Bolstered by a surge in luxury home sales ($1.5M+) the housing market in Tenafly remains one of the hottest markets in the region
- From $1.5M-$1.99 sales are up 18% ytd compared to the same time period 2010
- Sales for homes priced between $2M-$2.99 increased by 67%
- and for home priced $3M and above, sales increased by 75%
Another item that’s being neglected in Realtorland, is the volume of home sales in the past year where homes were purchased, then knocked down to build much larger and more expensive homes in their place.
- Several homes on Churchill, Buckingham, Oxford, Devon and Kent (as well as other streets) are being replaced at a time when luxury home sales in other towns are non-existent. And given that the land is priced between $1.5M-$2M, these aren’t cheap homes )minimum cost more $3 million).
Knowing that homes can be purchased for less money in other towns, buyers are still willing to invest their money in Tenafly
This speaks volumes about the confidence buyers have in the Tenafly market.
And we’re still waiting to add homes sales for November and December.
So stay tuned!