Asked by Rjohn, Tenafly, NJ • Wed Mar 7, 2012
Almost all Bergen County communities have faced increased real estate values over the past 15 years. The data shows that Tenafly in particular had the steepest increase, probably because of its school system (and its local realtors).
The latest Case Shiller data release from Feb 2012 reveals that the local market is still headed for a significant correction and Tenafly is no different. However, by looking at the actual number of real estate transactions in Tenafly, I found something very interesting - sellers who are trying to sell costly properties cannot find buyers.
In 2011, when Tenafly sellers admitted real estate values were going down, there were 66% more transactions by March-7, compared to the same period in 2012. Today, there are actually more properties in the market than a year ago, buyers are much more educated these days and the excellent education systems offered by the surrounding towns (such as Cresskill, Closter etc) is an excellent alternative.
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