Bergen County’s luxury real estate market has undergone notable changes in recent years, with 2025 presenting some of the most challenging conditions since the early 2000s. While sales data points to slower activity and longer listing times, the day-to-day experience of agents on the ground reveals how client relationships, market strategy, and community ties are shaping outcomes for buyers and sellers in one of New Jersey’s most sought-after regions.
Susan Greenbaum, Realtor Associate and Luxury Home Specialist at Keller Williams Village Square Realty, has built her career in this environment for more than thirty years. Since earning her license in 1993, Greenbaum has weathered multiple market cycles by focusing on genuine, long-term relationships rather than transactional deals. Her approach is rooted in understanding clients’ lives and building trust that lasts well beyond a single sale.
“You can’t be selling all the time. You have to be a person. You have to be a human being,” Greenbaum says. “You have to understand what people are going through.”
This philosophy has helped her build a referral network spanning Bergen County’s diverse communities, a connection that began with a single transaction decades ago and has grown as families have referred her within their networks.
The luxury segment in Bergen County has faced significant headwinds in 2025. Greenbaum describes last year as one of her most difficult, with just 2 closed transactions, compared with her typical 10-12 deals totaling $10-15 million as a single agent.
Economic uncertainty and job instability have made buyers more hesitant. As a result, buyers are taking longer to make decisions and being more selective about the properties they pursue. Homes that once sold within days are now sitting on the market for 50 – 90 days in the luxury market. However, well-priced homes—especially those that stand out for value—can still attract multiple offers.
Pricing strategies have become more critical as buyers scrutinize value. Greenbaum recently sold a property for $500,000 above its $2.3 million asking price, closing at $2.8 million. She attributes this to the listing agent’s strategic marketing, which generated intense interest and ultimately reflected the property’s actual market value.
Bergen County’s luxury market is not monolithic. The region covers several townships, each with its own price points, tax structures, and buyer profiles. The towns in Northern Bergen County are among the most expensive in the country and consistently command the highest prices for luxury homes.
Tax considerations have become increasingly important for buyers evaluating high-end properties. For example, a $2.5 million home in Upper Saddle River may carry an annual tax bill of $40,000, prompting many buyers to consider lower-tax towns in Northern Bergen County. These financial factors are now a key part of the decision-making process for even the wealthiest buyers.
Some markets remain especially tight due to limited inventory. In Midland Park, for instance, turnover is rare. “People move in there, they never move out,” Greenbaum notes. “You’ll see maybe one or two houses on the market in a short period of time.”
The real estate industry in New Jersey has seen new regulations around buyer representation, requiring agents to formalize their relationships with clients. Greenbaum has used buyer agency agreements since 2004, well before recent mandates, and insists on clear terms with every client.
Her client education process is equally direct. Greenbaum provides detailed guides outlining every step—from closing costs to contract terms—so buyers understand what is expected of them throughout the transaction. During consultations, she makes it clear that clients need to know their obligations: “I tease my clients that there’s a test on this book later.”
This emphasis on education and transparency sets clear expectations. It helps prevent confusion or disputes later in the process, a key factor in maintaining client trust in a high-stakes market.
Looking ahead, Greenbaum expects inventory to increase as more empty nesters decide to sell. She identifies four main groups driving demand in Bergen County: newlyweds, new parents, couples going through divorce, and downsizers.
The quality of public schools remains a major draw for families. Many buyers move to Bergen County specifically to access top-ranked schools without paying for private education. This creates natural transition points when families no longer need school access, prompting moves and new listings in established neighborhoods.
Greenbaum’s longevity in Bergen County’s luxury market is closely tied to her deep community involvement. She celebrates milestones and events, maintaining relationships that extend long after closing. “That’s how my business has been.”
Her commitment goes beyond transactions. Greenbaum serves on the professional standards and grievance committee for the Greater Bergen Board of Realtors, advocating for ethical practices and high standards across the industry. This role keeps her connected to broader policy discussions and reinforces her reputation among peers and clients alike.
Greenbaum’s referral network has grown organically as clients introduce her to friends and relatives, creating a community where mutual trust and shared values drive repeat business.
The Bergen County luxury market is being reshaped by economic pressures, stricter lending conditions, and shifting buyer priorities. Agents report more cautious buyers, longer listing times, and an increased focus on pricing and value. At the same time, the appeal of strong public schools, established neighborhoods, and community ties continues to draw new buyers to the area.
As the market moves into 2026, inventory is expected to continue rising, intersecting with continued buyer selectivity. Agents who focus on building relationships and maintaining high professional standards will be best positioned to succeed. In Bergen County’s luxury segment, and not just the luxury market, local knowledge and expertise matter, but so do personal connections, cultural awareness, and a commitment to serving clients beyond the transaction.
For professionals like Greenbaum, these principles have created a sustainable business that adapts to market cycles while meeting the needs of a diverse and loyal client base. As conditions evolve, the agents who thrive will be those who invest in relationships, community, and the long-term well-being of the families they serve. In Bergen County, success in luxury real estate is built on more than just closing deals; it’s about becoming an integral part of the community itself.
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