Home prices have continued to rise in Ridgewood, NJ. Year-to-date, the median home price in Ridgewood is up 4% for single family homes as compared with 2013. With a low number of homes on the market, the number of closings is down because buyers have less to choose from. At this writing, there’s a 4.3 month supply of homes available, which means the market slightly favors sellers.
As we head into the cold months, conditions will improve somewhat for buyers since there will be less competition. Historically the winter is the best time for buyers to get a good deal.
For more information on the Ridgewood real estate market, call Michael Shetler at 201.421.0506.