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Ridgewood Real Estate Market: Historical Trends and Future Predictions

The Ann and Melinda Group

Ridgewood Real Estate Market: Historical Trends and Future Predictions

Located in scenic Bergen County, New Jersey, Ridgewood is a peaceful residential area that has become a haven for those hoping to escape the bustle of the big city while still enjoying access to the finer things. Ridgewood is about 20 miles outside Manhattan, making it a prime location for families and business people who want larger properties, a residential lifestyle, and spacious yards.

The Ridgewood real estate market started booming in 2020 and hasn't fully slowed down, with more and more people discovering the unique charm of this high-income community. Ridgewood is widely considered to be one of the best places to live, with stunning architecture, beautiful homes, and impeccably maintained sidewalks and parks. To buy property in Ridgewood, you'll have to act fast. Knowing the historic Ridgewood real estate market trends can help you plan for any eventuality and secure the home you want, whether you want to buy property in the heart of downtown or in a quiet neighborhood.

Ridgewood is an exclusive New Jersey village

New Jersey is full of popular communities, but Ridgewood is one of the most affluent. It’s one of America's wealthiest towns, with the average household in the area earning about 181% greater than the national median. Additionally, Ridgewood is one of 50 cities in which median household income is more than double the national figure of about $69,000.

The air of luxury is apparent from the historic downtown to the well-maintained residential areas. Pride of ownership is evident in every spacious porch and yard, with many homeowners going all out for holidays and special occasions. Community is important to residents of Ridgewood. There are numerous festivals, fairs, and special events that take place in the area, beckoning newcomers and established residents alike to come together and celebrate everything that makes Ridgewood so special.

Overview of the Ridgewood real estate market

Real estate in New Jersey is slightly higher than the national average. The average home in the state costs around $355,700. Homes in Ridgewood tend to be more expensive than the average, however, especially if you're interested in buying a luxury property or a historic home. It's not uncommon for homes in Ridgewood to cost between $600,000 and $4 million.

In Ridgewood, many of the most exclusive properties for sale are historic homes. These often have higher square footage than traditional single-family homes, along with luxury features like wine cellars, spacious outbuildings, and refined finishes. With upgraded appliances and custom touches, these are the types of homes that make Ridgewood so distinctive. You'll find many architectural styles in Ridgewood, including Colonials and restored Victorian properties.

The Ridgewood real estate market is competitive. With the community earning a lot of press in recent years, eager homebuyers are looking at the area as a place to rest and recharge from nearby New York City while enjoying the kind of exclusivity that can't be found anywhere else in the state. To find the home you want in Ridgewood, it's important to work with a local REALTOR® like The Ann + Melinda Group who can keep you informed about day-to-day changes in the market.

COVID-19 affected the Ridgewood real estate landscape

COVID-19 had a hand in changing the way many industries conduct business. The pandemic also greatly affected the real estate market. Many people opted to sell or lease their properties in the city in favor of more residential communities. Ridgewood, with its abundance of local charm and prime location outside Manhattan, made it an even more booming place to relocate in the wake of the COVID-19 pandemic.

What lies ahead for the Ridgewood real estate market?

Currently, it's still a seller's market in Ridgewood, with more buyers than there are available homes. This has led to bidding wars and fierce competition, so working with The Ann + Melinda Group will give you the advantage you need to meet your real estate goals.

With elevated home prices complicating the Ridgewood real estate market, many homebuyers might be put off from buying property. However, for those who are up for a bit of competition, now can be an excellent time to invest in real estate. As noted by Forbes, mortgage rates and housing prices are likely to remain high in 2024 before possibly starting to decline.

Work with a top REALTOR® to better understand the real estate market in Ridgewood

Whether you're new to New Jersey or a longtime resident of the state hoping to buy a second home in Ridgewood, the best way to get the home you want in the area is to work with a REALTOR® who can partner with you on your real estate journey. By working with a local REALTOR®, you'll have the benefit of having an advocate who knows your wants and needs.

Your REALTOR® can negotiate on your behalf and remind you of important deadlines, even as they keep a sharp eye on the market to locate and inform you of new properties. A local REALTOR® will also be able to give you insights into the various neighborhoods in Ridgewood so you can decide what area is best for you and your family.

It can also assist with your real estate search to visit Ridgewood a few times if you're completely new to the area. Chat with local business owners and stroll the downtown area. Learning about the history and culture of Ridgewood can help you figure out where you want to live and make the transition into residential living even easier. Your REALTOR® can help with this as well, guiding you to businesses you might enjoy and informing you of upcoming events and special occasions.

The Ann and Melinda Group can assist with all your real estate goals

The Ridgewood real estate market is hot, but for those who want to buy property in this upscale, charming village, working with a REALTOR® can be the key to securing the home you want. If you're ready to start your journey to buying Ridgewood real estate, connect with the expert REALTORS® at The Ann + Melinda Group. The Ann + Melinda Group is local to New Jersey and can give you the advice and guidance you need to find and purchase the home of your dreams in Ridgewood. Contact the Ann + Melinda Group today to get started!

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