Hackensack Real Estate Market Update: A Balanced and Thriving Market

Low Inventory Levels Support a Balanced Market

The Months Supply of Inventory (MSI) in Hackensack currently stands at 2.07 months, indicating a balanced market with enough available homes to satisfy buyer demand without oversaturating the market. An MSI below 3 months often suggests a strong market for sellers, but the relatively low figure of 2.07 months still reflects an environment where buyers have ample options to choose from.

Increased Inventory Over the Past Year

Over the past 12 months, there has been a 21.76% increase in the Months Supply of Inventory. This increase could be due to more listings coming onto the market or a slight cooling in buyer activity. However, this doesn’t signify an oversupply—rather, it points to a market that’s gaining depth, offering more variety and options for buyers while maintaining favorable conditions for sellers.

Homes Are Selling Quickly

Despite the increase in inventory, homes in Hackensack continue to sell quickly, with a median of 57 days on the market. This quick turnaround indicates that buyers are active and ready to make decisions, a positive sign of strong market interest. This fast pace benefits sellers by minimizing the time their homes sit on the market and ensuring a quicker closing.

List to Sold Price Ratio Shows Strong Pricing Strategy

The List to Sold Price Percentage is currently at 100%, meaning that homes are generally selling at their asking prices. This figure reflects an efficient market where sellers are pricing homes accurately, and buyers are willing to meet those prices. For both parties, this suggests a fair transaction process, making Hackensack a market of mutual benefit.

Stable Median Sold Prices

With a Median Sold Price of $607,500, Hackensack’s market offers both stability and growth potential. This price point makes Hackensack an attractive option for buyers seeking homes at a reasonable price while giving sellers confidence in the value of their properties. The stable pricing also indicates that the market isn’t seeing excessive fluctuations, adding to the appeal for prospective buyers and sellers alike.

Conclusion: A Market Favorable for Both Buyers and Sellers

The current real estate metrics suggest that Hackensack is experiencing a balanced and stable market. With low inventory, homes selling at asking prices, and a median sold price that signals stability, it’s a great time to consider buying or selling in Hackensack. Whether you’re a first-time buyer or an investor, the Hackensack market offers promising opportunities in a fair and efficient environment.

For sellers, the quick turnaround and strong list-to-sale price ratio mean it’s possible to sell your property at an optimal price without long waiting periods. Buyers, on the other hand, can benefit from a market with stable prices and a selection of homes that suit a variety of preferences.

Ready to explore your options in Hackensack? Contact us today to discuss how you can take advantage of this thriving real estate market.