong local employment and a steady influx of buyers relocating from New York City. National housing reports often lump New York, New Jersey, and Connecticut together, but Cooper notes that Bergen County’s dynamics are distinct. “We’re just different,” she says. “Our market is different.”
The surge in cash buyers is making competition even tougher. Cooper reports more all-cash deals than ever before, with mortgage-dependent buyers often losing out. “I don’t know where everybody’s getting their cash from,” she says, “but it’s everywhere.”
Buyers relying on financing are adjusting their strategies. Some are waiving inspection or appraisal contingencies, while others use escalation clauses to raise their offer if a higher bid comes in automatically.
Cooper recommends that buyers look below their maximum budget. For example, if your limit is $800,000, focus on homes listed at $700,000, since bidding will likely drive the final price up toward your cap.
In today’s market, preparation and speed are critical. Buyers should get pre-approved for a mortgage before they start house hunting. Sellers expect proof that buyers can close quickly, and pre-approval clarifies what monthly payments will look like at current rates.
Acting fast is essential. Homes under $800,000 often go under contract within days, sometimes hours. Waiting for a second showing or hesitating to make an offer can mean missing out.
Cooper advises buyers to focus on factors they can’t change: location, layout, and major systems such as the roof, furnace, and air conditioning. Cosmetic upgrades can be done over time, but poor locations or major structural issues are harder to address.
Considering homes that need work can also improve your odds. Fully renovated properties attract the most competition and often sell at a premium. A house needing updates may attract fewer bidders, giving buyers a better chance of winning — and the potential to build equity through renovations.
Cooper sees no indication that Bergen County’s hot market will slow down soon. With mortgage rates still hovering around 6% and inventory at historic lows, the conditions favoring sellers remain unchanged. If interest rates drop, even more buyers could enter the market, likely pushing prices higher.
For now, Bergen County stands out as an outlier in a national market where many regions have cooled or stabilized. Buyers here aren’t waiting for prices to drop or inventory to increase — they’re moving quickly and competing aggressively for each new listing, knowing that hesitation often means losing out entirely.
About the Expert: Cheryl Cooper is the team leader at The Cheryl Cooper Group in Bergen County, New Jersey. With 30 years of full-time experience in real estate, she specializes in residential sales and new construction developments across Bergen and Passaic counties.
This article is based on information provided by the expert source cited above. It is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any real estate or financial decisions.
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