Bergen County Homes Are Sitting – But First-Time Buyers Are Still Losing Out

Written by:

Alejandra Rodriguez

Date:

02 Apr 2026

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Walk into an open house in northern New Jersey today, and you’ll see a housing market defined by scarcity. In towns where 80 homes might have been for sale in the past, there are now just two or three listings. In Ramsey and Wyckoff, inventory has dropped to only two homes each. But this shortage hasn’t made buying easier for newcomers. If anything, first-time buyers face even steeper competition.

“We’re still seeing bidding wars and multiple offers on anything below $1.5 million,” says Robert Abbott, president and broker of record at Berkshire Hathaway HomeServices Abbott Realtors in Bergen County. With over 10,000 homes sold across northern New Jersey and Rockland County, New York, Abbott has watched the supply crunch push prices higher and make entry-level buying more difficult than ever.

For first-time buyers in Bergen County, the entry price is now close to $1 million, with as many as 25 competing offers on some homes.

Why Inventory Has Collapsed

This shortage isn’t due to a lack of buyers. Instead, it’s driven by homeowners refusing to sell.

During the pandemic, mortgage rates fell below 3% as federal policy pushed rates down. Many homeowners either refinanced or bought at these historic lows. Now, moving would mean giving up a 3% mortgage and taking on a new loan at 6% or higher. The result: most are staying put, even if their homes no longer fit their needs.

“People are holding on because they don’t want to lose that 3% rate,” Abbott explains. Instead of moving, many are renovating – adding rooms or upgrading kitchens and bathrooms – rather than taking on a more expensive mortgage.

This lock-in effect has created a severe imbalance between supply and demand, fueling price increases across the region. Abbott expects home values in Bergen County to appreciate by 7% to 11% in 2026, continuing a trend of steady gains even as some national markets see prices flatten or fall.

Higher-end towns like Saddle River, where homes typically list above $1.5 million, have more inventory available. But the shortage is most intense in the starter and mid-range price segments, where families are trying to buy their first home or move up.

Deals Are Moving Fast

Speed is critical in this environment. Homes priced under $1.5 million often receive multiple offers within days of listing. Buyers frequently waive inspections and mortgage contingencies to compete, and those who hesitate risk missing out entirely.

Abbott says successful buyers are getting fully pre-approved – not just pre-qualified – so they can present as close to cash buyers as possible, with only an appraisal as a contingency. “They have to be very aggressive,” he says. “They need to consider going above asking price when a new house comes on the market.”

In contrast, higher-priced homes have more inventory and less competition, giving buyers more negotiating power. But for first-time and move-up buyers, the window to act is extremely narrow.

How Buyers Can Compete

For anyone trying to buy in Bergen County or Rockland County right now, Abbott outlines several strategies that work:

• Secure full pre-approval before you start searching. A pre-approval with only an appraisal condition makes your offer nearly as strong as cash and shortens the contingency period to about 10 days.
• Prepare to offer above the asking price. In competitive towns, the listing price is just a starting point. Know your maximum budget in advance.
• Consider waiving the inspection, but only if you understand and accept the risks. While not required everywhere, many buyers are doing this to strengthen their offers.
• Choose an agent with strong relationships among local brokers. In a tight market, reputation matters. Agents known for smooth transactions can give your offer an edge.

Advice for Sellers

For sellers, current conditions are highly favorable. Well-priced homes are attracting multiple offers, often well above the listing price.

• Price your home based on recent comparable sales in your town. Overpricing will cause delays, but pricing at or just below market value can spark bidding wars.
• Invest in professional marketing. High-quality photos, floor plans, drone images, and 3D tours help your property stand out when buyers are comparing a limited pool of options.
• Be prepared to move quickly. Today’s buyers are pre-approved and ready to close fast, so sellers should have their own next steps lined up before listing.

What’s Next for Bergen County

Abbott sees little chance of relief from the inventory crunch unless mortgage rates fall significantly. He believes that rates would need to drop below 5% before homeowners with 3% mortgages feel comfortable selling and moving.

“Once rates get down below five, that will trigger people to retire, move, or buy up,” Abbott says. At that point, more inventory would come on the market, and conditions would begin to balance.

Until then, buyers must be prepared for intense competition, and sellers remain in a strong position. The market’s direction hinges on interest rates: as long as borrowing costs stay elevated, expect limited supply and rising prices to define Bergen County’s real estate landscape.

About the Expert: Robert Abbott is president and broker of record at Berkshire Hathaway HomeServices Abbott Realtors, serving Bergen County, New Jersey, and Rockland County, New York. With over 42 years of experience in real estate and a background in construction and development, Abbott’s firm has sold more than 10,000 homes. He specializes in residential sales, commercial real estate, and land development across northern New Jersey.

This article is based on information provided by the expert source cited above. It is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any real estate or financial decisions.