Ridgewood Median Home Prices Actually Rose in the 3rd Quarter when Compared to Q3 2007
Despite the gloom and doom heard round the water cooler concerning both the real estate and stock markets - Ridgewood NJ Median Home Values actually increased in the 3rd Quarter year-over-year. The median sale price of a Ridgewood Home stood at $692,500 in the 3rd Quarter of 2007 and rose to $695,000 in 2008’s 3rd quarter. Admittedly, this is a modest increase but when compared to other real estate markets around the country that are seeing double digit declines an increase of any sort should be seen as a sign of relative strength.
Ridgewood Average Home Prices Decline
Yes, you read this correctly. Despite the rise in the median sale price of Ridgewood Homes in the 3rd quarter the Average sale price actually declined in the same time period. However, the decline of 5.5% was still modest when compared to other parts of the country and even other affluent towns here in Bergen County. For example, Tenafly saw its average home price decline by 19.2% in the same period while Upper Saddle River prices slipped 16.6%.
According to the Real Estate ABC website, and many other sources, the Median Price generally provides a clearer picture of home prices than the average or mean. In my opinion, the Median Price is more meaningful because it is not as easily skewed by a few very high (or low) priced sales that are way beyond the norm.
Median Price simply means the mid-point among home sales. Half of the homes sold during a certain time period were less expensive than the median and the other half were more expensive.
Average Price is the price you get when you add the price of all the homes sold during the period and then divide that number by the total number of homes sold.
Related Ridgewood Real Estate Articles:
Ridgewood Home Prices Rise in 2nd Quarter. Time to Buy?
Ridgewood NJ Home Values - September Real Estate Market Report
Ridgewood Home Sales - August Real Estate Market Report
Al, It’s amazing that there’s any good news amidst the bad. Sounds like your area is the type where values hold up better than most, whether times are good or bad. Nice reporting - very clear and useful information!
Mrs. Pope-Handy - Thanks for your note. Yes, Ridgewood Real Estate values have held up pretty well even though we had a pretty good run up, like everyone else, in the late 90’s and early 2000’s.
I bet you have seen some wild swings in Silicon Valley. I remember watching news reports showing these tiny 2 bedroom homes going for millions right before the dot com bubble burst the first time.