A report by the Otteau Group has reaffirmed what borough officials already know — North Arlington has one of the hottest real estate markets in New Jersey.
A study from the independent real-estate valuation firm ranks North Arlington as 14th in the state in terms of strength of its real estate.
The recently released report lists the New Jersey municipalities where home prices are rising the fastest, as well as a “months’ supply of homes,”indicating how long it would take, at the current sales prices, to sell homes on the market.
In North Arlington, there is only a 1.1 months’ supply of homes, showing that available real estate is selling very quickly. Moreover, home prices in North Arlington are increasing monthly by 0.4% with annual increases of 5%, according to the Otteau Group.
In Bergen County, according to the report, North Arlington has the fifth hottest real estate market, behind Glen Rock, Ridgewood, Wood Ridge and Rutherford.
They are in good company.
According to Redfin, the median price for a home in North Arlington was $650,000 in March, up 8.4% since last year. The median sale price per square foot in North Arlington is $390, up 19.8% since last year.
“North Arlington has become one of those communities that people desire. With an attractive, redeveloped main street and several quaint, safe residential districts, real estate buyers are more inclined to pay more when buying a home,” Mayor Daniel H. Pronti said. “We have an extremely tight inventory of available real estate, as more and more people see the benefits of living in our town.”
A safe, strong bedroom community with a short commute to Manhattan is always in great demand. North Arlington is known for its close proximity to jobs, a strong transportation infrastructure, attractive newer parks, some of the best eateries, and other public amenities, along with a thriving business sector to serve local residents and visitors.
“With the ongoing upgrades and beautification of North Arlington, and much more on the way, we are not surprised to see that any new real estate listing is typically off the market within days,” Pronti said. “In North Arlington, you can still get more space for your real estate dollar, as compared to some other Bergen County towns. Buyers are well aware of that, and it is helping fuel this market to levels we have never experienced.”
On the ranked list, Lyndhurst also placed in the Top 50 towns at 15th.
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Kevin A. Canessa Jr. is the editor of and broadcaster at The Observer, an organization he has served since 2006. He is responsible for the editorial content of the newspaper and website, the production of the e-Newspaper, writing several stories per week (including the weekly editorial), conducting live broadcasts on social media channels such as YouTube, Facebook, and X, including a weekly recap of the news — and much more behind the scenes. Between 2006 and 2008, he introduced the newspaper to its first-ever blog — which included podcasts, audio and video. Originally from Jersey City, Kevin lived in Kearny until 2004, lived in Port St. Lucie. Florida, for four years until February 2016 and in March of that year, he moved back to Kearny to return to The Observer full time. Click Here to send Kevin an email.