November 2024 Hackensack Real Estate Update: What Buyers and Sellers Need to Know

The Hackensack real estate market is holding steady as we move into November 2024, maintaining a favorable environment for both buyers and sellers. With balanced inventory, stable prices, and strong buyer interest, this is a great time to make a move in Hackensack. Let’s dive into the latest market trends and what they mean for you.

1. Balanced Inventory Levels

The Months Supply of Inventory in Hackensack is currently at 2.07, a number that reflects a balanced market. This means there are enough homes to meet buyer demand without overwhelming supply. For buyers, this means a healthy selection of homes to choose from, while sellers can expect steady interest in their properties without the risk of oversaturation.

2. Stable Home Prices

Hackensack’s Median Sold Price remains stable at $607,500, giving buyers confidence that the market isn’t seeing rapid fluctuations. For sellers, this median price point is reassuring, as it suggests homes are holding their value well. Hackensack continues to offer affordable options for those seeking proximity to New York City with suburban benefits.

3. Homes Are Moving Quickly

The typical property in Hackensack spends around 57 days on the market, which reflects strong demand. This quick turnaround time indicates that buyers are actively searching and ready to make decisions. For sellers, this means less waiting time and more efficient sales, while buyers can feel confident in a market where properties retain interest.

4. Sellers Are Hitting Their Asking Prices

Hackensack’s List to Sold Price Ratio stands at 100%, showing that homes are consistently selling at their listed prices. This is a clear sign of a fair and efficient market. For sellers, this means their pricing strategy is working well, and they can list with confidence. Buyers, meanwhile, can feel assured that they’re entering a market with accurate, competitive pricing.

5. What’s Behind Hackensack’s Market Stability?

Hackensack’s steady performance can be attributed to several factors:

• Location: Just a short commute from New York City, Hackensack remains attractive to professionals looking for a suburban lifestyle without compromising on convenience.
• Diverse Housing Options: The market offers a variety of properties, including single-family homes, condos, and townhomes, catering to buyers at different life stages.
• Community Appeal: With quality healthcare, reputable schools, and recreational options like parks and restaurants, Hackensack is a well-rounded community.

Is Now the Right Time to Buy or Sell in Hackensack?

With stable pricing, quick sales, and balanced inventory, Hackensack is well-positioned for buyers and sellers alike. If you’re thinking about buying, the current market conditions provide a great opportunity to find a well-valued home in a desirable location. For sellers, the high list-to-sale price ratio and quick turnaround times mean there’s strong buyer interest, allowing you to sell efficiently.

Ready to explore your options? Contact us today to learn more about buying or selling in Hackensack and take advantage of this balanced, thriving market.