July 2025 Bergen County Real Estate Market Update

Welcome to your July 2025 real estate market update for Northern Bergen County. This month, we’re breaking down the latest housing trends, tax changes, and seller strategies that are shaping the local real estate landscape for both buyers and homeowners.

Northern Bergen County Housing Market: Still a Strong Seller’s Market

If you’re wondering where the Bergen County real estate market stands right now, the answer is clear: we are still firmly in a seller’s market. While other parts of the country are moving toward balance, Northern New Jersey is only seeing slight shifts.

Homes are staying on the market a bit longer, which is good news for both buyers and sellers. The frenzied “best and final by Monday” pace is easing slightly, allowing for more thoughtful negotiations and stronger offers.

As a listing agent, I’ve noticed that even in multiple-offer situations, we often go with the second or third best offer, as initial buyers sometimes back out. The key to success remains the same: secure the highest price with the strongest terms.

Inventory Increasing, But Demand Remains High

Inventory is inching up, and we’re seeing a small increase in months of supply. However, that doesn’t mean it’s no longer a seller’s market. If you’ve been waiting on the sidelines, this may be the right time to re-enter the market as a buyer.

With more homes coming online, the competition is slightly less intense than earlier this year, and buyers may finally get the breathing room they need to make confident decisions.

What the New NJ Mansion Tax Means for Sellers

As of July 10, 2025, New Jersey has implemented a new mansion tax, and it’s changing the game—especially for luxury sellers.

Previously, buyers bore the burden of a 1% tax on homes over $1 million. That has now shifted to the seller, with new rates that scale based on the sale price:

• $1M–$2M: 1%

• $2M–$2.5M: 2%

• $2.5M–$3M: 2.5%

• $3M–$3.5M: 3%

• $3.5M+: 3.5%

This seller-side tax responsibility could push list prices higher, especially in the luxury market, and could ripple down to mid-range and entry-level homes as pricing adjusts across the board.

Important note: This does not apply to homes already under contract and closing before November 15, 2025.

Take Advantage of Our Free Exterior Home Photo Campaign

One last reminder: We’re offering complimentary exterior home photography for past clients, current homeowners, and future sellers! Your home never looks better than it does in the summer—with green grass, lush landscaping, and no snow or ice in sight.

Whether you're thinking about listing this fall or just want a beautiful keepsake of your home, now is the perfect time to capture it in its best light. There’s no pressure and no strings attached—just beautiful curb appeal, ready when you are.

Let’s Talk About Your Real Estate Goals

Have questions about the mansion tax, market timing, or how much your home is worth in today’s market? Give us a call. We’d love to connect and help you plan ahead—whether you’re buying, selling, or just keeping tabs on your investment.