Northern New Jersey Remains a Seller’s Market Despite National Shift, Says Top Agent

Written by:

Steve Marcinuk

Date:

05 Feb 2026

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While much of the United States has moved into buyer-friendly territory, Bergen County stands out as an exception. Despite rising inventory and lower transaction volumes, this part of Northern New Jersey continues to favor sellers, a dynamic that runs counter to national headlines.

Across most U.S. markets, well-established patterns hold: higher interest rates usually lead to lower prices, inventory gains reduce seller leverage, and national trends often ripple into local conditions. But in Northern New Jersey, these relationships have broken down over the past year, creating what Chopper Russo, team leader at The Chopper Russo Team and the state’s second-ranked agent, describes as a persistent anomaly.

Russo says the disconnect between national market coverage and Bergen County’s reality is now so stark that it confuses both buyers and sellers. “The majority of the United States at the present moment is in a buyer’s market,” Russo says. “Northern New Jersey, Bergen County, Passaic, Morris County, is still in a seller’s market. We still have a supply-and-demand imbalance. There are not enough sellers, and there are definitely more buyers.”

This local perspective stands in contrast to the broader market picture. In 2025, there were the fewest home sales. Yet in Northern New Jersey, even as home sales dropped nearly 16 percent last year, prices climbed 10 percent, a combination that defies the usual inverse relationship between transactions and pricing.

Inventory: Numbers Versus Reality

The supply situation in Northern New Jersey complicates efforts to interpret market data. Reports of inventory increases — sometimes cited as high as 32 percent in Bergen County since March — do not reflect the real experience for buyers. Russo notes that percentage gains can be misleading when the baseline number of available homes is minimal. “When you say 35 percent based on what — that they had 100 homes for sale, and now it’s 135?” he asks. “What’s 35 units? That’s nothing. That’s like three months of business for us, maybe two months’ worth of business.”

Russo’s view is that even notable percentage increases in listings do little to correct the fundamental shortage. Structural factors continue to limit the number of homes for sale, and new development inventory has not been enough to change the overall balance. The result is an ongoing seller’s market, even as inventory figures appear to rise on paper.

Interest Rates and Local Resilience

The persistence of seller leverage despite higher borrowing costs is another break from past cycles. “One of the rules was that if interest rates go up, prices go down, but it didn’t this time,” Russo observes. In this region, demand has remained strong enough to offset the impact of rising rates — a sign that local forces are outweighing broader economic pressures.

Why Northern New Jersey Stands Apart

Northern New Jersey’s resilience is not entirely new. According to Russo, the area has long been less volatile than major markets such as California, Texas, and Florida. “Northern New Jersey was never one to skyrocket as other areas would, the typical ones, like California, Texas, Florida,” he says. “What goes up fast, comes down fast. Even when the bottom fell out here in 2010, yes, the prices dropped, but on a percentage basis, that is not as significant in other parts of the United States.”

Several factors underlie this stability: the region’s dense population, proximity to New York City, and limited land for new development all help maintain steady demand. These conditions have allowed the local market to resist the downward pressure seen elsewhere. Still, Russo acknowledges there are limits. “I still think we’re in somewhat of the unicorn years,” he says, referring to the post-COVID period. “Since COVID, I don’t know what’s going to be considered a normal market in five years.”

Affordability is a looming concern. Median home prices in Bergen County now hover around $600,000, and affordability indices are slipping. While significant wage growth in the region has helped sustain buyer demand, this support may not last indefinitely.

The Information Gap

The gap between national headlines and local conditions has created a persistent education problem. Russo notes that broad market coverage often misleads buyers and sellers about what is actually happening in Northern New Jersey. “The headlines today are there to terrify, not to clarify,” he says. “Those national headlines don’t apply to this market. Again, this market is an imbalance. There are fewer sellers and more buyers. We’re not yet in a neutral market. We’re still in the seller’s market for the time being.”

This information gap affects real decisions. Buyers who expect local prices to fall, based on national reporting, may wait for deals that never materialize. Sellers who fear a weakening market may hesitate to list, further limiting supply and reinforcing the imbalance.

What’s Next for Northern New Jersey

Looking ahead, Russo expects continued price increases in the two to four percent range over the next year, with a similar modest gain in available listings. “I don’t think we’ll go back. It’ll be a while before we get to the so-called normal years that 2019 was,” he says. This outlook suggests that Northern New Jersey’s outlier status is likely to persist, even as other regions adjust to new market realities.

For buyers, sellers, and investors, the key takeaway is that national trends do not always apply to local markets—especially in Bergen County, where structural factors create persistent demand and constrain supply. Understanding this divergence is crucial for anyone making decisions in Northern New Jersey’s housing market, as national headlines may offer little guidance for local outcomes.